January 15, 2015 / 12:25 PM / 3 years ago

EBS confirms market low for euro/Swiss franc at 0.8500 francs

LONDON, Jan 15 (Reuters) - The market low for the euro against the Swiss franc on leading currency trading platform EBS was 0.8500 francs and a price quote at 0.0015 was a “miss-hit”, the company said on Thursday.

The Swiss National Bank shocked markets by abandoning its three-year old cap at 1.20 francs per euro on Thursday, sending the the single currency plunging by as much as 30 percent against the Swiss franc, before recovering a little to trade at 1.0290, still down over 14 percent on the day.

“As a result of the Swiss National Bank announcement that it has discontinued its minimum exchange rate, EBS Market experienced significant volatility in EUR/CHF,” a spokeswoman for ICAP - EBS’s parent company - said in a statement.

EBS is one of the main venues for banks and other major players trading the dollar, euro, yen and Swiss franc.

“A miss-hit occurred resulting in a market low being published. This has been confirmed and the counterparties on both sides of the trade are in contact,” the spokeswoman added, referring to a price quote at 0.0015 francs per euro. (Reporting By Jemima Kelly; Editing By Anirban Nag)

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