The foreign exchange market defied worries about systemic failure on Thursday as Switzerland's move to cut its franc currency loose jolted it with the biggest market swing since the 1970s.
In 25 of the most turbulent minutes on markets in years, the Swiss franc soared more then 40 percent against the euro EURCHF= then gave back half its gains, after the SNB scrapped its three-year old cap on the franc versus the single currency.
"This was really a meteorite crashing into the foreign exchange market," said Douglas Borthwick, managing director at Chapdelaine Foreign Exchange in New York. "A move like this is going to have reverberating effects across the board."
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