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Monday, January 9, 2012

SNB Head Hildebrand Resigns Over Insider Trading Scandal, EURCHF Floor To Go Next?

Tyler Durden's picture
Submitted by Tyler Durden on 01/09/2012 08:30 -0500



Just one headline from Bloomberg, which says it all:
  • HILDEBRAND RESIGNS
It is unclear which FX trading company he will join next. As expected, the entire politically charged campaign against Philipp was set to culminate with his departure. And now that the scapegoat is official, it may be time to revisit the EURCHF floor which will likely be the next to go.
EURCHF kneejerk:

Full release from SNB:
Swiss National Bank Chairman, Philipp Hildebrand, resigns with immediate effect

Effective immediately, Philipp Hildebrand is resigning from his office as Chairman of the Governing Board of the Swiss National Bank.

He will make a statement on his decision at 3.15 pm in the conference room of the Federal Parliament’s Media Centre, Bundesgasse 8, and will also make a number of documents available.
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