Brokerage Firm Sues Client Over Swiss Franc Jump Costs

Law360, London (September 5, 2019, 2:51 PM BST) -- The U.K. arm of a multinational investment manager has sued a former client in a London court for money allegedly owed in the wake of the 2015 "flash crash" of the Swiss franc.

Financial markets suffered disruption after Switzerland's central bank scrapped a policy that limited how much the euro could fall against the Swiss franc. (AP) The client, based in Switzerland, had been with Interactive Brokers since 2012. He opened an account for online trading and established a “substantial” short position on the Swiss franc position versus the euro, expecting a decline in the market price, according to the High...

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