In the eye of the Swiss Franc storm are, of course, the Switzerland based retail forex brokers.
Leading Swiss forex broker Swissquote Group Holding SA (SWX:SQN) has announced it will be creating a CHF 25 million provision against earnings in the first half of the year, due to negative client balances created on the large Swiss Franc moves yesterday.
Swissquote states that the provision will not impact the overall profitability or solidity of the bank. Swissquote will continue to have a Tier 1 Capital ratio of around 17%.
Swissquote also took the opportunity to pre-release 2014 full year financial results. Revenues are expected to come in at about CHF 145 million, with pretax profit of CHF 28 million. Full results for 2014 will be released on March 3.
The full Swissquote media release can be seen here.