Hedge Fund News From HedgeCo.Net

Model-driven hedge funds among losers in SNB shock

Reuters – Hedge funds, betting on globa lmarkets and driven by computer models, were among those hardest hit by Switzerland’s shock intervention on Tuesday to reverse profitable bets on the Swiss franc’s “safe-haven” status.

The Swiss National Bank surprised investors with an exchange rate cap, saying it would no longer tolerate a rate below 1.20 francs per euro and would defend the target by buying other currencies in unlimited quantities.

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