Barclays attempted to cancel Swiss franc trades
British bank tried to renege on counterparty trades
Barclays tried to cancel EUR/CHF trades placed by counterparties in the immediate aftermath of the Swiss National Bank's decision to remove its 1.20 currency floor, before re-evaluating and trying to negotiate new price levels, according to industry sources.
The British bank told counterparties, which include Societe Generale and buy-side clients, that trades executed electronically between 9.30am and 9.40am London-time on January 15 – straight after the SNB made its decision to remove the 1.20
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