samedi 11 avril 2015
U.S. FXCM: YOU are (now) LIABLE for any Negative Accnt Balance
Posted on 17:36 by nice news
Well... ain't THIS peachy?
As you may remember ...
The Swiss central bank decided (unannounced) to 'suddenly' decouple from the Euro.
The 'peg' was fixed historically at a set ratio w/ the Euro...
so when the Euro central bank decided to start PRINTING Euros out the ass
to keep up w/ their increasing debt load (i.e. 'monetizing the debt' aka Debasing the currency)...
in turn meant that the Swiss had to likewise debase their OWN currency (print! print! print!) as well to maintain the peg ratio.
Well...
They decided NOT to 'print' and declared the decouple OVER 'suddenly' one night as I watched the effect on the Pound.
It rocketed 300+ pips in less than 45min.
and so,
a LOT of accounts went belly up... BEYOND belly up.
THAT left MANY Brokers liable to the markets for the difference.
FXCM essentially went 'bankrupt' for about 48 hrs and were in breach of their Federally mandated banking ratios.
They had to borrow 'hundreds of millions' in order to stay open. They weren't the only ones.
and so...
I just received the below:
New Rule: YOU'RE on the hook (in case of another currency 'crash') next time.
Not them.
------------------------------------ ---
Attachment 1651606
As you may remember ...
The Swiss central bank decided (unannounced) to 'suddenly' decouple from the Euro.
The 'peg' was fixed historically at a set ratio w/ the Euro...
so when the Euro central bank decided to start PRINTING Euros out the ass
to keep up w/ their increasing debt load (i.e. 'monetizing the debt' aka Debasing the currency)...
in turn meant that the Swiss had to likewise debase their OWN currency (print! print! print!) as well to maintain the peg ratio.
Well...
They decided NOT to 'print' and declared the decouple OVER 'suddenly' one night as I watched the effect on the Pound.
It rocketed 300+ pips in less than 45min.
and so,
a LOT of accounts went belly up... BEYOND belly up.
THAT left MANY Brokers liable to the markets for the difference.
FXCM essentially went 'bankrupt' for about 48 hrs and were in breach of their Federally mandated banking ratios.
They had to borrow 'hundreds of millions' in order to stay open. They weren't the only ones.
and so...
I just received the below:
New Rule: YOU'RE on the hook (in case of another currency 'crash') next time.
Not them.
------------------------------------ ---
Attachment 1651606
U.S. FXCM: YOU are (now) LIABLE for any Negative Accnt Balance
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