BMFN has today confirmed to LeapRate that it did not suffer a loss as a result of the EUR/CHF price shift yesterday following the Swiss National Bank’s decision to dispose of the 1.20 floor on the currency pair.
LeapRate today spoke to BMFN CEO Luis Sanchez, who explained “We have experienced no material damage and in addition have not experienced even one client complaint with regard to the matter” confirmed Mr. Sanchez.
“Our exposure on CHFÂ was not significant, and we turned a profit which we will use to acquire new staff in Dubai, China and Latin America ” he continued. “Our risk management department managed the whole situation smoothly indeed. Clients uncovered losses were very minimal, and we will not ask these clients for any reinboursement, and the remainder of our clients had enough margin and had no problems.”
Mr. Sanchez concluded that “I am very pleased to be able to confirm, on one of the most volatile trading days ever to have existed, that BMFN did not suffer any damage from yesterday’s Swiss National Bank intervention and we are stable. Our clients had been informed in a timely manner and they are calm. BMFN Group is saddened for losses experienced by other brokers or institutions, as this was a situation that no one wants to experience. We invite the FX industry to join us at any time in order to work with us alongside our stability and trading solutions.”