Swiss debacle sends shockwaves from NY to NZ

Wellington

CASUALTIES mounted from the Swiss currency shock as a US online brokerage said client debts threatened to push it out of compliance with capital rules and a New Zealand- based dealer went out of business.

FXCM Inc, a New York-based company that offers foreign exchange trading services over the Internet, said clients suffered significant losses when the Swiss National Bank's decision to abandon the franc's cap against the euro roiled global markets. Global Brokers NZ Ltd said the impact on its business is forcing it to shut down.