IG Group fears most of £18 million wiped out on Swiss franc shock is lost forever

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The SNB scrapped its €1.20 floor for the Swiss franc against the euro — sending the value of the Swissie soaring in a stunning policy move which succeeded in wiping out clients who had betting heavily the other way.

Half of the 370 traders have settled but these trades only relate to a small share of the £18.4 million owed to IG.

Chief executive Tim Howkins said: “We’ve got no interest in pursuing through the courts or bankrupting somebody who just clearly can’t pay.

 

“But equally we’re not going to let people off where they have got some ability to pay some of the debt.

“It is a balance between being considerate to clients and what our shareholders want.”

The Swiss blow cut revenue by £11.8 million to £91.8 million in the quarter to 28 February, 5.1% behind last year.

Excluding that, revenues were up 7.1%.

Shares in IG dipped 1% or 7.5p to 733.5p.

Source Article from http://www.standard.co.uk/business/business-news/ig-group-fears-most-of-18-million-wiped-out-on-swiss-franc-shock-is-lost-forever-10113399.html

March 17, 2015 |
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