CMC says suffered losses from Swiss FX move, but not material

[LONDON] UK trading firm CMC Markets said it had sustained some losses from the volatile moves in the Swiss franc on Thursday, but the impact on the firm was not material.

"Like many of our competitors, CMC Markets sustained some losses, however, the overall impact including possible bad debts has not materially impacted the group," Peter Cruddas, chief executive of unlisted CMC Markets, said on Friday.

Mr Cruddas said CMC's balance sheet after the losses remained strong and the group was on course to exceed last year's financial performance.

Retail currency broker Alpari filed for insolvency on Friday after suffering losses from a surge in the value of the franc after the Swiss central bank abandoned a price cap.

REUTERS