Since at LeapRate we try to provide you with a comprehensive and detailed picture of the aftermath of Swiss franc fireworks on Thursday, we cannot skip to mention the position of at least one German Forex broker, given the core role the German economy plays for the eurozone and Europe as a whole.
A representative of Varengold Bank AG, a Hamburg-based Forex broker and bank, was so kind as to update us on the situation at the company in light of the recent events.
Here is the official announcement by the company:
“Varengold Bank AG would like to confirm that the extreme volatility experienced yesterday in the currency markets did not affect the financial stability of the bank or it’s clients. The combination of being a German regulated bank with a conservative risk management policy has paid off and Varengold continues to have a strong balance sheet and business ethics.”
The German company joins a raft of European FX brokers that managed to pass through the turbulent period relatively unscathed thanks to measures regarding leverage on CHF instruments, as well as careful risk management.