A major US currency broker said it suffered “significant losses” that wiped out its equity and a New Zealand foreign exchange trading house failed as the fallout from the decision by the Swiss National Bank to cease capping the nation’s currency spread across the world.

FXCM, the biggest retail foreign exchange broker in Asia and the US, said in a statement that due to unprecedented volatility in the euro against the Swiss franc, its losses left it with a negative equity balance of around $225 million and that it was trying to shore up its capital.