|01-18-2015, 01:19 PM||#1|
Broker Alpari reassures UAE clients after breakdown of U.K. unit
With the aftermath of the Swiss currency turbulence yet to hit the United Arab Emirates (UAE), the Alpari group assured its clients that its business there is shielded from the collapse of its U.K. affiliate.
The U.K. business of foreign exchange trader Alpari suffered liquidation amid “exceptional volatility and extreme lack of liquidity,” as the unit described it.
However, its Dubai unit stated that its business is intact from the turmoil on the forex market and the U.K. unit troubles.
A statement from the Alpari group’s Dubai operation – registered as Alpari Middle East DMCC – on the website of the Dubai Gold and Commodities Exchange (DGCX) said that the unit is “completely independent and isolated from Alpari UK.”
“Therefore the recent developments will not affect our clients’ trading business and deposits at all with Alpari ME DMCC.”
Business will go down as usual and operations will continue as the company has not faced any problems regarding trading, head of dealing at Alpari said on Saturday.
Global foreign exchange traders including Alpari UK were tossed into massive market turmoil on Thursday after the Swiss National Bank, the central bank of Switzerland surprisingly eliminated its exchange rate controls on the franc against the euro.
Other than Alpari UK, Newzealand-based Global Brokers NZ said it would shut down after suffering from what it described “a total loss of operating capital.”
Shares of FXCM’s New York brokerage unit plunged 92% on Friday, before receiving a $300 million bailout with a 10% interest rate from its holding company Leukadia National.
The Swiss National Bank’s move was a shock to markets as decisions central banks are usually very coordinated with the financial services industry.
The decision to put an end to capping the franc against the euro has ensued extreme volatility in markets and a stark liquidity crunch.
Brokers such as Alpari suffered as most of the losses incurred against clients were much more than the equity of their accounts, which was passed to companies as the losses were so severe that most clients could not cover them.
The euro and the U.S. dollar lost 30% and 28% against the Swiss franc after the SNB ditched the three-year cap, which mauled traders and investors who had bet against the franc, and sent the euro to its weakest in 11 years versus the U.S. dollar.
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