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FXCM to 'forgive' most clients for negative balances on Swiss franc move

A trader at FXCM in Japan.
Michael Caronna | Reuters
A trader at FXCM in Japan.

Retail currency broker FXCM said it would "forgive" about 90 percent of its clients for negative balances in certain jurisdictions as a result of the Swiss National Bank's decision to remove the cap on the Swiss franc.

"The SNB announcement, extreme price movements and the resulting lack of liquidity were exceptional and unprecedented events causing many market participants to incur trading losses," FXCM said on Wednesday.