Author Topic: FNIB offers refuge to FX trader hit by the Cyprus Punch  (Read 1819 times)

Offline gregscript

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FNIB offers refuge to FX trader hit by the Cyprus Punch
« on: March 19, 2013, 03:55:12 PM »
The Cyprus bank deal unveiled Sunday delivered a swift gut punch to currency traders. It's not that everyone is now in the red, but it does mean the end of easy money. Most of these traders have opted to seek refuge at First National Innovation Brokers (FNIB)

The pain came in the form of a plan to tax deposits held in Cypriot banks as a means to pay for the cost of a bank recapitalization plan that the European Union is not willing to fully fund. It is estimated that Cypriot banks need a recapitalization of some 60% of the country's gross domestic product. Taking money directly from depositors instead of bondholders is a dangerous precedent, raising fear that countries in Europe's periphery will experience deposit drawdowns and that the euro zone will suffer a renewed liquidity crisis.

Trading in the aftermath of the announcement has given bulls and bears something to cheer for. The euro fell hard on the news, dropping 1.5% overnight from Friday's close, but then it bounced back some 0.6%. The volatility against the yen was even more extreme. The dollar gained some 1.9% overnight against the Japanese currency, which dramatically reasserted the safe-haven status that it appeared to have lost in prior months, only to retrace those gains and trade all the way back to above Friday's closing level of Y95.25.
« Last Edit: January 01, 1970, 01:00:00 AM by Guest »

Offline boitecom

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Re: FNIB offers refuge to FX trader hit by the Cyprus Punch
« Reply #1 on: May 18, 2013, 04:48:48 PM »
Quote from: "gregscript"
The Cyprus bank deal unveiled Sunday delivered a swift gut punch to currency traders. It's not that everyone is now in the red, but it does mean the end of easy money. Most of these traders have opted to seek refuge at First National Innovation Brokers (FNIB)

The pain came in the form of a plan to tax deposits held in Cypriot banks as a means to pay for the cost of a bank recapitalization plan that the European Union is not willing to fully fund. It is estimated that Cypriot banks need a recapitalization of some 60% of the country's gross domestic product. Taking money directly from depositors instead of bondholders is a dangerous precedent, raising fear that countries in Europe's periphery will experience deposit drawdowns and that the euro zone will suffer a renewed liquidity crisis.

Trading in the aftermath of the announcement has given bulls and bears something to cheer for. The euro fell hard on the news, dropping 1.5% overnight from Friday's close, but then it bounced back some 0.6%. The volatility against the yen was even more extreme. The dollar gained some 1.9% overnight against the Japanese currency, which dramatically reasserted the safe-haven status that it appeared to have lost in prior months, only to retrace those gains and trade all the way back to above Friday's closing level of Y95.25.
Hi gregscript,
Happy to use FNIB and recommend, will of course update if service changes.Continually good service. Good broker so far and better than any of my last brokers. Spreads have been and remain consistently low and trading has been reliable. :D
« Last Edit: January 01, 1970, 01:00:00 AM by Guest »
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Offline technique

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Re: FNIB offers refuge to FX trader hit by the Cyprus Punch
« Reply #2 on: May 28, 2013, 09:35:01 PM »
Hi all ,  
 
I use  First National Innovation Brokers (FNIB) for 4 months now, it looks good so far. I run an ea on their ecn account which performs ok.
 
Thank you FNIB   ;D
Donc, je n\'ai aucune idée de ce qu\'ils vont faire.