An Overnight Shock from Switzerland

From ZeroHedge.com:

To paraphrase a trader who walked into the biggest FX [mess] in years, “it’s total, unprecedented market turmoil.”  So while the world gets a grip on what today’s historic move by the SNB means, which judging by the record 13% collapse in the Swiss Stock Market shows clearly that the SNB market put is dead and the SNB may be the first central-banking hedge fund which just folded (we can’t wait to see what the SNB P&L losses on its EURCHF holdings will be), here is what has happened so far for anyone unlucky enough to be walking into the carnage some 2 hours late.

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