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Alpari.co.uk Discussion

  • #3,001
  • Jan 25, 2015 9:43am Jan 25, 2015 9:43am
Quoting Cobra
We can speculate about this till kingdom comes... What I do know is that KPMG is a auditing firm who's purpose is to make money. They will make sure that they are being remunerated very well for their services. They will drag this out if the company is not sold quickly so that they can pocket money. We will then not get our full balances back and will after being paid out have to put in a separate claim via the FCA. G
and what should we like it say? Every company needs to make money for example to cover the operating costs, to pay the employees ....and ? I think there are in such a situation fee rates for the Company. But it's ok. Whether we actually all is not getting paid at all not sure. Because Alpari is not bankrupt, but rather insolvent. Alpari had simply not enough money to meet the requirements of the regulatory authority for this business. That is a big difference. Not enough money from the pool, then the capital of Alpari is probably sufficient. However, I have no idea how high the cost of the special administration are, in terms of customer funds.
  • #3,002
  • Jan 25, 2015 9:54am Jan 25, 2015 9:54am
I cannot see the administrators taking money from the segregated account to cover negative balances.

If a trader has a negative balance he will be held responsible for it. Other traders who did not trade the chf cannot be blamed for negative balances and will not lose their funds as a result of that.

Alpari had its own account(s) with the liquidity providers. Those acc(s) are in the red. Alpari / KPMG can only cover that partially by taking money from clients but not taking more than what those clients had in their accounts. They can only take from clients who were in chf losing trades. Taking more to cover for Alpari's loss with the LP will mean that they steal from positive balance accounts. ( These accounts are protected by the FCA)

This is how I see it....

The chf rate where the trades were liquidated by Alpari must be decided on first. Some made profits and some booked losses. As much as some traders now owe money some must be paid out. Seeing that Alpari is insolvent I find it difficult to see if those who made money will be paid. The winning chf traders will therefore become creditors. They will not get all their profits and the negative balance acc holders will be prosecuted.
Never Ever Give Up!
  • #3,003
  • Jan 25, 2015 10:36am Jan 25, 2015 10:36am
I got the Joint Special Administrator E-Mail without doing anything. I guess they have me already in their records. I got a positive balance and I'm wondering if I'm supposed to take some steps to keep my rights over the money or all I need to do is wait and pray. I don't mind keep trading with Alpari or waiting as long my money is safe. I just feel I lost so many opportunities these days that I opened a new account elsewhere.
  • #3,004
  • Edited 11:38am Jan 25, 2015 11:27am | Edited 11:38am
Hello fellow traders,

After the EURCHF incident I have followed this thread and the "brokers chasing you for neg. balance" like a hawk, reading every single post, since this is relevant for both discussions I will post this message in both threads.

I am seeking for other clients, preferably from Germany, for sharing documents / material in order to prepare for the upcoming lawsuit from Alpari.

The situation so far: Right now we are 3 people. I personally am significantly involved in the EURCHF crash with Alpari, with an account _deeply_ in the red. Unlinke friends that were actually able to close the trades or had their SLs honored, I was not even able to login at the time this happened. Other friends had a platform freeze and were not able to do anything as well.

I have spoken to two lawyers from friends and family and one lawyer specialized in banking / finance law, that I was referred to by my legal insurance company.

All three independently told me (No guarantees obviously, I am not a lawyer myself and this is not my native language, so I might not accurately reflect this):

- If they want to sue me (as a retail client) they would have to do so in my country of residence, not in the UK as stated in their terms and conditions. There is a EU guideline (44/2001) that is very clear about this, also local laws say the same, so in my case German law, not UK law would apply. German law is extremely consumer friendly in these situations.

- They cannot simply sell their claim to some collections agency / vultures without getting a title against me in court first and proving that their claim is valid. It is a very costly procedure for an insolvent company to engage in thousands of questionable lawsuits with people from all over the world, making it hard to tell if they actually want to go that way. My personal guess is that they will decide on a case by case basis, depending on the amount, jurisdiction, etc.

- Their chances of winning in court in my country would be very questionable (the third lawyer told me "I would be very relaxed if I were you"), because many of their business terms are surprising, discriminative and immoral making them void here. Basically (English is not my native language, so I'm not sure if I am saying this correctly) I was told that they cannot "hide" main (negative) aspects of the contract in the business terms (Telling you that you're liable when the platform crashes, not clearly stating that the "stop function" doesn't work in all situations, there is a massive conflict of interest because they acted as counter party, you can lose infinite (!) funds when you wire insiginificant amounts, etc etc - just stating that you can "lose more than your investment" is far from enough over here.)

There are many more arguments and documents we started to collect in preparation for the possible lawsuit. I would like to start a group with people (especially from Germany) that are in a similar situation and would like to pool their resources. Please PM me if you're interested.

Good luck to all affected by this mess.
  • #3,005
  • Jan 25, 2015 11:50am Jan 25, 2015 11:50am
Quoting Cobra
I cannot see the administrators taking money from the segregated account to cover negative balances. If a trader has a negative balance he will be held responsible for it. Other traders who did not trade the chf cannot be blamed for negative balances and will not lose their funds as a result of that. Alpari had its own account(s) with the liquidity providers. Those acc(s) are in the red. Alpari / KPMG can only cover that partially by taking money from clients but not taking more than what those clients had in their accounts. They can only take from...
I Agree
  • #3,006
  • Jan 25, 2015 12:03pm Jan 25, 2015 12:03pm
Dukascopy say that their liquidity is 100 – 200 mio on Majors. What do they mean? That you can enter 1000 lots in one position?? Or is it the liquidity offered to all their clients at any given time? Sorry for this newbism but I have never traded more than half a lot (50000).
  • #3,007
  • Jan 25, 2015 1:03pm Jan 25, 2015 1:03pm
This is what is going to happen:

People who didn't trade after that fateful moment will get their money back as it was in their accounts (this may take some time though).

People with negative balances as a result from the CHF trades or others will be chased to pay what they owe.

People with positive results from the CHF disaster will NOT see their profits realised. You may be able to make some sort of 'claim' but good luck trying to win anything.


Is any of this fair or moral? No. But it is what it is. Since when have you known the financial industry to be fair and just lol?. Negative balances will be chased yet positves won't be paid. They say accounts will be adjusted to reflect pre-swiss event balances for people who won but accounts will not be adjusted to reflect pre-swiss event for people who lost. It is not fair. But that is what will happen.
  • #3,008
  • Jan 25, 2015 1:27pm Jan 25, 2015 1:27pm
Quoting TerryTibbs
This is what is going to happen: People who didn't trade after that fateful moment will get their money back as it was in their accounts (this may take some time though). People with negative balances as a result from the CHF trades or others will be chased to pay what they owe. People with positive results from the CHF disaster will NOT see their profits realised. You may be able to make some sort of 'claim' but good luck trying to win anything. Is any of this fair or moral? No. But it is what it is. Since when have you known the financial industry...
Well what about people who were trading other pairs after SNB announcement? I had a few opened trades Friday on USDJPY and EURUSD...they were later closed by alpari so I have positive balance but I have opened something after Thursday.
  • #3,009
  • Jan 25, 2015 1:31pm Jan 25, 2015 1:31pm
Quoting TerryTibbs
This is what is going to happen: People who didn't trade after that fateful moment will get their money back as it was in their accounts (this may take some time though). People with negative balances as a result from the CHF trades or others will be chased to pay what they owe. People with positive results from the CHF disaster will NOT see their profits realised. You may be able to make some sort of 'claim' but good luck trying to win anything. Is any of this fair or moral? No. But it is what it is. Since when have you known the financial industry...
Pure speculation. Did you read it in your glass ball? Facts please. "irregularities" can also mean the exact opposite. That Alpari detriment of the client unfavorable rates calculated. That's why I say that absolutely is not yet clear what will happen. Finished trades can not be undone easily. In that judges had to choose, I think. Emergency if it is challenged before the European Court of Justice.
  • #3,010
  • Jan 25, 2015 1:32pm Jan 25, 2015 1:32pm
Quoting Brano222
{quote} Well what about people who were trading other pairs after SNB announcement? I had a few opened trades Friday on USDJPY and EURUSD...they were later closed by alpari so I have positive balance but I have opened something after Thursday.
This is a bit more of a complicated scenario but as long as they were not CHF trades they "should" be counted as normal (whether win or loss).
  • #3,011
  • Jan 25, 2015 1:34pm Jan 25, 2015 1:34pm
Quoting leokatz
{quote} Pure speculation. Did you read it in your glass ball? Facts please.
Well if anything other than what I stated happens I will eat my hat.We already know negative balances are being chased. Yet no word on people who won CHF trades.There are a few members here that made a killing on the CHF. Lol I await the day when they come back here and tell us Alpari/KPMG paid them their winnings lol..... I have a feeling I will be waiting a looooong time lol
  • #3,012
  • Jan 25, 2015 1:36pm Jan 25, 2015 1:36pm
Quoting claudia1
{quote} IG {image}
Yes, I use them.On larger time frames the extra pip charged for the guaranteed stop is worth it.
every Saint has a past. Every Sinner has a Future
  • #3,013
  • Jan 25, 2015 1:40pm Jan 25, 2015 1:40pm
Quoting TerryTibbs
{quote} Well if anything other than what I stated happens I will eat my hat.We already know negative balances are being chased. Yet no word on people who won CHF trades.There are a few members here that made a killing on the CHF. Lol I await the day when they come back here and tell us Alpari/KPMG paid them their winnings lol..... I have a feeling I will be waiting a looooong time lol
Start eat your hat.
  • #3,014
  • Jan 25, 2015 1:43pm Jan 25, 2015 1:43pm
Quoting leokatz
{quote} Pure speculation. Did you read it in your glass ball? Facts please. "irregularities" can also mean the exact opposite. That Alpari detriment of the client unfavorable rates calculated. That's why I say that absolutely is not yet clear what will happen. Finished trades can not be undone easily. In that judges had to choose, I think. Emergency if it is challenged before the European Court of Justice.
I agree.I was even told by the fscs they will look into poor execution of SL by alpari.Far from clear.
  • #3,015
  • Jan 25, 2015 1:44pm Jan 25, 2015 1:44pm
Quoting Tim_isoara
{quote} Start eat your hat.
It will take to much time bro no worry about this subject anymore
  • #3,016
  • Jan 25, 2015 1:46pm Jan 25, 2015 1:46pm
Quoting Tim_isoara
{quote} Start eat your hat.
  • #3,017
  • Jan 25, 2015 1:48pm Jan 25, 2015 1:48pm
Quoting TerryTibbs
{quote} Well if anything other than what I stated happens I will eat my hat.We already know negative balances are being chased. Yet no word on people who won CHF trades.There are a few members here that made a killing on the CHF. Lol I await the day when they come back here and tell us Alpari/KPMG paid them their winnings lol..... I have a feeling I will be waiting a looooong time lol
maybe, maybe not. wait what happens. it can happen Positive or Negative. That people have to pay with negative balances was clear from the start. A regular company can forgive losses of clients. An insolvency administration must not give up money that belongs to the insolvency assets. So far, the admins have not told to irregularities which it was. There will always be a part that has disadvantages. Either it will be to the detriment of many clients who have lost money or to the detriment of those who were successful. One-sided trades would have to revise massive legal consequences. that tells me my common sense. It would take a long time to sue through the courts. But the liquidator can not afford perversion of justice. Sorry for my english, it's not my native language.
  • #3,018
  • Jan 25, 2015 1:58pm Jan 25, 2015 1:58pm
Quoting Tim_isoara
{quote} Start eat your hat.
Hah! I think I'll wait here until someone posts here that they were paid out in full their winnings on any CHF trade by Alpari/KPMG. Sure you can take it to court, but that's a lot of hassle, time and trouble for something you might not even win, I mean, who are you gonna claim the money from? Alpari is no longer existing.
  • #3,019
  • Jan 25, 2015 2:05pm Jan 25, 2015 2:05pm
Quoting TerryTibbs
{quote} Hah! I think I'll wait here until someone posts here that they were paid out in full their winnings on any CHF trade by Alpari/KPMG. Sure you can take it to court, but that's a lot of hassle, time and trouble for something you might not even win, I mean, who are you gonna claim the money from? Alpari is no longer existing.
completely wrong Alpari existier yet. Alpari has just filed for bankruptcy and is in receivership. Read the emails once something exact, sent by the insolvency administration. This is quite thick ALPARI UNDER SPECIAL ADMINISTRATIVE:
  • #3,020
  • Jan 25, 2015 2:11pm Jan 25, 2015 2:11pm
Quoting TerryTibbs
{quote} Hah! I think I'll wait here until someone posts here that they were paid out in full their winnings on any CHF trade by Alpari/KPMG. Sure you can take it to court, but that's a lot of hassle, time and trouble for something you might not even win, I mean, who are you gonna claim the money from? Alpari is no longer existing.
Ok.Ok.No more blabla...Start eat your hat. Too much ignorance.
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