Alpari.co.uk Discussion

guys kpmg has just removed the proof of debt form,interesting

is it a good signal that Alpari will come back business

I dont think so, probably KPMG will come up and say it was a wrong form or something ,administrators are like that and make stupid mistakes which makes the cases to resolve very difficult

A few people on here have suggested that the proof of debt form is not really appropriate for our situation as we are not creditors. Maybe they have received a deluge of these forms from traders and realising they are being hammered with inappropriate forms, they have removed it.

I phoned KPMG earlier and got a recorded message saying that more information would be posted today.

So from what I understood I need to fill a form to recover my money? Or just wait Alpari to re-open the login page and withdraw the money as usual?
Thanks.

Yep, the helpline is also on auto-answer mode saying will give an update on the website today.
apparently they underestimated how many clients would use that form which is for creditors.

Frequently asked questions – Alpari (UK) Limited (in special administration)

Q. What is a special administration?
A. The Investment Bank Special Administration Regulations 2011 (“Special Administration Regulations”) were introduced in an attempt to improve the process
where an investment bank fails. In part, the Special Administration Regulations are an attempt to learn lessons from the failure of Lehman Brothers and the
administration of Lehman’s European business. In many respects a special administration is very similar to an ordinary administration. As such, it is subject to
the supervision of the English High Court in London. However, some of the differences are set out below:

A) The special administrators have to pursue three objectives (although the order in which they appear is not important):

1 To ensure the return of client assets as soon as is reasonably practicable;
2 To engage with market bodies and regulators both here and abroad in a timely fashion; and
3 To rescue the investment bank as a going concern or to wind it up in the best interests of the creditors.

B) Client money held in segregated accounts where there are sufficient funds to repay all eligible clients in full will be returned to clients. One of the immediate priorities of the special administrators will be to establish the claims against the segregated accounts. As in an ordinary administration where sufficient realisations are made to enable dividends to be paid, in due course, the special administrators expect to pay dividends to unsecured creditors who submit proofs of claim by the last date for proving (that we will notify shortly).

C) A creditors’ committee can be established to assist the special administrators to fulfil their functions. Membership may include both creditors and clients with claims against the segregated client funds only. A committee of between 3 and 5 members will be formed at an initial meeting of creditors to be held as soon as is reasonably practicable and, in any event (absent an order of the Court extending time), within 10 weeks of the date on which Alpari (UK) Limited went into special administration.

D) The costs and expenses of dealing with and distributing client assets (which include client monies) are paid out of client assets. Other costs and expenses are paid out of the firm’s assets.

Q. Which business does the special administration cover?
A. Alpari (UK) Limited has been placed into special administration. The company has subsidiaries in Japan, India, Germany, China and Australia. There are also group companies in Dubai, Cyprus and Russia. No other subsidiaries or companies in the group are covered by the special administration order and the special administrators are not able to advise on matters to do with them. Clients/creditors of any other businesses should speak to their usual
contact.

Q. Does Alpari (UK) Limited trade under any other names?
A. Yes – Alpari (UK) Limited provided financial spread betting under a number of different trading styles. These alternative trading styles included the following (this list is not exhaustive):

Alpari FX
AlpariFX
AUK
Quantum FX
QuantumFX

Q. Why has Alpari (UK) Limited entered special administration?
A. Alpari (UK) Ltd applied for insolvency on Monday 19 January 2015 following the decision on Thursday 15 January 2015 by the Swiss National Bank to remove the informal peg to the euro at around 1.20 Swiss francs. The announcement by the SNB prompted volatility across the foreign exchange markets which saw the company and many of its clients make losses. After a weekend spent in urgent discussions with various parties with a view to selling the company, these efforts were ultimately unsuccessful.

Q. Alpari (UK) Limited announced that they were trying to sell the company, is that not happening? A. After a weekend spent in urgent discussions with various parties with a view to selling the company, these efforts were ultimately unsuccessful. We have had a number of enquiries from interested parties in relation to the company's business. We will be speaking with these parties and others over the next few days, and hope to secure a deal to preserve the business and jobs as far as possible. The special administrators are pursuing all options available to maximise realisations for clients and creditors and will provide an update in due course. Clients

Q. Are you a retail or professional client?
Retail

Q. What does this mean for retail clients with open positions/cash balances?
A. All clients with any open positions had their position closed out as at the close of the markets on Friday 16 January 2015. On administration, there is a pooling event under the FCA’s Client Asset rules, which means that all clients are entitled to share on a pro-rata basis in the client money pool.

Q. Do I have a claim into the client money pool?
If you are a retail client and are owed money, you should have a claim against the client money pool.

Q. Does Alpari (UK) Limited have a client money deficit?
As far as the special administrators are aware, Alpari (UK) Limited does not have a client money deficit, however the special administrators need to reconcile the position before they can confirm this.

Q. I would like to close my account now and have the funds remitted to me – can you action this?

A. The Company is currently unable to action requests for withdrawals from client accounts. If you held an account that had a cash balance at the date of appointment you will be required to follow the claims process in order to receive a distribution for amounts owed to you. Details of the claims process will be published on the website shortly. Unfortunately we are unable to provide any further details on possible timings or the quantum of any distributions at this time.

Q. Will I get a statement of amounts due to/from me?
A. Yes, you will receive one in due course.

Q. Can I make a claim to the Financial Services Compensation Scheme (FSCS) for amounts owed to me by Alpari (UK) Limited?
A. The FSCS is the compensation fund for retail customers of authorised financial services firms. It protects private individuals and small businesses if an authorised firm becomes insolvent and cannot return money or investments to its customers. For eligible claims, the FSCS can pay up to £50,000 in compensation per person. If claims are paid by the FSCS, the FSCS will then assume those client claims against Alpari (UK) Limited. The special administrators will work with the FSCS to determine the position. Further updates will be given as this process continues but at present no further information can be given.

Q. What if I owe Alpari (UK) money?
A. You will be asked to pay that money. We will write to you with details of where the money should be paid.

Q. Where should I direct further queries?
A. A mailbox has been set up for those affected by the special administration of Alpari (UK) Limited ([email protected]) and very high volumes of
correspondence are currently being received. This mailbox is being monitored by the Joint Special Administrators staff and they will endeavour to respond to queries received within 7 days of receipt.

Q. How do I advise the special administrators of any matter?
A. If you wish to advise the special administrators of any matters please email them at [email protected].

Professional

Q. What does this mean for professional clients with open positions/cash
balances?
A. All clients with any open positions had their position closed out as at the close of the markets on Friday 16 January 2015.

Q. Will I get a statement of amounts due to/from me?
A. Yes, you will receive one in due course.

Q. Do I have a claim into the client money pool?
If you are a professional client you do not have a claim against the client money pool, you will have a claim against the other assets of the company.

Q. What if I owe Alpari (UK) money?
A. You will be asked to pay that money. We will write to you with details of where the money should be paid.

Supplier

Q. I am a supplier of Alpari (UK) Limited, what should I do?
A. The special administrators will write to you in due course regarding outstanding balances and ongoing supply, however, please contact David Ossa of KPMG LLP, 8 Salisbury Square, London, EC4Y 8BB (c/o [email protected]) in the first instance.

Creditor

Q. I am a creditor of Alpari (UK) Limited, what should I do regarding outstanding balances?
A. Are you a supplier or a client? (Suppliers and clients please see the relevant section above. All other creditors: The special administrators will write to you in due course regarding outstanding balances and ongoing supply, however, please contact David Ossa of KPMG LLP, 8 Salisbury Square, London, EC4Y 8BB (c/o
[email protected]) in the first instance.

CONTACT DETAILS

Website: www.kpmg.com/uk/Alpari
Email: [email protected]
Phone: 0333 202 1397

You don't need to be nasty rather well informed.What I am saying is the brokers can always hedge against their clients and prevent insane losses
when the liquidity dries up.The only issue ,there was no time to fill the orders(which again is a technological failure).There are a few brokers
who survived just because of this.
Yes there was a gap but trust me one of my s/l order was executed at 1.198.None knows the exact fill levels.Even the fscs
will be looking into negligence from what I was told.The brokers have to take such scenarios in account. It's about best execution,as required by fca
(there is no safety net)you can clearly see Alparis execution (need I say more).

Got a mail stating ,they have many queries and will respond asap.,

thanks mate

Alpari DID hedge - thats what caused this mess

There was no technological fault the only 'fault' was every liquidity provider Alpari has didn't want to touch Alparis stop orders with a barge pole hence the negative balances - if they did honour Alparis stops they would be looking at being the £45M in the hole instead of Alpari and their clients.. - I don't blame them would you have taken the other side of the trade? - I think not...

I suggest that your initial stop loss was automatically filled (by Alpari) - who then then realised there was no liquidity and so refused to automatically fill additional stops - this is (if you forgive the pun) pure speculation on my part however...

I suggest you read up on market structure (I recommend Trading and Exchanges by Larry Harris but there are others)

Hopefully this event will force folks into becoming more educated on how markets actually operate...

No more question. Personal means retail account.

I got an automated reply this morning to the email I sent yesterday, for what it's worth. No answer from the "hotline" however. For a blow by blow account see:

http://trading-gurus.com/swiss-natio...pts-alpari-uk/

Doubt they will reply to retail clients individual queries after the faq is uploaded. The faq is as good as a "leave me alone" notice on the door. They just want a better negotiation position in potential sales with all clients locked up with them. If nothing come out today I think I will go forward n challenge their inaction on clients withdrawal request, after all they r acting on behalf the alpari, n like it said in the faq we r not creditors, the longer it takes before they refund the more cut they get out of your pocket,i.e. expenses n cost of managing n distributing client money etc. They have every clients band ac/card details n trade accout balance figures in alparis database so asking clients to claim is just another strategy to keep you in the loop. If you want your money back sooner better act now than waiting quietly to be refunded cos that's exactly wot they wanted

it was more than a year ago when selling GBP/USD make a big spike about 2000 pips my account filled with a big amount , after some min it went back to the old ammount, Alpari excuse was that this happened due to some stop orders and computer problems and has the right to deal it as non event execution, Maybe this was an early signal of their bad expertise (still dont want to judge someone) and now this happened , why they cant treat it as none event ? i am sure they have the money to cover the loss if concerning the millions they earn every year , maybe a sell deal is the best option for them now...think RISk/Reward

So essentially you mean to say "Clear Market Manipulation". I don't want to touch because I will loose money,this logic can then
be applied as whole to derive the market is "fixed".
The reason you don't blame them is because you obviously were on the right side of the trade or didn't trade).
Also,this was not the case with all brokers so their liquidity providers either used a barge pole or Alpari made
poor choices with liquidity providers or had some other issue which is as yet unknown.

Have you spotted that

Q. What if I owe Alpari (UK) money?
A. You will be asked to pay that money. We will write to you with details of where
the money should be paid.

https://www.insolvency-kpmg.co.uk/Vi...9-3f45906b3a96

Q. What if I owe Alpari (UK) money?
A. You will be asked to pay that money. We will write to you with details of where the money should be paid.

i am wondering how did they will collect money from their customers around the world .
They wrote they have 100k customers,,,the majority of them suffered losses ( negative balance) , so they are 50k at least ....nobody gave collateral ,
And it can easily be proved that their system did not work well when the spike occured....

If possible, could someone post the faq at https://www.insolvency-kpmg.co.uk/ca...AF119D1101.htm as My computer is blocking it Thanks in advance

It's here: FAQ