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Alpari.co.uk Discussion

  • #3,101
  • Jan 27, 2015 6:55am Jan 27, 2015 6:55am
Quoting frontier
{quote} The question is: why do they want to check all the accounts and "correct" prices, is it because they want: extra work for them (most probably IMO), or extra money for us customers?
neither the one nor the other. It involves careful work. In order to bring everything correctly to an end. Because if it is sloppy work, is to make this company be liable for their mistakes. And at the very large amount of data and accounts it takes a long time to pay off everything properly can. This job makes you not quick, quick flick of the wrist. a simple example. If 50 people are busy to check all 100,000 accounts, then the 2000 are accounts that everyone must check per employee. that's a lot more work than can be done in a week. There is at least work for 6 or 8 weeks. And until all accounts are updated, no money will be paid. I have no idea how many people are busy to check the accounts. I just want to tell how much work it is. And no, these people do not get 400 Euro or GBP per hour.
  • #3,102
  • Jan 27, 2015 7:04am Jan 27, 2015 7:04am
Quoting r41225
{quote} I also ONLY demo-traded for a couple of years after I found out about forex, then blew up a small account worth a couple of hundred bucks, was trading without SL , news hit & I got stopped out, I knew I was the culprit & the most important lesson was learned - DO NOT trade without SL & keep the amount at risk at no more than a couple of % of the trading account! Never looked back after that. I'd realized that small but consistent gains with limited risk are the way to go. Yes, if one aims too high & risks more than a...
  • #3,103
  • Jan 27, 2015 7:12am Jan 27, 2015 7:12am
Quoting leokatz
{quote} hey, if it is as you say, then why did you put your money on this broker? How stupid is that? If you do not have a hat, I can give you my hat, let it taste you!
Quoting shail31
{quote} Yes ,common Terry time to eat your hat!!!
*sigh* seems you guys have a reading compression problem... why should I eat my hat when I have not been proven wrong? where is the guy here that has been paid his winning CHF trades??? Oh that's right, he's not here.
Also, no I'm not that stupid. Unlike a lot of people in this thread I am not so foolhardy as to keep a large account with any broker. That is just silly in my book. A broker is just a tool to make money, not a bank to store your life savings in. In light of that I only kept enough to trade in my Alpari account. Over 80% of my entire capital is elsewhere (one other broker and the rest in the banks). As such, even if I don't get my Alpari funds back (which I will EVENTUALLY), it won't even hurt me that much financially. So yeah, I'm so stupid right? Hahaha
  • #3,104
  • Jan 27, 2015 7:28am Jan 27, 2015 7:28am
Quoting TerryTibbs
{quote} {quote} *sigh* seems you guys have a reading compression problem... why should I eat my hat when I have not been proven wrong? where is the guy here that has been paid his winning CHF trades??? Oh that's right, he's not here. Also, no I'm not that stupid. Unlike a lot of people in this thread I am not so foolhardy as to keep a large account with any broker. That is just silly in my book. A broker is just a tool to make money, not a bank to store your life savings in. In light of that I only kept enough to trade in my Alpari account. Over...
hmmm, it will have made profits in CHF quite a few people. And if you had read the posts thoroughly, then you would know that too. You come to such a negatively with what you say, it's amazing that you put money brokers available. It can always happen that a company is insolvent. It's part of life. And Alpari is for me just a company. Otherwise: The administrator now determine an average value for trade with CHF. This average is then taken into account for all traders. If the accounts are all cleaned up can begin disbursing the money. And a brief explanation of how trading works: someone loses money, the money is not lost. it has changed hands only. It is always balanced. Someone has lost 1000 GBP in CHF, another person has 1000GBP more because they had the appropriate Trade, the opposite position so. Even with Alpari there are winners and losers. And Stupid people for me are those who do not trust a company and still bring money to this company. Lets taste you
  • #3,105
  • Jan 27, 2015 10:49am Jan 27, 2015 10:49am
Quoting grin
I do not think KPMG can cover losses of some of traders from the overall segregated pool of client funds. Assuming proper segregation from Alpari business, clients who had no losses should expect to receive full balance of their account irrespective of other trader's ability to pay. Alpari's capital/assets will be used to settle with counter parties in the interbank market, not other clients' money.
I hope this is the case. I do have a positive balance in Alpari!
  • #3,106
  • Jan 27, 2015 1:00pm Jan 27, 2015 1:00pm
Quoting whtangpi
{quote} I hope this is the case. I do have a positive balance in Alpari!
This is unfortunately not the case. I called the hotline. They said that I will only receive a certain amount of my positive balance as I have to pro-rata cover the cost of the negative balances of my co-traders at Alpari. Except that those all first cover their losses of course (they are asked to by KPMG).
Oh, and KMPG will of course deduct pro rata their fees (the 375 Pound hourly average).

Administrators will soon come up with that calculation and confront us with what they will pay out.

Still, they do not fully decline a possible sell of the assets of Alpari.
  • #3,107
  • Jan 27, 2015 1:09pm Jan 27, 2015 1:09pm
Quoting Frenchie
{quote} This is unfortunately not the case. I called the hotline. They said that I will only receive a certain amount of my positive balance as I have to pro-rata cover the cost of the negative balances of my co-traders at Alpari. Except that those all first cover their losses of course (they are asked to by KPMG). Oh, and KMPG will of course deduct pro rata their fees (the 375 Pound hourly average). Administrators will soon come up with that calculation and confront us with what they will pay out. Still, they do not fully decline a possible sell...
WOW. Your call to sexyline. You are happy now?
This thread is about Alpari.
  • #3,108
  • Jan 27, 2015 1:12pm Jan 27, 2015 1:12pm
Quoting Tim_isoara
{quote} WOW. Your call to sexyline. You are happy now? This thread is about Alpari.
Why your irony? Don´t you like the truth? Call KPMG and see.....
  • #3,109
  • Jan 27, 2015 1:15pm Jan 27, 2015 1:15pm
Quoting Frenchie
{quote} This is unfortunately not the case. I called the hotline. They said that I will only receive a certain amount of my positive balance as I have to pro-rata cover the cost of the negative balances of my co-traders at Alpari. Except that those all first cover their losses of course (they are asked to by KPMG). Oh, and KMPG will of course deduct pro rata their fees (the 375 Pound hourly average). Administrators will soon come up with that calculation and confront us with what they will pay out. Still, they do not fully decline a possible sell...
OMG if thats the case!! that cant possibly be legal?? so we have to pick up the tab for the losing traders!!! I think the FCA will be getting alot of claims before this is done.. thats real bad news :-(
  • #3,110
  • Jan 27, 2015 1:22pm Jan 27, 2015 1:22pm
Quoting Frenchie
{quote} Why your irony? Don´t you like the truth? Call KPMG and see.....
Why? Because you deserve.
I call to KPMG and they said that's a joke.
  • #3,111
  • Jan 27, 2015 1:35pm Jan 27, 2015 1:35pm
Maybe you misunderstood then.
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.
If some members of that pool have negative balances, you pro-rata get a part of that negative balance.
  • #3,112
  • Jan 27, 2015 1:40pm Jan 27, 2015 1:40pm
Quoting leokatz
{quote} hmmm, it will have made profits in CHF quite a few people. And if you had read the posts thoroughly, then you would know that too. You come to such a negatively with what you say, it's amazing that you put money brokers available. It can always happen that a company is insolvent. It's part of life. And Alpari is for me just a company. Otherwise: The administrator now determine an average value for trade with CHF. This average is then taken into account for all traders. If the accounts are all cleaned up can begin disbursing the money. And...
Lol I see English is clearly not your first language. I have read the thread, no one has been PAID OUT their winning CHF trades. Please take more care of what you are actually reading. And what's this lecture about the zero sum game? Lol why have you brought this up?
  • #3,113
  • Jan 27, 2015 1:58pm Jan 27, 2015 1:58pm
Still rumors guyz we don't know anything for sure just speculation
  • #3,114
  • Jan 27, 2015 2:24pm Jan 27, 2015 2:24pm
Quoting Frenchie
Maybe you misunderstood then. 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. If some members of that pool have negative balances, you pro-rata get a part of that negative balance.
Think logically about what you are saying.
If a client has a negative balance then they have NO funds in the pool, they owe Alpari money.
So if Alpari took funds from the segregated account to cover negative accounts then they stole client funds to cover their losses.
Is that what you are saying?
If a client has a negative balance they can only take funds from the pool that belong to that client, nothing more.
Think about it!
  • #3,115
  • Jan 27, 2015 2:26pm Jan 27, 2015 2:26pm
Quoting Frenchie
Maybe you misunderstood then. 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. If some members of that pool have negative balances, you pro-rata get a part of that negative balance.

The other clients at alpari are not supposed to be covering the losses of other traders.

The broker is supposed to assume that risk, and take those losses, that is why they have risk absorbing capital, and the erosion of that is why alpari went out of business.

If what you say is true, we could find that many of us will need to claim via the fscs
  • #3,116
  • Jan 27, 2015 2:52pm Jan 27, 2015 2:52pm
this is crazy ..im just back from work and i see nothing has been sent to me..what the hell is going on?
  • #3,117
  • Jan 27, 2015 2:52pm Jan 27, 2015 2:52pm
Quoting nAVIN2007
this is crazy ..im just back from work and i see nothing has been sent to me..what the hell is going on?
Nothing has been sent to anyone, so no need to worry
  • #3,118
  • Jan 27, 2015 2:54pm Jan 27, 2015 2:54pm
If KPMG are allowed to take any funds from the clients segregated account to pay Alpari creditors then that would essentially mean that the FCA stamp of approval and segregated accounts amount to absolutely nothing. That would open up a huge can of worms that I dont believe they would ever want to open.
If you are a client with a positive account you should receive what you are owed in full, unless you have other accounts with Alpari that are negative.
In that case the money from your positive account will be used to cover any losses on your other accounts. Once again though they can only take money that belongs to that client.
Logical thinking is all thats needed to sort the BS from the truth.
Lets wait and see exactly what KPMG come at us with.
  • #3,119
  • Jan 27, 2015 3:07pm Jan 27, 2015 3:07pm
Just a generic email they sent to me, it took them 2 weeks to reply to my concerns

Dear Sir/Madam


Alpari (UK) Limited (in special administration) (the "Company")

Thank you for your email.
We confirm that Richard Heis, Samantha Bewick and Mark Firmin were appointed as Joint Special Administrators to the Company (the "Joint Special Administrators") on Monday, 19 January 2015.
The Joint Special Administrators are currently receiving extremely high volumes of queries from creditors and clients. The Joint Special Administrators will endeavour to answer your queries as soon as possible, however due to the volume and similarity of queries being received, this will be performed through updates on their website.
www.kpmg.com/uk/alpari

The website will continue to be updated as further information becomes available.

The Joint Special Administrators are working closely with the Company staff to confirm all client positions. The Company is unable to action requests for withdrawals at present (including requests made prior to the appointment of the Joint Special Administrators but remaining outstanding) from any client accounts, as these accounts are now subject to the special administration process.

In relation to client monies held by the Company, the Joint Special Administrators are working to reconcile holdings and accounts in order to enable client monies to be released as soon as practicable, which is one of the Joint Special Administrators' formal objectives under the Investment Bank Special Administration Regulations 2011. Clients will receive formal correspondence shortly setting out the process for making a claim in order to receive a distribution for amounts owed. As part of the process of agreeing client money entitlements we shall shortly notify a “last date for proving”, although would seek to make interim payments to holders of agreed claims before this date insofar as this is possible.

To the extent that it is not possible to reclaim money, it may be possible to make a claim under the Financial Services Compensation Scheme (‘FSCS’). FSCS is a compensation fund of last resort for customers of authorised financial services firms who become insolvent (such as the Company). For eligible investment claims where the consumer suffers a loss, FSCS can pay up to £50,000 in compensation per person, per authorised firm. If claims are paid by FSCS, it will then assume those client positions against the Company. The Joint Special Administrators are working with the FSCS to agree a process that will enable clients to establish a claim for loss. FSCS will publish an update on its website detailing the process for settling potential claims in due course.

The Joint Special Administrators' proposals, providing an update on the progress of the Special Administration and the strategy going forward, will be sent to creditors and clients of the Company within the next 8 weeks.

Please monitor the Joint Special Administrators’ website for further updates which will be provided as information becomes available.

Yours faithfully
for Alpari (UK) Limited

Pippa Sellars
For the Joint Special Administrators
  • #3,120
  • Jan 27, 2015 3:10pm Jan 27, 2015 3:10pm
it would be nice to know whether funds that are going to be returned from segregated accounts will get "hit" by working fees from the part of KPMG or the fees in total will be "demanded" from the total sell off of the company excluding segregated accounts
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