FXCM's Niv blames banks for extreme Swiss move and losses

- By Robert Mackenzie Smith
- 13 Feb 2015

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FXCM chief executive Drew Niv has blasted banks for failing to provide pricing during the Swiss franc extreme market event and called the 30% decline in the EUR/CHF rate a "global market function failure", which led to the retail broker's decision to sell off most of its institutional assets.

In an interview with FX Week, Niv says the move following the Swiss National Bank's (SNB) decision to abandon its currency floor on January 15 was a flash crash, caused by the failure of banks to provide

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