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Gain to forgive clients' FX negative balances from Jan 15 franc trades: Letter

Gain Capital said it will forgive all negative balances incurred by its retail clients on Jan. 15 after the Swiss National Bank jolted markets last week by eliminating a three-year-old cap on the Swiss franc.

In a letter to clients on Wednesday obtained by Reuters, Gain said it will forgive the negative balances "where permitted by regulation." It added that Gain expects all credit to be completed and posted to clients trading accounts by 5:00 pm (EDT) on January 22.

Gain on Wednesday was up 0.7 percent at $8.40. (Get the latest quote here.)