NZ Global Brokers shuts doors after FX losses mount on SNB move

Fri, 16 Jan 2015

By Paul McBeth Jan. 16 (BusinessDesk) - The Financial Markets Authority is seeking assurances investors' money is protected following Global Brokers NZ, the Auckland-based currency and futures dealer, shutting its doors after facing foreign exchange losses on the Swiss franc after Switzerland's central bank ended its cap to keep a lid on the currency. The brokerage said the sharp move in the franc, which appreciated as much as 41 percent against the euro, left the majority of its clients facing losses bigger than their account equity, an...

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