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At approximately 13:30 (GMT +4) yesterday, 15th January 2015, the Swiss National Bank unexpectedly announced that it was ending its minimum exchange rate of 1.20 swiss franc per euro. In addition they also announced the lowering of the interest rate on deposit account balances that exceeded a given exemption threshold, to minus 0.75 percent from minus 0.25 percent.

The announcement led to unprecedented market volatility in some CHF linked currency pairs that hadn't been seen in almost 35 years. As a result there were some instances of off-market quotes and subsequent executions in some of these pairs due to prime banking systems being overwhelmed with order flow. Luckily, few clients were affected by this event, and the FXPRIMUS trade audit team is in the process of analyzing all trades that may have been affected and are due adjustments. Some adjustments have already been made, and will continue to be made over the next 24 hours. FXPRIMUS are expecting all adjustments to be completed by close of trading on Friday, January 16th.

As a result of today's announcements it is widely expected volatility will continue in CHF linked pairs, so FXPRIMUS encourage customers to exercise extra caution when trading these pairs. Spreads may widen due to lack of liquidity and pending orders may not always be executed at desired pricing.

Lastly, FXPRIMUS are happy to report that they were completely unaffected by the market volatility, and remains as financially sound as it was prior to the event.