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Foreign Exchange Trading Platform Puts An End To Shorting The Ruble... For Now

Myles UdlandDec 16, 2014, 22:36 IST

Foreign exchange trading platform FXCM has put an end to shorting the ruble for today.

In a statement to Business Insider, FXCM said:

"Please be advised that that most Western Banks have stopped pricing USD/RUB. As such, FXCM can no longer offer this instrument to our clients and will begin closing any existing client trades in USD/RUB effective at Noon EST today, December 16th, 2014."

This announcement was first reported by ZeroHedge.

And so the long US dollar short Russian ruble trade that sent the ruble to as low as 80 against the dollar earlier this morning can no longer be traded through FXCM, which reported more than 590,000 average daily trades from retail customers in November.

And FXCM's reason is that most everybody else has stopped offering that trade, too.

Near noon, the ruble was pulling back some of its losses, trading at around 68 to the dollar.

US stocks and oil, meanwhile, were surging to their highs of the day.