Currency floor breach raises questions over SNB policy
The Swiss National Bank should consider enlisting the help of top-tier banks to keep EUR/CHF above 1.20, forex traders suggest
A controversial breach of the Swiss National Bank's (SNB) minimum exchange rate for euro/Swiss franc on April 5 - and the ongoing testing of the minimum rate this week - has raised questions among traders over whether the SNB should adjust its procedure for enforcing the minimum rate.
According to a memo sent to clients by interdealer broker Icap on April 5, the EBS platform printed a market low of SFr1.19900 to the euro at 09:41 GMT that day, despite the SNB's policy - implemented in September
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