United Kingdom: Jump franc hit a brokerage firm – Polish Radio

United Kingdom: Jump franc hit a brokerage firm – Polish Radio

But the sudden swing in the exchange rate last Thursday almost struck on the shoulder seasoned currency speculation big brokerage firms in the City.
“Financial Times” reports that the British market surveillance authority, the Financial Conduct Authority on Friday directed the letter-questionnaire to a number of brokerage firms in the City, asking what losses suffered on release franc. One of the largest companies, Alpari, which employs 170 people, reported yesterday in court for bankruptcy and went into administration. Other brokers (such as IG, CMC Markets, Swissquote, Oanda and Interactive Brokers) survived, but suffered great losses – reported “Financial Times”. The daily explains that in order to attract customers, brokers usually offer them a huge loan of one hundred and two hundred

times exceeding the actual deposit made on account of foreign exchange operations. This sector of the financial market in the City is poorly regula ted and the Financial Conduct Authority carries is his in-depth review. Preliminary findings indicate that brokers do not offer the most favorable conditions klientomi downloading high commissions. “Financial Times” reports that a similar review carried out in France showed that 85 percent of customers lost out there on the exchange rate.

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TVN24 Business and World / x-news

IAR, abo