A man looks at a board showing currency exchange rates in Bern January 15, 2015. The Swiss National Bank shocked financial markets on Thursday by scrapping a three-year-old cap on the franc, sending the safe-haven currency soaring against the euro and sto
A man looks at a board showing currency exchange rates in Bern January 15, 2015 Reuters

Several foreign exchange platforms have sought to reassure clients after Alpari UK declared itself insolvent following the Swiss National Bank's shock policy reversal.

The SNB revealed on 15 January that it would no longer cap the Swiss franc's value against the euro, sending the currency soaring as much as 30% in a chaotic day of trading.

Alpari UK, in which its parent company Alpari sponsors Premiership football team West Ham United, said in a shock statement that it filed for insolvency just one day after the SNB's move.

Following this, FX trader forums were awash with client concerns over negative account balances, huge losses and whether their cash at other platforms were safe.

FxPro said in a statement:

"FxPro Group announces that negative balances resulting from yesterday's extreme market conditions on Swiss franc crosses have not affected the funds of our clients.

"All such losses were borne solely by the capital the company places as collateral with its prime broker and liquidity providers, as per our responsibility to protect our clients and comply with regulatory requirements.

"Our commitment to negative balance protection as outlined in our terms and conditions has been upheld. All negative balances still appearing on the terminals of our clients are in the process of being corrected."

Meanwhile, Avatrade said the SNB statement and Swiss Franc volatility had no material effect on the company and that its financial position remains strong.

CMC said in a statement:

"Yesterday's unprecedented move by the Swiss National Bank created a large amount of volatility in the Swiss Franc and Foreign Exchange markets.

"Like many of our competitors, CMC Markets sustained some losses, however, the overall impact including possible bad debts has not materially impacted the group.

"The group's balance sheet post these events remains strong, with a regulatory capital ratio of 24% (300% pre CRD IV) and own funds in excess of £130m. All retail client funds are fully segregated and protected.

"Some of our competitors may suffer as a result of this market event but CMC Markets continues to have a strong balance sheet and business model; the Group remains on course to exceed last year's financial performance."

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