This from Reuters …
Its not good news, and it is in line what many of you have reported in the comments – brokers ‘revising’ the rates on CHF-related trades …
Reuters reporting it … bolding mine:
- Saxo Bank … will potentially set different rates for transactions conducted after the Swiss National Bank’s shock removal of its 3-1/2 year old cap on the franc
- Saxo … said in a statement it had filled client orders in an “extremely illiquid market” around the shock move on Thursday, already seen as having generated potentially huge losses for some investors
- “Once we are better able to establish the market liquidity, all executed fills will be revisited and amended to more accurate levels”
- “This may result in a worse execution rate than the originally filled level”
