The 2.26 million transactions underscore the risks in a single day of trades that brought about the fall of some brokerages and investment funds. Certain global banks also experienced losses worth millions of dollars.
Total trading volumes allegedly reached $9.2 trillion which is nearly the average proceeds in the largest financial market in the world by volume. It was also recorded as the second biggest day for FX markets according to trade volume which was surpassed only by the $10.67 trillion last
December 17 when the Russian currency was plunging substantially.
Financial managers are trying to recover from that chaotic day.
Meanwhile, countries like Croatia is planning to convert loans denominated in Swiss currency into their local tender. It says there is a need to deal with the rush of the Swiss franc’s value which affected parts of Eastern and Central Europe.
Poland was the worst affected by the SNB decision. Hence, some local banks hinted that they plan to ease interest rates on consumer loans.
Meanwhile, Switzerland’s second biggest bank (Credit Suisse) announced that it did not incur losses related to currency trading after the turnaround made by the Swiss National Bank. However, it did not cite any particular figures.
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