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Brevan Howard cut negative franc bet ahead of SNB move

Hedge fund survived currency market turmoil unscathed after cutting back a negative bet on the Swiss franc shortly before it soared

Brevan Howard cut negative franc bet ahead of SNB move

Hedge fund Brevan Howard survived last week’s currency market turmoil unscathed after cutting back a negative bet on the Swiss franc shortly before it soared, said three people familiar with the matter.

The Swiss National Bank shocked markets by removing its cap on the currency on January 15. The euro lost around 30% against the franc - the biggest one-day move in a developed market currency in memory.

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