mardi 24 mars 2015
The Tiny Broker Won on the Swiss Franc Shock
Posted on 21:36 by nice news
Some of the big guys lost on the Swiss franc. Turns out, one of the little guys won.
While the likes of Citigroup Inc. and UBS AG got stung when Switzerland abruptly let the franc soar in mid-January, Jakub Maly says the brokerage he runs made enough money to start dreaming about expansion.
No one would confuse Maly’s private brokerage, X-Trade Brokers SA, with the Citi’s and UBS’s of the world. Based in Warsaw, X-Trade caters to individuals who want to play the foreign exchange market. It made the equivalent of $22 million in 2013 -- about what Citigroup made every 14 hours.
Small or not, Maly says his firm saw the Swiss shock coming and prepared for the worst. The week before, it doubled the amount of collateral its clients must put up against their trades.
“I can’t say luck wasn’t part of the game,” Maly, 33, said in an interview on March 23. But X-Trade also has a strong record in forecasting European exchange rates. Recently it was near the top of the class for predicting the Russian ruble, Hungarian forint and Turkish lira, according to Bloomberg Rankings.
The broker’s chief executive declined to say how much X-Trade made on the franc. But he says it was enough to get him thinking about acquisitions and joi
While the likes of Citigroup Inc. and UBS AG got stung when Switzerland abruptly let the franc soar in mid-January, Jakub Maly says the brokerage he runs made enough money to start dreaming about expansion.
No one would confuse Maly’s private brokerage, X-Trade Brokers SA, with the Citi’s and UBS’s of the world. Based in Warsaw, X-Trade caters to individuals who want to play the foreign exchange market. It made the equivalent of $22 million in 2013 -- about what Citigroup made every 14 hours.
Small or not, Maly says his firm saw the Swiss shock coming and prepared for the worst. The week before, it doubled the amount of collateral its clients must put up against their trades.
“I can’t say luck wasn’t part of the game,” Maly, 33, said in an interview on March 23. But X-Trade also has a strong record in forecasting European exchange rates. Recently it was near the top of the class for predicting the Russian ruble, Hungarian forint and Turkish lira, according to Bloomberg Rankings.
The broker’s chief executive declined to say how much X-Trade made on the franc. But he says it was enough to get him thinking about acquisitions and joi
The Tiny Broker Won on the Swiss Franc Shock
Categories: The Tiny Broker Won on the Swiss Franc Shock
Inscription à :
Publier les commentaires (Atom)
0 commentaires:
Enregistrer un commentaire