On 15 January this year, the Swiss National Bank announced that it had ceased intervention in the exchange rate between the Swiss franc and the Euro, with immediate effect. This caused a sudden extreme appreciation in the value of the franc, accompanied by a lack of market liquidity which lasted several minutes. This resulted in a negative financial impact for IG which will not exceed £30 million, from a combination of market (£12 million) and client credit (£18 million) exposure. While this was due to an unprecedented and unforeseeable degree of movement in a major global currency and only a few hundred clients were affected, we will seek to learn lessons from this incident which we can incorporate into our risk management approach going forward.