My bad, thank you
- #2,284
- Jan 20, 2015 6:41am Jan 20, 2015 6:41am
- | Commercial User | Joined Feb 2010 | 13,260 Posts
Good explanation MaxDoom. I was long EURCHF with stop loss just above 1.2 and I got a fill with no slippage on both Alpari and Oanda. It would have been stupid to put my sell stop order below 1.2 where no buy orders existed. To quote someone else: "If you don't understand leverage and trade live, you're a bloody idiot." I'd add to that stop orders too.
in a nut shell...
- #2,285
- Jan 20, 2015 6:42am Jan 20, 2015 6:42am
{quote} 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.
I wasn't involved in any CHF trade but did end up loosing two trades that day which I tell myself I would have won if the markets hadn't been upset by the SNB (of course the truth is I most likely picked crap trades but we will never know
).I'm not sure that Alpari should have picked better liquidity providers - if by better you mean liquidity providers that are happy to take toxic flow then those sort or liquidity providers might not stay in business long and therefore wouldn't be around for Alpari to select as a chosen liquidity provider - see the problem?
BBCMicro
- #2,294
- Jan 20, 2015 7:33am Jan 20, 2015 7:33am
Here's a version with a few typo's cleaned up ( no disrespect Jack, it's a great email )
Dear Sir/Madam
I'm a client of Alpari UK and this is regarding client fund withdraw request.
After reading the claim FAQ uploaded by the administration team today, I must say I can not agree with the way Alpari's clients are to be treated by the administration team. As of now Alpari is out of business and no client has any open trade, the ownership of money in the segregated account belongs to the clients, not Alpari, and the purpose of FCA's rules are out there to protect retail clients and that includes from any exploitation. The administration team is there to manage Alpari's asset and liabilities, since we are neither Alpari's creditors like it's stated in the FAQ nor the money in clients segregated account pool,as the name speaks for itself, belongs to Alpari, I can't see why clients should be hold in this,in fact I believe it should be relieved immediately in full amount to avoid any further questioning on the legality of the administration's intended inaction on Alpari's clients withdrawal request, and KPMG has no ground to charge Alpari's client for refunding their money which is not Alpari's asset, and these clients are no creditors to Alpari therefore should not be liable for any portion of cost/expenses incurred from this.
The special administration team have access to every clients details including bank a/c and trade account balance figures from Alpari's records. Despite Alpari's unfortunate failure in this case, it is however designed to respond to its clients withdrawal request efficiently therefore complicating this process by asking clients to claim manually/repeatedly is unjustifiable.
Looking forward to hearing from you soon.
Best Regards
) Dear Sir/Madam
I'm a client of Alpari UK and this is regarding client fund withdraw request.
After reading the claim FAQ uploaded by the administration team today, I must say I can not agree with the way Alpari's clients are to be treated by the administration team. As of now Alpari is out of business and no client has any open trade, the ownership of money in the segregated account belongs to the clients, not Alpari, and the purpose of FCA's rules are out there to protect retail clients and that includes from any exploitation. The administration team is there to manage Alpari's asset and liabilities, since we are neither Alpari's creditors like it's stated in the FAQ nor the money in clients segregated account pool,as the name speaks for itself, belongs to Alpari, I can't see why clients should be hold in this,in fact I believe it should be relieved immediately in full amount to avoid any further questioning on the legality of the administration's intended inaction on Alpari's clients withdrawal request, and KPMG has no ground to charge Alpari's client for refunding their money which is not Alpari's asset, and these clients are no creditors to Alpari therefore should not be liable for any portion of cost/expenses incurred from this.
The special administration team have access to every clients details including bank a/c and trade account balance figures from Alpari's records. Despite Alpari's unfortunate failure in this case, it is however designed to respond to its clients withdrawal request efficiently therefore complicating this process by asking clients to claim manually/repeatedly is unjustifiable.
Looking forward to hearing from you soon.
Best Regards
We are what we repeatedly do. Excellence, then, is not an act, but a habit
- #2,295
- Jan 20, 2015 7:34am Jan 20, 2015 7:34am
"LeapRate reported that Alpari’s Japanese division had issued a notice to its customers advising them to withdraw their funds due to the firm’s parent company, Alpari UK, being insolvent, however following yesterday’s appointment of auditing company KPMG LLP as official administrators by Alpari UK, the FSA has stated the following:
Administrative Actions on Alpari Japan K.K.
Based on both i) the current situation of Alpari (UK) Limited, a parent company of Alpari Japan K.K. [hereinafter referred to as “Alpari Japan”] and ii) the relationship between Alpari (UK) Limited and Alpari Japan in terms of capital and transactions, it is necessary to fully ensure that interests of creditors and investors are not damaged by the outflow of Alpari Japan’s assets to overseas affiliated companies, etc., triggered by the announcement of Alpari (UK) Limited.
Therefore, Kanto Local Finance Bureau issued administrative orders to Alpari Japan on 16th January, 2015 based on Article 56-3 and Article 51 of Financial Instruments and Exchange Act.
(1)Order of retention of assets within Japan (Article 56-3)
Alpari Japan has to retain certain assets within Japan equivalent to all liabilities excluding liabilities to overseas (including guarantees).
(2)Business Improvement Order (Article 51)
i)Accurately identify investors and assets deposited from investors.
ii)Take necessary measures to assure deposited assets from investors and not to inappropriately consume the company’s assets.
iii)Take full measures for investor protection, considering equitable treatment among investors.
iv)Keep investors informed appropriately about retention of deposited assets, with due care to investors.
Contact
Kanto Local Finance Bureau
Tel +81-(0)48-600-1155
First Securities Business Surveillance Section
Financial Services Agency, Government of Japan
Tel +81-(0)3-3506-6000(main)
Securities Business Division, Supervisory Bureau
(ext. 3637, 3586)"
why we didn t hear anything from aplari UK that is the mother company
Administrative Actions on Alpari Japan K.K.
Based on both i) the current situation of Alpari (UK) Limited, a parent company of Alpari Japan K.K. [hereinafter referred to as “Alpari Japan”] and ii) the relationship between Alpari (UK) Limited and Alpari Japan in terms of capital and transactions, it is necessary to fully ensure that interests of creditors and investors are not damaged by the outflow of Alpari Japan’s assets to overseas affiliated companies, etc., triggered by the announcement of Alpari (UK) Limited.
Therefore, Kanto Local Finance Bureau issued administrative orders to Alpari Japan on 16th January, 2015 based on Article 56-3 and Article 51 of Financial Instruments and Exchange Act.
(1)Order of retention of assets within Japan (Article 56-3)
Alpari Japan has to retain certain assets within Japan equivalent to all liabilities excluding liabilities to overseas (including guarantees).
(2)Business Improvement Order (Article 51)
i)Accurately identify investors and assets deposited from investors.
ii)Take necessary measures to assure deposited assets from investors and not to inappropriately consume the company’s assets.
iii)Take full measures for investor protection, considering equitable treatment among investors.
iv)Keep investors informed appropriately about retention of deposited assets, with due care to investors.
Contact
Kanto Local Finance Bureau
Tel +81-(0)48-600-1155
First Securities Business Surveillance Section
Financial Services Agency, Government of Japan
Tel +81-(0)3-3506-6000(main)
Securities Business Division, Supervisory Bureau
(ext. 3637, 3586)"
why we didn t hear anything from aplari UK that is the mother company