Swiss franc rate
Swiss franc currency movements on 15 January 2015Reuters

The Swiss National Bank's shock policy reversal has sent markets into a tailspin as the Swiss government bond yields turn negative for the first time ever.

The SNB revealed on 15 January that it would no longer cap the Swiss franc's value against the euro, since the implementation of the measure in 2011, sending the currency soaring as much as 30% in a chaotic day of trading.

The national bank also forced up the amount investors pay to hold Swiss deposits after it axed its key interest rate from -0.25% to -0.75%.

The euro suffered its biggest daily loss in its history against the Swiss Franc on 15 January before rising by 4.5% the following day.

The 10-year Swiss government bond yield fell to -0.003%, which means investors are paying the government lending it money.

Meanwhile, Swiss shares remained Europe's worst performers as stocks worldwide on 16 January.

Overall, European stocks were down 0.8% as Swiss shares dropped another 5%.

Elsewhere, Alpari UK said in a shock statement that it was now filing for insolvency following the SNB's move.