Some banks tried to renege on deals after SNB's policy U-turn: Bloomberg

The banks sought to reduce their losses by trying to renege on transactions by contacting customers after the SNB decision, asking to discuss the rates they'd traded on, Bloomberg said. Some currency trading firms and major banks lost out when the SNB scrapped its three-year-old cap on the franc against the euro (EURCHF=EBS) without warning on Jan. 15. Barclays lost "tens of millions" of dollars and retail broker Alpari UK filed for insolvency. The banks' attempts to reopen deals present their rivals such as electronic trading venues and established exchanges with a new argument - do business through us rather than dealers who can cancel or alter your trades after they have been executed, Bloomberg said.

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