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  • #2,641
  • Jan 22, 2015 5:34am Jan 22, 2015 5:34am
Quoting KGP
{quote} XTB made a special promotion for us (alpari clients) so i guess XTB quit the race to get alpari's "good assets" and thus the race is either finished or closed to be finished.... its the little details that matter now before the deal finalises
I hope, hahaha
  • #2,642
  • Jan 22, 2015 5:36am Jan 22, 2015 5:36am
I know some are advocating the 'administrators are on it let them do their job' etc.... Bottom line is they are really not on it, they do not care about anyone who has funds in the segregated accounts, except it's a plus for them to try and sell that positive portion of the company.

If you take a look at the Worldspreads processing they were involved in, it took them from mid March to the end of June to send out FSCS claim forms to the clients and distribution of those claims by FSCS were still going on in February the following year. The clear fact their automated e-mail stated it will take up to 8 weeks for more information and the way they treated Worldspread clients does not bode well for the rest of us and is quite frankly unacceptable.

In my past life, for 15 years I worked in the IT department of a Commodity Futures and Options exchange clearing these types of trades, intraday we transferred money between client bank accounts, overnight we cleared the trades with final settlement and money transfers. At that time we knew exactly who had positive and negative accounts and where the bank accounts stood. This was now over 10 years ago before the sophisticated real time trading applications that are used today.

Given my past experience and the nature of real time trading today, I know for a fact no firm the size of Alpari would be doing business without knowing where they are at any point in time. When they deliberately closed everyone's trades, at that point they knew exactly who had positive, who had negative balances, what the segregated funds account looked like and who has requested withdrawals. This would have been further confirmed during their overnight process that e-mailed the final statements of account on Friday evening to us all.

When KPMG took over they also knew the exact same information, who had positive, who had negative accounts and how much was in segregated funds account. At that point in time Monday morning there were fully aware if the FSCS needs to be processing claims. Given their previous Worldspread experience there is absolutely now reason why this information was not e-mailed to clients and posted on their by the end of day Monday.

My situation, on Friday morning, I made the concious decision to withdraw my funds, was able to place the request and get the e-mail confirmation processing started. I know there were many others before me and many after me before Alpari deliberately disabled the online system.

Here is it's now a week after this mess started, many people need these funds to continue trading, many feed their families. Other insolvent brokers refunded this segregated client money within 1 day. Bottom line here is KPMG needs to start immediately distributing these funds. For a lack of anything better, process in the order of the withdrawal requests, if the money runs out then the remainder start the immediate claim request with the FSCS at least at this point everyone will now where they stand. If they tried to pro-rate the funds to everyone, it would just be a complete mess and extra processing for everyone involved (perhaps this is a way for them to claim more fees from our hard earned money).

I apologise for this long rant, but here's hoping KPMG steps up to the task.
  • #2,643
  • Jan 22, 2015 5:44am Jan 22, 2015 5:44am
Quoting leokatz
{quote} I hope, hahaha

i wanted to make a point regarding the "little details"... i didnt mean that its going to finish soon... but that each detail now has a special BIG weight...and small details are always found...just lets hope its a tiny "easy" one and not a tiny big hard one...

its not the end until the fat lady sings....
  • #2,644
  • Jan 22, 2015 5:46am Jan 22, 2015 5:46am
Quoting Mroue26
{quote} and i had the power to sell the swissy with only 0.6 lot and win 10000$ that is still stuck in AlpariUK
Your right btw. Selling the eurchf was the only sane option because it was obvious that franc would leap when the pegging is quited. But the thing is that you probably won't get your $10k
  • #2,645
  • Jan 22, 2015 5:47am Jan 22, 2015 5:47am
btw just in case you dont know

when promotions like the XTB ones start more heavily...our value is getting lower...

so it might mean that companies in the "race" trying to get the first position at the very last moment...or make it worser medium to long term for the winner
  • #2,646
  • Jan 22, 2015 5:49am Jan 22, 2015 5:49am
Quoting Pupsik
{quote} Your right btw. Selling the eurchf was the only sane option because it was obvious that franc would leap when the pegging is quited. But the thing is that you probably won't get your $10k
Why? All positions were closed and he has realized the profit. So he now has $ 10,000 more.
  • #2,647
  • Jan 22, 2015 5:54am Jan 22, 2015 5:54am
Quoting KGP
btw just in case you dont know when promotions like the XTB ones start more heavily...our value is getting lower... so it might mean that companies in the "race" trying to get the first position at the very last moment...or make it worser medium to long term for the winner
hmmm, why should decrease the value? I think at least 30% would stay with the new owner. Question: How much money must invest a broker to get 30,000 new customers? Second question: What is the average profit per customer for a broker? From these two sums the value of Alpari be calculated. It's about the customer base.
  • #2,648
  • Jan 22, 2015 5:55am Jan 22, 2015 5:55am
Quoting Pupsik
{quote} Your right btw. Selling the eurchf was the only sane option because it was obvious that franc would leap when the pegging is quited. But the thing is that you probably won't get your $10k



no offence
  • #2,649
  • Jan 22, 2015 6:04am Jan 22, 2015 6:04am
Quoting leokatz
{quote} Why? All positions were closed and he has realized the profit. So he now has $ 10,000 more.
Considering all the clients funds were ring fenced i.e. not touched and further since alpari uses it's own funds
to trade your positions it means that alpari didn't make any profit to add to your a/c.They lost BIG time.
How the money in the pool will be distributed is guessing at the moment though I think the pool
should have funds before the chf fiasco i.e before 15 jan 8am.
About your claim for 10,000 I guess you could take it up with the fscs but it is just speculation at
the moment.
  • #2,650
  • Jan 22, 2015 6:06am Jan 22, 2015 6:06am
Quoting mmx007
{quote} It seems that retail clients were paid by FSCS and the maximal value is 50,000 pounds, after Worldspreads was insolvent. http://www.kpmg.com/UK/en/IssuesAndI...s/default.aspx I ask this because I have more than 50,000 pounds in my account.
Yes it could be difficult if you have more than 50,000 pounds.
  • #2,651
  • Jan 22, 2015 6:10am Jan 22, 2015 6:10am
Quoting leokatz
{quote} hmmm, why should decrease the value? I think at least 30% would stay with the new owner. Question: How much money must invest a broker to get 30,000 new customers? Second question: What is the average profit per customer for a broker? From these two sums the value of Alpari be calculated. It's about the customer base.

because the longer it takes...the longer people are already moved and in case they like their new "place" they are more likely to withdraw the funds from alparis buyer

so at the end the buyer gets lower valued customers (and especially the ones well funded who already have moved and its not easy to move them back to them... )
  • #2,652
  • Jan 22, 2015 6:12am Jan 22, 2015 6:12am
Quoting shail31
{quote} Considering all the clients funds were ring fenced i.e. not touched and further since alpari uses it's own funds to trade your positions it means that alpari didn't make any profit to add to your a/c.They lost BIG time. How the money in the pool will be distributed is guessing at the moment though I think the pool should have funds before the chf fiasco i.e before 15 jan 8am. About your claim for 10,000 I guess you could take it up with the fscs but it is just speculation at the moment.
if there are 10 or 10000 is unimportant. when a position is closed, one has realized the profit or loss. Then the total balance is in the pool. So he has to worry. There were winners and losers in Chash. It is the sum always a balance.
  • #2,653
  • Jan 22, 2015 6:15am Jan 22, 2015 6:15am
worldspread case is different, they gone into customers segregated accounts and start using that account, so that case is totaly different,please dont make and compare this case with any other silly cases,thanks
  • #2,654
  • Jan 22, 2015 6:16am Jan 22, 2015 6:16am
Quoting leokatz
{quote} if there are 10 or 10000 is unimportant. when a position is closed, one has realized the profit or loss. Then the total balance is in the pool. So he has to worry. There were winners and losers in Chash. It is the sum always a balance.
And i'm the winner 50€ made in the swiss movement and close automatically with a trailing stop so i don't care about that. I care more about our funds now or about selling company. Who lost lost! who won won! It's time to close this deal and leave it behind ours shoulders and anyone will chose his journey after this drama with another broker or to stop forever with trading. Now the only matter is to end it as fast as possible and keep going.
myfxbook: neoxis
  • #2,655
  • Jan 22, 2015 6:19am Jan 22, 2015 6:19am
Quoting KGP
{quote} because the longer it takes...the longer people are already moved and in case they like their new "place" they are more likely to withdraw the funds from alparis buyer so at the end the buyer gets lower valued customers (and especially the ones well funded who already have moved and its not easy to move them back to them... )
I'm optimistic. The new owner shall inform the customer of Alpari an offer. He knows that there are active traders. And active traders are worth a lot of money for the new owner of Alpari. It is not important that many customers of Alpari have now opened new accounts at other brokers. The one excludes the other not. Does the new owner XTB, I go though. But I think XTB will not buy. Why should XTB otherwise start an advertising campaign?
  • #2,656
  • Jan 22, 2015 6:25am Jan 22, 2015 6:25am
Quoting leokatz
{quote} I'm optimistic. The new owner shall inform the customer of Alpari an offer. He knows that there are active traders. And active traders are worth a lot of money for the new owner of Alpari. It is not important that many customers of Alpari have now opened new accounts at other brokers. The one excludes the other not. Does the new owner XTB, I go though. But I think XTB will not buy. Why should XTB otherwise start an advertising campaign?
i am optimistic...and having second thoughts i believe the buyers game is getting hard...meaning they are eager to get the "pie"

well making a promotion even though you get the company later on doesnt mean anything its a win win... because even if you didnt manage to get the company you still have the prime mover advantage promotionwise...

as i said i am optimistic that a solution is going to be found... just feel gutted of the whole situation and time wasted...especially the latter



NOTE: i am making a speculation regarding the above time...just to "fill times" and relax a little bit before the ECB ;-)
  • #2,657
  • Jan 22, 2015 6:30am Jan 22, 2015 6:30am
Quoting ibuk
I know some are advocating the 'administrators are on it let them do their job' etc.... Bottom line is they are really not on it, they do not care about anyone who has funds in the segregated accounts, except it's a plus for them to try and sell that positive portion of the company. If you take a look at the Worldspreads processing they were involved in, it took them from mid March to the end of June to send out FSCS claim forms to the clients and distribution of those claims by FSCS were still going on in February the following year. The clear...

you have all my respect
  • #2,658
  • Jan 22, 2015 6:43am Jan 22, 2015 6:43am
The following scenario could play itself out soon:

 

  1. OPTION 1. KPMG will approach all Alpari clients with a positive balance and with the following offer: The new buyer will take all clients with a positive account balance immediately ( accounts could be traded within 24 hours of date of the offer). One condition: Clients CANNOT withdraw their funds from the new broker before 6 months ( Or any other date the new owner makes the deal with KPMG/Alpari) Clients with a negative account balance to be administrated by KPMG.
  2. OPTION 2. Those who do not agree with the terms of sale of option 1 will simply enter into the lengthy process of administration. It will take months to be paid out and administration fees will be deducted from their balances before pay out.

What do you think?

G.

Never Ever Give Up!
  • #2,659
  • Jan 22, 2015 6:45am Jan 22, 2015 6:45am
Quoting KGP
{quote} i am optimistic...and having second thoughts i believe the buyers game is getting hard...meaning they are eager to get the "pie" well making a promotion even though you get the company later on doesnt mean anything its a win win... because even if you didnt manage to get the company you still have the prime mover advantage promotionwise... as i said i am optimistic that a solution is going to be found... just feel gutted of the whole situation and time wasted...especially the latter NOTE: i am making a speculation regarding the above time...just...
http://www.forexfactory.com/news.php?do=news&id=523047


seems there are people looking to buy
  • #2,660
  • Jan 22, 2015 6:49am Jan 22, 2015 6:49am
Quoting nAVIN2007
{quote} http://www.forexfactory.com/news.php?do=news&id=523047 seems there are people looking to buy
unrealistic scenario , and if i teade and win , i will not be able to withdraw even?
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