The Swiss National Bank suddenly withdrew the peg of 1.20 francs per Euro on January 15. The central bank stated that this was required since the peg was no longer viable. In the immediate aftermath of the revelation, the currency surged 30 percent against EURCHF and 25 percent against USDCHF within 15 minutes. The decision shook the markets to their core, putting several foreign currency brokers out of a trade. Most of the forex brokers got bankrupt during this time.