Currency manager calls for Swiss franc liquidity inquest

Evaporation of liquidity on January 15 caught traders by surprise

Surprise shift: many dealers were forced to make tough choices

On January 15, currency markets experienced one of their largest intra-day moves in decades. Following the Swiss National Bank's surprise decision to abandon its currency floor, the Swiss franc soared 40% against the euro and 25% against the dollar in a matter of 30 minutes, from 9:30am UK time, before giving back most of its gains.

When the dust settled, market participants were able to assess the damage: three major foreign exchange dealers – Barclays, Citi and Deutsche Bank – were sitting on

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