Please note that on January, 15th at 11:30 the Swiss National Bank unexpectedly announced that it folds the policy of keeping Swiss franc exchange rate at 1.20 CHF for 1 EUR level, which it conducted for 3 years. It was also stated that the deposit interest rate was reduced from minus 0.25% to minus 0.75%. It resulted in extremely high volatility in all currency pairs connected with Swiss franc (CHF).
Consequently many broker companies from all over the world suffered huge losses. Some leading brokers already announced the start bankruptcy petition and it seems to be followed by more cases. It became obvious that risky policy aimed at gaining momentary profit is the worst strategy for a financial company. Evidently a lot of companies will have to leave the broker service market.
FIBO Group Company has endured this challenge to its sustainability. We have taken steps to prevent any possible unfavorable consequences. We were among the first brokers who decided to decrease leverage for EURCHF currency pair. And though many clients were dissatisfied with it, the current situation has shown that it was the right decision.
Under the conditions of high volatility FIBO Group Company has secured the smooth order execution for its clients in shaky markets. We also have done our best to minimize the losses of our clients. Trading on currency pairs with CHF didn’t stop and our clients could trade taking advantage of the unique situation.
Any crisis reveals weaknesses and eliminates feeble market players. FIBO Group Company managed to avoid undesirable effect and minimize clients’ losses. We are sure that our high professionalism, reliability and sound business management system allows our clients to have bright prospects and rely on our support in any situations.
Best regards and wishes to successful trade,
FIBO Group company chief dealer