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  • #2,841
  • Jan 23, 2015 8:52am Jan 23, 2015 8:52am
Quoting madsuh
{quote} I don't understand why people get worked up over the leverages. Honestly, if you have been using Alpari's full margin, that's seriously playing with fire. Nobody should ever be allowed to work with more than 1:50. JMHO
More leverage is extremely powerful if you know what your doing, and manage your risk.
The problem therefore is not the leverage, but the majority of retail traders inability to manage risk.
Trading is 95% risk management and 5% strategy.
  • #2,842
  • Jan 23, 2015 9:09am Jan 23, 2015 9:09am
Quoting FarceAdentus
{quote} More leverage is extremely powerful if you know what your doing, and manage your risk. The problem therefore is not the leverage, but the majority of retail traders inability to manage risk. Trading is 95% risk management and 5% strategy.
yesss, correctly...
  • #2,843
  • Jan 23, 2015 9:10am Jan 23, 2015 9:10am
This was just posted https://www.insolvency-kpmg.co.uk/ca...F119D1101.html

Alpari (UK) Limited (in special administration) (“the Company”)
Update to Clients and Creditors– 23 January 2015
This update is in addition to information previously provided.
As previously stated, on administration, there is a pooling event under the FCA’s Client Asset rules,
which means that retail clients (“Clients”) are entitled to share on a pro-rata basis in the client money
pool. Professional clients and other creditors (“Creditors”) do not have a claim against the client
money pool but will have a claim against the other assets of the company.
The Joint Special Administrators are working closely with the Company staff to confirm all Client and
Creditor positions so that statements can be issued as soon as possible.
The pricing of trades
Following an initial review performed by the Joint Special Administrators, it appears that there have
been certain inconsistencies in the pricing of trades closed out in the period before the Joint Special
Administrators were appointed, owing to the volatility in the market after the SNB announcement at
9:30am GMT, Thursday, 15 January 2015. As a result, any account statements or information provided
by other means received by Clients and Creditors after the SNB announcement may not accurately
represent a Client’s or Creditor’s balance.
The Joint Special Administrators continue to investigate and analyse the impact of this issue as a
matter of priority and will provide a further update on their website as information becomes available.
This issue is not expected to impact clients who only held cash balances in their account at 9:30am
GMT, Thursday, 15 January 2015 and entered no subsequent trades. For this reason we expect to be
able to agree such balances more quickly than those affected by this issue.
Claims process
We will provide statements as soon as possible to clients: where there are unresolved issues this will
delay the receipt of the relevant statements.
Other creditors who are not professional clients will receive formal correspondence shortly setting
out the process for making a claim.
  • #2,844
  • Jan 23, 2015 9:26am Jan 23, 2015 9:26am
I must say... this is not so bad. I do not know what the outcome is going to be... however so far I feel things are moving in the right direction. At least the administrators are not acting like Alpari did. Moreover, Oanda is a Marker maker, I had an account at Alpri because i prefer to stay away from MM. Long live the free market, how free it is I dont know, but MM is not free at all.
  • #2,845
  • Jan 23, 2015 9:47am Jan 23, 2015 9:47am
Quoting ewinner
The pricing of trades Following an initial review performed by the Joint Special Administrators, it appears that there have been certain inconsistencies in the pricing of trades closed out in the period before the Joint Special Administrators were appointed, owing to the volatility in the market after the SNB announcement at 9:30am GMT, Thursday, 15 January 2015. As a result, any account statements or information provided by other means received by Clients and Creditors after the SNB announcement may not accurately represent a Client’s or Creditor’s...
So I could potentially lose the money from my eurchf short?

fuk me
  • #2,846
  • Jan 23, 2015 9:58am Jan 23, 2015 9:58am
Quoting verv
{quote} So I could potentially lose the money from my eurchf short? fuk me
If thats the case, then surely traders who lost in CHF trades would have losses wiped out?
  • #2,847
  • Jan 23, 2015 9:58am Jan 23, 2015 9:58am
Quoting verv
{quote} So I could potentially lose the money from my eurchf short? fuk me
Im affraid of that shit.. Or even worst... To lose everything i traded after the chf profit (4k)
  • #2,848
  • Jan 23, 2015 9:59am Jan 23, 2015 9:59am
I would not be surprised if all money made in CHF trades will be the one that will pay for KPMG services.
As that would be the closest way for a condition where everyone coms out a winner here.

The ones who did not trade CHF get their balance in full.
the ones who traded CHF get their balance without any money made on CHF
KPMG get paid from clients CHF winnings
Alpari gets some sale money (maybe)
  • #2,849
  • Jan 23, 2015 9:59am Jan 23, 2015 9:59am
Quoting Mroue26
{quote} Im affraid of that shit.. Or even worst... To lose everything i traded after the chf profit (4k)
I am pretty sure about that, you will not see it.
  • #2,850
  • Jan 23, 2015 10:03am Jan 23, 2015 10:03am
Quoting wantsomepips
{quote} I am pretty sure about that, you will not see it.

Why are you sure?
  • #2,851
  • Jan 23, 2015 10:06am Jan 23, 2015 10:06am
From the new entry:

"This issue is not expected to impact clients who only held cash balances in their account at 9:30am
GMT, Thursday, 15 January 2015 and entered no subsequent trades. For this reason we expect to be
able to agree such balances more quickly than those affected by this issue."

So for many cases like my own, people who, at the date/hour of the SNB event, had only cash balances and no active trade, may see this issue resolved faster.
Is this your understanding, too?
  • #2,852
  • Jan 23, 2015 10:10am Jan 23, 2015 10:10am
Quoting ewinner
This was just posted https://www.insolvency-kpmg.co.uk/ca...F119D1101.html Alpari (UK) Limited (in special administration) (“the Company”) Update to Clients and Creditors– 23 January 2015
I noticed that, and it puts a spanner in my own works just when things seemed to be going so smoothly:

http://trading-gurus.com/swiss-natio...comment-214306

One of my many minions successfully traded the DAX after 9:30 GMT on the 15th. Where does that leave us? I'll let you know if and when KPMG get back to me!
  • #2,853
  • Jan 23, 2015 10:11am Jan 23, 2015 10:11am
Quoting wantsomepips
I would not be surprised if all money made in CHF trades will be the one that will pay for KPMG services. As that would be the closest way for a condition where everyone coms out a winner here. The ones who did not trade CHF get their balance in full. the ones who traded CHF get their balance without any money made on CHF KPMG get paid from clients CHF winnings Alpari gets some sale money (maybe)
impossible. Trades that have been completed, are valid trades. Profit / losses were realized. Nobody made, any winnings will have to pay for the losers.
  • #2,854
  • Jan 23, 2015 10:11am Jan 23, 2015 10:11am
not only the chf pairs were affected , i had 20 or so opened position on several pairs at the time the SNB removed the peg , i tried to close the ones that were in profit and it was not possible, so i assume that it wasn't only LP's , but also the platform was blocked , the boss of Alpari said that this mess was caused not only from the SNB decision , but also from the lack of finacial strenght and technical skills of the company .....
  • #2,855
  • Jan 23, 2015 10:12am Jan 23, 2015 10:12am
Quoting tonirai
From the new entry: "This issue is not expected to impact clients who only held cash balances in their account at 9:30am GMT, Thursday, 15 January 2015 and entered no subsequent trades. For this reason we expect to be able to agree such balances more quickly than those affected by this issue." So for many cases like my own, people who, at the date/hour of the SNB event, had only cash balances and no active trade, may see this issue resolved faster. Is this your understanding, too?

I am very fortunately in the same position holding just a positive cash balance. I had no trades on at all on the Thursday. However I think the statement above means clients with just a cash holding ( no trades open at time of Swiss intervention - CHF related or others ) will get a statement of our account standing maybe next week but as to the actual opportunity to reclaim our cash that is still open-ended and could still take a lot longer.
  • #2,856
  • Jan 23, 2015 10:14am Jan 23, 2015 10:14am
i did open and close some trades on thursday.other open trades were closed by alpari.
  • #2,857
  • Jan 23, 2015 10:19am Jan 23, 2015 10:19am
Quoting verv
{quote} Why are you sure?
Did not you read the latest announcement.

It gives a hint about it.
  • #2,858
  • Jan 23, 2015 10:20am Jan 23, 2015 10:20am
Quoting red33
{quote} I am very fortunately in the same position holding just a positive cash balance. I had no trades on at all on the Thursday. However I think the statement above means clients with just a cash holding ( no trades open at time of Swiss intervention - CHF related or others ) will get a statement of our account standing maybe next week but as to the actual opportunity to reclaim our cash that is still open-ended and could still take a lot longer.
I agree... but still, it leaves us in a slightly more positive position, in which our situations might be the first ones to be treated and/or solved.
  • #2,859
  • Jan 23, 2015 10:21am Jan 23, 2015 10:21am
I had CHF trades in profit during the spike that closed out in the region of it's trading right now. I don't see how they can justify voiding these valid trades as there was a legitimate party to each side.

I think there could be a lot of legal proceedings/claims against them if they tried to void these trades when other companies honoured them.
  • #2,860
  • Jan 23, 2015 10:29am Jan 23, 2015 10:29am
Quoting ibuk
I think there could be a lot of legal proceedings/claims against them if they tried to void these trades when other companies honoured them.
In such a case, I think legal proceedings/claims will go both ways - from clients who won with the trades against the company... and from the company against clients who lost and end up with negative balances.
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