LMAX Exchange has issued a release stating that it is ‘business as usual’ following the extreme market volatility caused by the discontinuation of the CHF peg by the SNB.
LMAX says that the only changes are temporary increased margins of 10% on EURCHF and USDCHF and 5% on other CHF crosses.
CEO David Mercer commented:
Thursday was a difficult day for the FX marketplace and our clients following the unprecedented volatility in the Swiss Franc. Our strict risk controls and robust technology ensured that LMAX Exchange suffered no significant financial repercussions. We expect business as usual for our clients on Friday with no change to our international operation in London, Hong Kong and Tokyo. The benefits of exchange style execution and limit order book transparency were clear to see after the general market dislocation created by the SNB announcement.