USDCHF fell 1867 pips in just 1 hour on Thursday when the Swiss National Bank announced that it was unpegging Swiss franc from euro. Three years back Swiss National Bank had pegged 1.20 Swiss franc to 1 euro. On Thursday it surprised the market with its announcement to undue that pegging. Many traders were trading without stop losses and watched in horror as their accounts went up in flames.
One of the brokerage that went belly up was Alpari UK. Those traders who had been trading without a stop losses suffered the most heavily loses.
Losses mounted from the Swiss currency shock as the largest U.S. retail foreign-exchange brokerage said client debts threatened its compliance with capital rules and a New Zealand-based dealer went out of business.