FXCM to forgive 90% of negative balances

Retail broker will pardon negative balances for some customers


Retail foreign exchange broker FXCM says it will forgive approximately 90% of the negative balances incurred by clients after the Swiss National Bank (SNB) removed its minimum exchange rate for the Swiss franc and pushed the market into turmoil.

The US broker's stance is in sharp contrast to that of retail FX provider Saxo Bank, which has indicated it will pursue negative client balances, resorting to legal action if necessary. Saxo has estimated its losses at around $107 million.

The SNB's move

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