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Alpari.co.uk Discussion

  • #2,301
  • Jan 20, 2015 7:45am Jan 20, 2015 7:45am
Quoting MaxDoom
{quote} WTF does that mean? a broker is not an LP do you understand what is meant by a broker?
You understand the liquidity providers role in the forex market.
You have agreement with broker, broker have agreement with LP.
You understand manipulation of market because is poor reglementation.
Liquidity was not provided
  • #2,302
  • Jan 20, 2015 7:49am Jan 20, 2015 7:49am
Quoting Tim_isoara
{quote} You understand the liquidity providers role in the forex market. You have agreement with broker, broker have agreement with LP. You understand manipulation of market because is poor reglementation.
you understand that you were talking about brokers, and guaranteed stops, and margin calls, and negative balances right not LP....

see your own post here: http://www.forexfactory.com/showthre...90#post8007890
  • #2,303
  • Jan 20, 2015 7:50am Jan 20, 2015 7:50am
Quoting magicpips
Guys ,please just send email, all of us, so that our voices can be heard, the alpari case is now on fca website on the news section,so things are moving but in what speed we need to know that. Thanks

Yes, we must give them pressure
  • #2,304
  • Jan 20, 2015 7:59am Jan 20, 2015 7:59am
Quoting whtangpi
{quote} Yes, we must give them pressure
I await LarryDarrel and goldfinch view on that before i will or wont endorse such an act.
My signature is: "Classified".
  • #2,305
  • Jan 20, 2015 8:02am Jan 20, 2015 8:02am
Everyone phonelines of kpmg are open now, i just talked with one of the ladies,she was very helpful,i put through some questions and hopefully she will come back to me
  • #2,306
  • Jan 20, 2015 8:05am Jan 20, 2015 8:05am
Quoting magicpips
{quote} my friend,please be supportive on this forum, most of us affected here, we have to act all together.if u wanna do your own thing do it!!
KPMG have a legal process to follow. They cannot release any monies until they have done it. They have to contact all the clients and confirm the amounts owed/owing. This will take some time especially since I expect some will dispute the amounts, some will be dormant accounts etc. Only when that is all settled, will they know how much is owed to clients out of the pooled client money and what amount to actually pay out to each person. It takes a lot of time and I don't understand why you want to make their job harder with frivolous communications.
  • #2,307
  • Jan 20, 2015 8:07am Jan 20, 2015 8:07am
Quoting MaxDoom
{quote} you understand that you were talking about brokers, and guaranteed stops, and margin calls, and negative balances right not LP.... see your own post here: http://www.forexfactory.com/showthre...90#post8007890
When is liquidity in market SL, Margin call work.
But when LP manipulate(dont provide liquidity) in the market we have gap 50 pipsi 3000 pipsi.
This issue should be regulated.Now is a legal theft.
  • #2,308
  • Jan 20, 2015 8:08am Jan 20, 2015 8:08am
Quoting euclid
{quote} kpmg have a legal process to follow. They cannot release any monies until they have done it. They have to contact all the clients and confirm the amounts owed/owing. This will take some time especially since i expect some will dispute the amounts, some will be dormant accounts etc. Only when that is all settled, will they know how much is owed to clients out of the pooled client money and what amount to actually pay out to each person. It takes a lot of time and i don't understand why you want to make their job harder with frivolous communications....
mate, fill free whatever u wanna do
  • #2,309
  • Jan 20, 2015 8:12am Jan 20, 2015 8:12am
A similar email should be send to the FCA as well.

They are after all the regulator and MUST oversee that the funds are send back to their rightful owners in good time.

And yes we are not creditors. Creditors will have to bear the admin costs which the administrator will levy.

I agree that all of us should stand together and bombard them relentlessly with questions. Our rights as clients are being guarded by the FCA and we should focus on that.

Segregated accounts means that our monies are safe and NO admin fees could or should be applicable on us. WE cannot wait for KPMG to decide when we should be paid.

G
Never Ever Give Up!
  • #2,310
  • Edited 8:18am Jan 20, 2015 8:15am | Edited 8:18am
KPMG returned my call earlier this morning.
Firstly they understand that I am a former client of Alapri UK.
They informed me that I would have to fill out and sign a Proof of debt form and send it and any supporting evidence to the email address or postal address that was posted on the website last night. After confirming the email address it was deemed that I had already done what I had to do.
They could not tell me when I will get my funds but they did say that it is their job to complete the necessary work as quickly as possible to ensure the best outcome for any former clients and creditors of Alpari UK.

The FCA also returned my email this morning.
They informed me that KPMG had been assigned as special administrators and that it is their job to act in the best interests of former clients and creditors of Alpari UK. There is more but to be honest its not important.

Those who have money tied up in this mess including myself are understandably frustrated that we cannot have access to it but we have to suck up the reality of the situation.
KPMG will now have to go through Alpari accounts with a fine tooth comb before anything can happen, this will take time. How long? Nobody will know until its done. We have to trust that the processes are being executed as quickly as they can be which personally I believe they are. Nobody, not even KPMG will want to drag this all out any longer than is necessary.
In the mean time if you are owed money just do what you are told to do by the administrators without question! They are the ones who will have to reimburse client funds if a buyer is not found so if they already have your Proof of debt form signed along with any supporting evidence they will be able to deal with your claim quicker than if you chose not to submit these documents.
I was also informed to keep an eye on the Alpari UK webpage on the KPMG site for any new developments.
There are processes that now have to be followed and they cannot be changed.
As I stated earlier the best thing to do now is do as you are told by KPMG without question.
  • #2,311
  • Jan 20, 2015 8:16am Jan 20, 2015 8:16am
I updated the letter a bit more, if anyone wants to use this version.
-------------------------------------------------------------------------------------------

Dear Administrators


I'm a client of Alpari UK and this is regarding a client fund withdraw request with Alpari on Friday 15th January 2015, prior to the company going into administration.

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 clients have any open trades. The ownership of money in the segregated account belongs to their retail clients entirely, not Alpari, and not to cover any other debts and liabilities Alpari may have. The FCA's rules are there to protect retail clients and that includes any form of exploitation.

The administration team is there to manage Alpari's asset and liabilities, since we are neither Alpari's creditors as it is stated in the FAQ nor the money in clients segregated account pool , as the name speaks for itself, belongs to Alpari,

Retail clients are protected and their funds should be returned immediately from the segregated accounts.

An Australian FX Broker that also went into administration immediately returned retail clients funds, within a day. This should be your main priority as retail clients are its majority of clients and delaying the process of repatriation of funds is only going to make the situation far more painful than need be for all parties involved.

I do not see why clients should be put hold in this process, 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 not creditors to Alpari therefore should not be liable for any portion of cost/expenses incurred from this.

The special administration team will have access to all clients details including bank accounts 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.


Regards
  • #2,312
  • Jan 20, 2015 8:20am Jan 20, 2015 8:20am
I got reply from them right now




Today at 4:59 PM



Dear Sir/Madam

Thank you for your email. Please be advised that we are currently receiving a very high volume of emails regarding the special administration of Alpari (UK) Limited but we will endeavour to respond to your query as soon as possible.

For further information, we suggest you monitor the www.kpmg.com/uk/alpari<http://www.kpmg.com/uk/alpari> website (from Tuesday 20th January onwards) which we will continue to update as further information becomes available.

Yours sincerely
The Joint Special Administrators

Mark Granville Firmin, Richard Heis and Samantha Rae Bewick were appointed as joint special administrators of Alpari (UK) Limited Limited on 19 January 2015.

The affairs, business and property of Alpari (UK) Limited are being managed by the joint special administrators who contract as agents of Alpari (UK) Limited without personal liability.

Mark Granville Firmin, Richard Heis and Samantha Rae Bewick are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.

Alpari (UK) Limited is authorised and regulated by the Financial Conduct Authority. FCA reference number 448002. Registered in England No. 05284142. Registered Office: 5th floor, 201 Bishopsgate, London, EC2M 3AB.
  • #2,313
  • Jan 20, 2015 8:23am Jan 20, 2015 8:23am
Very interesting situation. London can now show us if it is either a real quality financial place like Switzerland or just another place that spends its money on flashy, expensive ads and financial TV shows, although i think it will be the former. So all should be going well without any problems and all funds will likely be returned. But they might need a few days which gives clients time to focus on more important things than trading :-).
  • #2,314
  • Jan 20, 2015 8:30am Jan 20, 2015 8:30am
Quoting frontier
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.
What time your SL was fill?
  • #2,315
  • Jan 20, 2015 8:41am Jan 20, 2015 8:41am
Quoting Tim_isoara
{quote} What time your SL was fill?
11:30:47 Alpari time.
  • #2,316
  • Jan 20, 2015 8:47am Jan 20, 2015 8:47am
Quoting Tim_isoara
{quote} When is liquidity in market SL, Margin call work. But when LP manipulate(dont provide liquidity) in the market we have gap 50 pipsi 3000 pipsi. This issue should be regulated.Now is a legal theft.
I give up - you guys carry on thinking that trading margin is only exposing your account balance and that the world owes you some sort of favour when it goes wrong.
  • #2,317
  • Jan 20, 2015 8:47am Jan 20, 2015 8:47am
Quoting SirMcPip
Very interesting situation. London can now show us if it is either a real quality financial place like Switzerland or just another place that spends its money on flashy, expensive ads and financial TV shows, although i think it will be the former. So all should be going well without any problems and all funds will likely be returned. But they might need a few days which gives clients time to focus on more important things than trading :-).
Now Switzerland is like China.
  • #2,318
  • Jan 20, 2015 8:58am Jan 20, 2015 8:58am
Quoting MaxDoom
{quote} I give up - you guys carry on thinking that trading margin is only exposing your account balance and that the world owes you some sort of favour when it goes wrong.
You mean thinking outsite of the box, yeap, i lost 10% of my account and withdrew all my money back before this iChf incedent happened. Good luck with you guys, after 1 year in the market i see that it is too complicated, too hard for me. I love trading but what is the point if trading but risk too much and it is just not worth it, i can do some thing else, looking at the market just give me a heart attack
  • #2,319
  • Jan 20, 2015 9:15am Jan 20, 2015 9:15am
Quoting Jack.e
just sent another email to KPMG questioning the way Alpari's clients are to be treated in the matter of fund withdrawl and its legality in holding clients in the loop n charges them for cost etc. email contents as follows, I am no legal pro wotsoever English is not even my native language it's just my benefit of doubt 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...
jusf forwardedthis email... please all traders send this email to kpmg.. and may be fca too... and devid cameron.
  • #2,320
  • Jan 20, 2015 9:18am Jan 20, 2015 9:18am
PEOPLE!!!! TOO MUCH "BLAH BLAH" ... THE ISSUE IS THAT EVERYTHING IS RIGHT NOW IN PLACE....RELAX!!!!

(not shouting just want to make a point)

facts:
1) money are in place for the positive ones (standard due diligence has to be done to confirm that 100% though)

2) the procedure has started!!! thats all we wanted from the start once we understood alpari is "done".... and everything is done according to the procedure... in case you see something that its not good....inform them (and us)... like the creditors form which i first said has to be changed....and it was

dont bomb email them with issues that at the current time makes things complicated and the only outcome is losing valuable time for all of us...patience is the answer

3) sad thing...people with negative balances have to think and see what they are going to do... global money collectors (or "vultures" as thy are known) are going to enter the game

4) THE ADMINISTRATORS ARE CURRENTLY TALKING WITH INTERESTING PARTIES WHO WANT THE "GOOD PART OF ALPARI" (capitals in order to understand)

we will be informed when the talks end!!!...and we can move on with anything else that bother us next according to the outcome of the talks



PLEASE STAY CALM AND SOBER
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