IG Group (LON:IG.) says it will review its risk management practices in the wake of last week’s events in Switzerland, which saw the spread betting firm facing up to a £30mln loss.
The Swiss National Bank stunned markets on Thursday by scrapping its pledge to cap the value of the franc at 1.20 per euro sending markets into a tailspin.
IG, which offers forex trading services, put its loss at up to £30mln through a combination of market (£12mln) and client credit (£18mln) exposure.
Reporting IG’s six month results to 30 November, chief executive Tim Howkins said profit and earnings will be negatively affected by client debts associated with the Swiss franc movement.
“We will seek to learn lessons from this incident which we can incorporate into our risk management approach going forward,” Howkins said.
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