The Swiss National Bank announced it would no longer maintain a currency cap of 0.8 Swiss francs to the euro, allowing the franc to surge over 40% in value. This caused major losses for those trading franc options but profits for those with calls on the franc. The SNB is now reconsidering its monetary policy and intervening in currency markets to prevent further strengthening of the franc against a basket of currencies, not just the euro. JPMorgan reportedly made $250-300 million profiting from their trades in response to the SNB's surprise decision.