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  • #1,921
  • Jan 17, 2015 6:36am Jan 17, 2015 6:36am
Quoting Icannaesee
I'm glad I'm not in the position where I owe money, I'd hate to be on the receiving end of the debt collectors in future months.
me too.... i feel comfortable that i owe them few $K's .. not them
  • #1,922
  • Jan 17, 2015 6:37am Jan 17, 2015 6:37am
Quoting Fxworld
Could you please post the link, i cant find it? {quote}
sorry 40M..
but still far away from FXCM's 225M loss.
  • #1,923
  • Edited 5:27pm Jan 17, 2015 6:40am | Edited 5:27pm
Good day to you all,
I had an account at Alpari Uk as well. I have looked into the FCA website and they do not mention anything about this yet. I did email them yesterday as I did to my account mananger at Alpari Uk, Joseph Wright. The FCA did get back to me with a non reply email. Mr Wright has not answer me though. That is all I can share to contribute to this forum. I hope we all get our money back as soon as possible and move on with our lives. Any suggestions about reliable and responsible forex brokers after what happen.
Have a good one,
  • #1,924
  • Jan 17, 2015 6:57am Jan 17, 2015 6:57am
Quoting Mroue26
{quote} i just hope they solve it ASAP before the ECB and the CPI on thursday and friday it will be a high volatility movements
Oh no... not at all. I am afraid it could take long months in case of insolvency. even years.
Despite government guarantees, it works like with any other limited company. It must undergo strict bankruptcy procedures which takes time.
1. First, the court must approve company insolvency and assign liquidator.
2. The liquidator must produce a full list of all creditors and debitors.
3. Then company capital assets must be frozen and evaluated.
4. Then, if their capital assets do not cover all creditors and do not comply with regulatory proceedings, liquidator applies to the court to use government guarantee.

The better for Alpari would be to find "investor" to cover losses, just like FXCM did, which lost over 90% in shares value in one day!!!
AlpariUK isn't just a mickeymouse broker somewhere in Cyprus. It's fecking huge company worth millions... Isn't it?

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  • #1,925
  • Jan 17, 2015 7:04am Jan 17, 2015 7:04am
Quoting halkins
{quote} Oh no... not at all. I am afraid it could take long months in case of insolvency. even years. Despite government guarantees, it works like with any other limited company. It must undergo strict bankruptcy procedures which takes time. 1. First, the court must approve company insolvency and assign liquidator. 2. The liquidator must produce a full list of all creditors and debitors. 3. Then company capital assets must be frozen and evaluated. 4. Then, if their capital assets do not cover all creditors and do not comply with regulatory proceedings,...
yes it is.. thats why i dont think they will go out of the business just like that... its been years and years of working to get a decent reputation among all..
i wanna ask about other broker what do you think about ICMarkets ? are they good ?
  • #1,926
  • Jan 17, 2015 7:09am Jan 17, 2015 7:09am
They are on the list,with -1+1-for me clear MM.
Quoting Mroue26
{quote} yes it is.. thats why i dont think they will go out of the business just like that... its been years and years of working to get a decent reputation among all.. i wanna ask about other broker what do you think about ICMarkets ? are they good ?
  • #1,927
  • Jan 17, 2015 7:33am Jan 17, 2015 7:33am
Quoting attilafx
I don't want to panic here for those who had an account at Alpari but this is what I've found .... Foreign exchange brokerages which held collateral with companies facing insolvency, (such as Alpari UK) will in turn suffer losses, as these funds are not in segregated accounts and do not benefit from protection by the regulatory agencies. - See more at: http://forexmagnates.com/foreign-exc....obZl4ZiR.dpuf
Well... ALPARI web site clearly states:
(...) Where a client cannot cover this loss, it is passed on to us. This has forced Alpari (UK) Limited to confirm today, 16/01/15, that it has entered into insolvency. Retail client funds continue to be segregated in accordance with FCA rules.

This means those who had positive accounts will get sooner or later their money back... Hopefully...
Those who had negative accounts will end up with ZERO... Hopefully...

On the other hand it can't be like one moron goat in Switzerland step out and ruin entire industry with just one irresponsible word and decission.
It must be some responsibility. They should cove some losses... shouln't they?

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  • #1,928
  • Jan 17, 2015 7:57am Jan 17, 2015 7:57am
Quoting halkins
{quote} Well... ALPARI web site clearly states: (...) Where a client cannot cover this loss, it is passed on to us. This has forced Alpari (UK) Limited to confirm today, 16/01/15, that it has entered into insolvency. Retail client funds continue to be segregated in accordance with FCA rules. This means those who had positive accounts will get sooner or later their money back... Hopefully... Those who had negative accounts will end up with ZERO... Hopefully... On the other hand it can't be like one moron goat in Switzerland step out and ruin entire...
i agree with you "Halking"
yes they should come forward & should do something to cover their shit..........
Every Good Things Starts With "Bismillah"
  • #1,929
  • Jan 17, 2015 8:29am Jan 17, 2015 8:29am
Quoting r41225
{quote} I was thinking about opening an account with Alpari a while back but now I'm glad I didn't. I hope you're able to recover your funds in full. Good luck.
Think about me...I deposit 2000 € 13/01/2015 on Alpari UK and now my money are frozen.

I did + 4% on my account...end balance 2082 €

I have no doubt about the money back. but I really dunno how it is the procedure in this case and most at all how long it is....

bahhhh
  • #1,930
  • Jan 17, 2015 8:31am Jan 17, 2015 8:31am
Quoting halkins
{quote} Oh no... not at all. I am afraid it could take long months in case of insolvency. even years. Despite government guarantees, it works like with any other limited company. It must undergo strict bankruptcy procedures which takes time. 1. First, the court must approve company insolvency and assign liquidator. 2. The liquidator must produce a full list of all creditors and debitors. 3. Then company capital assets must be frozen and evaluated. 4. Then, if their capital assets do not cover all creditors and do not comply with regulatory proceedings,...
I think that the customers of Alpari not have to wait months for their money from trading accounts. Because the trading accounts are not part of a insolvency estate. Thus, the insolvency administrator has no access to the funds of the customers. Although I have only a small trading account with a four-figure sum at Alpari. But it's still annoying to have access to his money. I have no sympathy for people who have lost a lot of money. Greed is never good. Who more than 1% of his money risked on a leverage of 500, is simply greedy or very stupid.
  • #1,931
  • Jan 17, 2015 8:34am Jan 17, 2015 8:34am
any one got insider news? what is going on with alpari or regulator? they should return our money as soon as possible. people like me have no other job or savings...i must start trading again as soon as possible.
  • #1,932
  • Jan 17, 2015 8:41am Jan 17, 2015 8:41am
Quoting panhwar
any one got insider news? what is going on with alpari or regulator? they should return our money as soon as possible. people like me have no other job or savings...i must start trading again as soon as possible.
no other trading accounts with other brokers? I have.
I distribute basically the money with which I want to speculate. That's why I can now continue to trade in the other brokers in which I have a trading account and wait calmly until my money from Alpari transferred.
  • #1,933
  • Jan 17, 2015 8:46am Jan 17, 2015 8:46am
Agree.

The news on the website is simply not enough.

FXCM handled their situation completely different.

What pisses me off is the fact that even the media were reporting more about FXCM than Alpari.
A little bit more info from the owners of Alpari will go a long way. We need fresh news and more detail about the next steps of the process.
Never Ever Give Up!
  • #1,934
  • Jan 17, 2015 9:15am Jan 17, 2015 9:15am
Quoting panhwar
any one got insider news? what is going on with alpari or regulator? they should return our money as soon as possible. people like me have no other job or savings...i must start trading again as soon as possible.
The range of CHF move is something that hasn’t ever been seen even to the most exotic Far East currencies involved in wars and terrorist attacks. I have never seen something like this. This would be branded is the FX event of the century and I wouldn’t expect currency market stand up back on its feet quickly. It will take plenty of time whatsoever
I just don't want to sound disastrous but this is something like a mega tsunami ploughed through the entire FX world. The harm and injuries to millions of people is tempestuous. Your business was on its way and was struck by mega tsunami and it will take months or years to rebuild it. Some brokers will try to sue traders and demand "money back", and I expect even more traders and brokers bankruptcies, law suing, solicitors, pending court cases etc. It will take months.
I would rather look for something else now and patiently wait until dust settles…
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  • #1,935
  • Jan 17, 2015 9:50am Jan 17, 2015 9:50am
Quoting halkins
{quote} AlpariUK isn't just a mickeymouse broker somewhere in Cyprus. It's fecking huge company worth millions... Isn't it? -
funny as it may sound to you the same laws apply to all european countries incl. Cyprus

the same situation and procedures exactly as happens now with alpari in uk would have happened in cyprus as well in fact if i recall correct they have the same legal framework "setup" so it would be a "copy paste"

its not nice to stigmatize countries in other European countries let it be Malta, Luxembourg, Cyprus or i dont know what...

all of us share enough anxiety of this "nightmare"...lets not share it with others
  • #1,936
  • Jan 17, 2015 9:55am Jan 17, 2015 9:55am
the thing that mt4 platform works and we got our daily confirmation might be of hope in a sense... that they have not entirely shut down "doors" ...they might work on the accounts and MAYBE the ones are positive are dealt soon


what bothers me is that i havent since heard of the administrator (thats why i asked yesterday if anyone knew whats going on what that issue....

and i would like to be pragmatic and i wouldnt hope that they are sold to another company.... as it seems people working for the company heard the news JUST before us (we felt it on our platforms).... it seems until friday morning every effort possible didnt materialise.... noone seems would want to move on and make a very high risk decision and help them or buy them.
  • #1,937
  • Jan 17, 2015 10:00am Jan 17, 2015 10:00am
[COLOR=rgba(0, 0, 0, 0.701961)]Nobody seems to have mentioned abt the ownership of alparis's clients deposit. So correct me if I'm wrong. [/color]

To my understanding as long as you have no open trade which I believe u don't have by now, it is your money ie ownership is yours alpari is just a keeper and its kept in a segregated account as required by FCA if alpari didn't cheat, therefore it is not to be treated as alparis's assets for the purpose of insolvency liquidation and the returning of those deposits to their clients should have nothing to do with the length of duration of insolvency procedures, in fact it should be returned to their clients before the formal process of [highlight=rgba(255, 255, 255, 0)]liquidation [/highlight]even begins, which is probably why the insolvent kiwi broker did. that is how it should be done WITHOUT the hassle of the tricky part below.


Now the tricky part

[highlight=rgba(255, 255, 255, 0)]due to the lighting speed of chf's ride,[/highlight] Alpari went down becoz it could not hedge, not just only against their clients losses exceeding those clients account balance but also,in this case. against some of its clients winning.for those who lost in the trade alpari took take away their money which wasn't even close to a fraction of the big whole blown by the SNB, but wot about those won in the trade? I'm sure some of its clients must have been shocked as well after snb's announcement that their account balance just boomed to a figure they probably found hard to believe but that's just figures on the screen. Alpari will not have enough money to cover losses caused by its clients(i.e.pay to alparis liquidity providers) as well as paying to the winning clients at the same time, that's where insolvency stepped in.

Let's just split its clients into 3 categories those who lost, those who won and those who didn't trade just like me.those who lost is out of this discussion unfortunately and their money been taken by alpari from the segregated account with no doubt, but alpari is only allowed to take just the amount of their balance before the atomic bombardment, not a penny from those who won or didn't trade, that is if alpari play by the book as it's supposed to be. After that, it leaves the rest two groups in the segregated account pool, and here comes the dilemma. alpari should return all those deposits to its clients but probably can't rite now, why?those who didn't trade have a balanced match between their screen figures and what is in the segregated account,so they r cool. But those who won don't have the match, their screen balance is much bigger than the actual amount in the segregated account. It will need extra cash injection from alpari to the segregated account to make the match but alpari simply don't have this money anymore.


Alpari said most of its clients lost money in chf trade, the question to me is how many of them won in chf trade? And how big? Coz that what's gonna decide how quick you can get your money back. If it's for clients to withdraw money excluding winnings from the chf trade then the segregated account will have enough money for everyone with positive balance and it should be a very straight forward thing and you can have money back very soon and the winnings from chf trade is considered a debt alpari owe to those who won and its to be dealt with in the bankruptcy procedures.

In conclusion that's your money your ownership of money,it has nothing to do with alparis liquidation. if alpari played by the book and didn't touch it then you should be able to get your money back very soon, those winnings in the chf trade may take much longer to get back as a debt.

Just my own opinion.
  • #1,938
  • Jan 17, 2015 10:02am Jan 17, 2015 10:02am
Quoting Cobra
Agree. The news on the website is simply not enough. FXCM handled their situation completely different. What pisses me off is the fact that even the media were reporting more about FXCM than Alpari. A little bit more info from the owners of Alpari will go a long way. We need fresh news and more detail about the next steps of the process.

FXCM is a company trading in the market they couldnt do otherwise....alpari being a private company could hide the thing and in the backstage try to negotiate with the issue...

being a public company especially trading in the market is not always nice when issues like these occur because you dont have the "peace" to find solutions

on the other end i believe FXCM was way too big to fail at the moment ...i still remember in the beginning it was approx 200milUSD than 250 and now i heard they got 300mil

dont forget that those money are only to cover loses...what about the money needed to move on after many of your clients move out ... and as you can see there are plenty of vultures hovering on the sky since Thursday already
  • #1,939
  • Jan 17, 2015 10:08am Jan 17, 2015 10:08am
Quoting KGP
{quote} funny as it may sound to you the same laws apply to all european countries incl. Cyprus the same situation and procedures exactly as happens now with alpari in uk would have happened in cyprus as well in fact if i recall correct they have the same legal framework "setup" so it would be a "copy paste" its not nice to stigmatize countries in other European countries let it be Malta, Luxembourg, Cyprus or i dont know what... all of us share enough anxiety of this "nightmare"...lets not share it with others
Hmmm.... YES and... NO. :-)
Cyprus, even as EU state has always enjoyed "different" corporation and tax laws comparing to the mainland EU countries.
This is why so many companies kept their "head offices" in Cyprus, even they mainly operated in other countries.
Many prominent FX brokers used Cyprus to open their businesses as it was much easier to do so and they were not bonded by many regulators. Hence, still many people think they have their account with broker in UK, France or Germany, while in fact they operate under Cyprus legislation. There were many small FX brokers who opened their offices in Cyprus many years ago and they had wrapped up their business after months of trading.
At the end of the day, those FX brokers in Cyprus survived Swiss tsunami, while some of those in UK and US didn't.... :-)

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  • #1,940
  • Jan 17, 2015 10:21am Jan 17, 2015 10:21am
@ Jack.e, good point but there is also a 4th group:

Those, who like me, who had non chf trades open and which ended up in a loss the moment Alpari closed them without any warning...
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