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Alpari.co.uk Discussion

  • #1,941
  • Jan 17, 2015 10:37am Jan 17, 2015 10:37am
Quoting halkins
{quote} 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....

we can discuss this issue for ages but the bottom line is that cyprus as other similar countries (usually small ones) they dont have any other resources to "sell" other than the resources of labor aka "services" thats why they must make their countries super friendly to corps.

i would never accuse any european authority of "being relaxed" let it be UK one or Cypriot one... i believe the difference is the above... its easier to walk in to cyprus to the authority and discuss (on foot) ...than even start talking with the UK authority

the past decade cyprus found an "untapped" market which was the forex market, and exploited becoming one of the 3 biggest centers in the world, having skilled plenty workforce cheaper than the other financial "capitals" assisted in that as well.

you will find that any broker that is in Germany, France, UK and even US have either their mother company in cyprus or an affiliate company there... there are in fact too few brokers with no presence there... (even alpari has a subsidiary in cuprus)

even the "big guys" are based there... ALL the "trusted companies" mentioned as alternatives on this thread are one way or another in relation with cyprus...


so companies having a direct or indirect relation with cyprus are hit as well (alpari is one of them)

i am telling you that because i have researched more than 20 forex brokers than went further with real money trading to a remaining 7-8 with them and my last choice (being a european) was ... alpari UK ... what was happened is unfortunate ... and i have actually have on my balance only the capital i had since the the start of the year -300eurs (fucking aussie..."turned" exactly after they closed the trade....;-) )





anyway for me the issue right now is that i still have ( A SMALL) belief that the thing might be cleared out next week... and that are people working on this direction.... but even if that is not the case we are going to get our balances sometime in the future weeks or months....

i just hope in case they do clear the balance issue next week (less than 0.001% chance to be pragmatic) as we have big news ahead and dont want to miss them
  • #1,942
  • Jan 17, 2015 10:38am Jan 17, 2015 10:38am
Quoting dambuster
@ 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...

check my previous post...thats exactly what happened to me
  • #1,943
  • Jan 17, 2015 11:06am Jan 17, 2015 11:06am
Quoting KGP
{quote} check my previous post...thats exactly what happened to me
So this has me wondering, do our funds in the segregated account 'have' to get returned to us after which the 'compensation' for the unwarranted 'loss', which we had no control over, kick in from the FSC?

Or, do the FSC only compensate for the first 50k in the segregated account if it is not paid out by the broker?

So many ways that this can be looked yet so few clear answers... maybe next week will bring some clarity and respite
  • #1,944
  • Jan 17, 2015 11:57am Jan 17, 2015 11:57am
Quoting KGP
{quote} check my previous post...thats exactly what happened to me
I 'had' a 140k account, 75k of which was in DD when Alpari closed it without warning. I am now left with a balance of 65k

 

  1. Scenario 1: FSCS says Alpari can't pay out on the 65k so here's compensation of 50k. I am pissed
  2. Scenario 2: I get my 65k remaining balance back as it's segregated. I lick my wounds
  3. Scenario 3: I get my 65k remaining balance back as it's segregated and claim on the FSCS for my unwarranted 'loss' of 75k and they pay out the max of 50k. I am quite happy but also under no allusion that this will actually happen...

  • #1,945
  • Jan 17, 2015 12:13pm Jan 17, 2015 12:13pm
Quoting dambuster
{quote} I 'had' a 140k account, 75k of which was in DD when Alpari closed it without warning. I am now left with a balance of 65k Scenario 1: FSCS says Alpari can't pay out on the 65k so here's compensation of 50k. I am pissed Scenario 2: I get my 65k remaining balance back as it's segregated. I lick my wounds Scenario 3: I get my 65k remaining balance back as it's segregated and claim on the FSCS for my unwarranted 'loss' of 75k and they pay out the max of 50k. I am quite happy but also under no allusion that this will actually happen...

PROBABLY you are going to be paid in full thats the reasoning behind this type of accounts

the FSCS steps to your (our) assistance IN CASE THIS IS NOT IN PLACE (correctly).... so yes then you will get the 50k max (in GBPS)

but for me the issue right now is time. thats why i am asking if everyone knows whats going on right now in the company.

i am almost certain all the account managers etc are out of work now apart from the backoffice dealing with the in/out flow and generally the cashflow and the accounts.




(i am trying to make a point using capital letters not shout)
  • #1,946
  • Jan 17, 2015 12:24pm Jan 17, 2015 12:24pm
Quoting dambuster
{quote} So this has me wondering, do our funds in the segregated account 'have' to get returned to us after which the 'compensation' for the unwarranted 'loss', which we had no control over, kick in from the FSC? Or, do the FSC only compensate for the first 50k in the segregated account if it is not paid out by the broker? So many ways that this can be looked yet so few clear answers... maybe next week will bring some clarity and respite
I checked some UK brokers and it goes like:
"(...)regulated and authorised by UK Financial Conduct Authority(Reg no FRN522157). Under FCA client money rules, we are strictly required to segregate all retail client funds from our own. "Your funds are protected by Financial Services Compensation Scheme(FSCS), up to 50'000 GBP per person."

It does say nothing else that if broker is not able to pay you back your money you are protected by UK government UP TO 50.000GBP
Any amount OVER 50.000GBP is up to liquidator and his ability to pay from company assets.

-
Read Charts - Not Papers
  • #1,947
  • Jan 17, 2015 12:55pm Jan 17, 2015 12:55pm
Hi guys,

There's an update on the Alpari site now.
http://www.alpari.com/company-news/p...-announcement/

The recent move on the Swiss franc caused by the Swiss National Bank’s unexpected policy reversal of capping the Swiss franc against the euro has resulted in exceptional volatility and extreme lack of liquidity. Retail client funds continue to be segregated in accordance with FCA rules. For the avoidance of any doubt and notwithstanding previous announcements by the company, Alpari (UK) Limited has not entered a formal insolvency process.The board of directors are urgently considering all options including a sale and are liaising closely with the FCA. We hope to make a further announcement shortly.

i recon they will be back up and trading next week with a buyer.
moneys safe either way.
  • #1,948
  • Jan 17, 2015 1:07pm Jan 17, 2015 1:07pm
Quoting dambuster
{quote} I 'had' a 140k account, 75k of which was in DD when Alpari closed it without warning. I am now left with a balance of 65k Scenario 1: FSCS says Alpari can't pay out on the 65k so here's compensation of 50k. I am pissed Scenario 2: I get my 65k remaining balance back as it's segregated. I lick my wounds Scenario 3: I get my 65k remaining balance back as it's segregated and claim on the FSCS for my unwarranted 'loss' of 75k and they pay out the max of 50k. I am quite happy but also under no allusion that this will actually happen...
I have unwarranted loss caused by premature closing of trades by the broker as well... but my balance with my unwarranted loss is only 10k USD.

Anyone has any clue is the unwarranted loss caused by the broker considered in our claims as well?

And how long do we have to wait before FSCS starts the claiming process?
  • #1,949
  • Jan 17, 2015 1:24pm Jan 17, 2015 1:24pm
http://www.forexfactory.com/news.php...59#post8003045
Quote
So we would like to make it clear at the moment that the Financial Supervisory Authority (FCA) the proceedings inside the offices of Alpari UK to examine the financial records of the company and the customer will submit the results in the near future, and bring you any updates.
  • #1,950
  • Jan 17, 2015 1:32pm Jan 17, 2015 1:32pm
Just to let you know the Alpari website has changed and the following is now showing:

http://www.alpari.com/company-news/p...-announcement/

Quote
Important announcement
The recent move on the Swiss franc caused by the Swiss National Bank’s unexpected policy reversal of capping the Swiss franc against the euro has resulted in exceptional volatility and extreme lack of liquidity. Retail client funds continue to be segregated in accordance with FCA rules. For the avoidance of any doubt and notwithstanding previous announcements by the company, Alpari (UK) Limited has not entered a formal insolvency process. The board of directors are urgently considering all options including a sale and...
Quote
are liaising closely with the FCA. We hope to make a further announcement shortly.
I operate with clear definite rules, if I break them I lose BIG!
  • #1,951
  • Jan 17, 2015 1:43pm Jan 17, 2015 1:43pm
things are getting complicated....

thats why i asked whether an administrator was in place and if anything knew about that...


so as it seems from what formally alpari is stating....they just "froze" their business just to protect it from getting worse and evaluating all possibilities.... sale, loan, insolvency

BUT didnt they stated that they were entering insolvency ??? i am puzzled now
  • #1,952
  • Edited 2:15pm Jan 17, 2015 1:45pm | Edited 2:15pm
No they simply stated that they were in a liquidity crisis (essentially), which meant all of their creditors pulled the rug out from under them, hence all trades had to close until Alpari figures a way out of this mess, they aren't officially insolvent until they go to a judge and tell him/her they can't find a way out of their mess (I think I'm NOT a legal expert). But they have to find a solution quick.
I operate with clear definite rules, if I break them I lose BIG!
  • #1,953
  • Jan 17, 2015 1:53pm Jan 17, 2015 1:53pm
Quoting Icannaesee
No they simply stated that they were in a liquitity crisis (essentially), which meant all of their creditors pulled the rug out from under them, hence all trades had to close until Alpari figures a way out of this mess, they aren't officially insolvent until they go to a judge and tell him/her they can't find a way out of their mess (I think I'm NOT a legal expert). But they have to find a solution quick.

i was under the impression that they went insolvent hence continuing asking the same question but this brings "hope"... i guess the correction was because it wasnt only me thinking that...


hypothetical question...lets say that everything is in place...will you keep trading with/through them?
  • #1,954
  • Jan 17, 2015 2:08pm Jan 17, 2015 2:08pm
Quoting halkins
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? {image}
Do you really think the SNB should cover the losses??

..
  • #1,955
  • Jan 17, 2015 2:13pm Jan 17, 2015 2:13pm
Quoting KGP
{quote}will you keep trading with/through them?
TBH I'm not sure, I have a forgiving nature, and in my case I had no open trades so apart from being unable to access a significant portion of my investment funds I do not really stand to lose a lot of money. However, despite being with Alpari for 6 years I'm just not sure how much I would trust them in the future. I will make the decision when I have my funds back.
I operate with clear definite rules, if I break them I lose BIG!
  • #1,956
  • Jan 17, 2015 2:14pm Jan 17, 2015 2:14pm
Quoting Slicktick
{quote}Do you really think the SNB should cover the losses??

Now THERE's an idea, let's all sue SNB
I operate with clear definite rules, if I break them I lose BIG!
  • #1,957
  • Jan 17, 2015 2:24pm Jan 17, 2015 2:24pm
Really, sue an SNB????
Their job is to control, stabilize, improve Swiss economy, sort to speak.
It is not any national banks task to worry about currency speculators or about "fake imagined/greedy human made market"
But unfortunately this market, these days, is a big part of our economy.

Do not want to be wet, do not get into water!!!
  • #1,958
  • Edited 2:36pm Jan 17, 2015 2:25pm | Edited 2:36pm
This is looking a little better for us now. They have updated their website. It looks like they are looking for buyers or another way out. It will be a quicker process for us all to begin trading again or withdrawal our money if someone gives them financing to continue. If FXCM can lose a quarter of a billion dollars and continue, Alpari can surely find a way out. Lets hope for the best.

"The recent move on the Swiss franc caused by the Swiss National Bank’s unexpected policy reversal of capping the Swiss franc against the euro has resulted in exceptional volatility and extreme lack of liquidity. Retail client funds continue to be segregated in accordance with FCA rules. For the avoidance of any doubt and notwithstanding previous announcements by the company, Alpari (UK) Limited has not entered a formal insolvency process. The board of directors are urgently considering all options including a sale and are liaising closely with the FCA. We hope to make a further announcement shortly."
  • #1,959
  • Jan 17, 2015 2:31pm Jan 17, 2015 2:31pm
Quoting Slicktick
{quote}Do you really think the SNB should cover the losses??
I think as being so prominent as SNB they should act more responsibly and should withdraw from 1.2000 cap program gradually, giving the markets some time to cool down. I think they didn't expect themselves there in SNB to make such a big mess around the world with their decission. It just got over them...
They should cover some losses as what they did was pure lies, saying one thing on Monday and doing other thing on Thursday.
But I don't belive they will cover any losses... Not at all ;-)

Here's this better explained in the last message from Alpari UK from Thursday, 15th.
Good bye Craig :-(
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  • #1,960
  • Jan 17, 2015 2:32pm Jan 17, 2015 2:32pm
its looking better now. we have update, not exactly what we want to hear but atleast some update.
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