London Capital Group currency losses "not more than £1.7m" after Swiss exchange rate cut

16th Jan 2015 15:39

London Capital Group Holdings on Friday released a statement saying the impact on its finance from the Swiss exchange rate cut would "not exceed £1.7 million".The company said the effect of the group's balance sheet from market and credit exposure will depend in its ability to recover client debts.On Thursday, the Swiss National Bank (SNB) abandoned its minimum exchange rate of 1.20 franc per euro, an expected decision that was felt far and wide across global capital markets.As a result, shares in London Capital were down 18% to 34p at 15:14.However, the group said it is "well capitalised with a strong balance sheet" and the events related to the Swiss franc had no "material impact".This follows yesterday's IG Group announcement that its finances would also be affected by £30m in the decision.