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Alpari.co.uk Discussion

  • #3,121
  • Jan 27, 2015 3:12pm Jan 27, 2015 3:12pm
no links today guys, no news?
we enjoy both rumors here and in the press
but today rumors are here only

already started to test my new strategy on real account just today
guess what, I tried it for 3 weeks on 10 pairs
the 1st trades of my EA at all demo accounts all won
but now in real, the 1st trade didn't even close, and its negative
that's life
  • #3,122
  • Jan 27, 2015 3:18pm Jan 27, 2015 3:18pm
Quoting verv
{quote} Nothing has been sent to anyone, so no need to worry

thanks guys..at least that best than the rumours floating about..i got quite a busy week ahead next day off is monday for sure i will phone the regulator..and ask them to pull there finger out..

thx for the update
  • #3,123
  • Jan 27, 2015 3:20pm Jan 27, 2015 3:20pm
Quoting nAVIN2007
{quote} thanks guys..at least that best than the rumours floating about..i got quite a busy week ahead next day off is monday for sure i will phone the regulator..and ask them to pull there finger out.. thx for the update

if you can ask them whether they (KPMG) plan to get a mgt fee out of our accounts please
  • #3,124
  • Jan 27, 2015 3:25pm Jan 27, 2015 3:25pm
Ok
check this guys
http://www.cityam.com/208011/alpari-...s-access-funds
  • #3,125
  • Jan 27, 2015 3:27pm Jan 27, 2015 3:27pm
Quoting grin
{quote} I would say that KMPG will be paid before any other creditors. Hence, if there is enough Alpari money to cover their fees left, client money must be whole and no FCA claim will be required.
thats a gray area

a) is FCA and the other related authorities requiring that all funds should in such a case be returned as a whole without a fee "attached"?

b) in case there is a fee on the funds returned can we claim it back from the authorities?
  • #3,126
  • Jan 27, 2015 3:54pm Jan 27, 2015 3:54pm
Quoting KGP
{quote} if you can ask them whether they (KPMG) plan to get a mgt fee out of our accounts please

for sure
  • #3,127
  • Jan 27, 2015 4:21pm Jan 27, 2015 4:21pm
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.
Your sexyline is not very good.

This has resulted in the majority of clients sustaining losses which has exceeded their account equity. Where a client cannot cover this loss, it is passed on to us. This has forced Alpari (UK) Limited, that it has entered into insolvency. Retail client funds continue to be segregated in accordance with FCA rules.
Any client funds should remain unaffected as the brokerage prepares to go out of business.

Alpari wants to recover the money from customers with negative balance, which he paid, in accordance with FCA rules.
Frenchie wake up!!! Change your phone!!!
  • #3,128
  • Jan 27, 2015 4:37pm Jan 27, 2015 4:37pm
"Segregated account" means (should mean) in this case: the amounts held in that account are not subject to any kind of claims (let them be originated from Alpari UK or other persons or organizations) other than accounting related to forex trading (adding profit or deducting loss).
These segregated accounts are like our own accounts in our banks. No one has nothing to do with it. Not Alpari, not KPMG, not anyone else.
Of course, if there will be no selling of Alpari, then there will be costs regarding transferring moneys from segregated account to their owner's normal bank accounts. But this also should not be subject of KPMG's other fees (like the Ł400/hour fee or any other). Only bank wire transfer costs are acceptable.

KPMG has business with Alpari UK only, not us, clients. Every of their fees and other expenses must be claimed from Alpari UK or its owners or other related persons, companies.
Of course, KPMG can decide to demand amounts from clients with negative balances or refuse paying out profits related to CHF trades. These can be "averaged" or resolved by any other methods (legal proceedings etc.) But this is also a different story and also should not affect clients with positive balances and with profits related to non-CHF trades or with no trades at all (that day).

At least this is what my "healthy legal sense" is accepting as a conclusion.
  • #3,129
  • Jan 27, 2015 4:40pm Jan 27, 2015 4:40pm
First of all, If Alpari would take money from segregated clients account to cover loses, (rumors are than there are about 90mil. of clients assets and Alpari owed about 40-50mil.) they would never be insolvent.


There is a chance KPMG will try to ask you if you would like to cover admin fees, of course it will be worded out in such a way that you will think it is how things are done and that is the only possibility to get your money and it is normal. It is simply how British business mentality work. To say it simple "you do not ask, you do not get it, nothing wrong to try, trying is not illegal" if you will agree, they will make you think that you are the smartest guy and will get "super" treatment and if you will not pay any fees, you will be the last one to receive your money.

That is simply British way of making money these days. Brits used to be great innovators and manufacturing power of the world. But now everyone else beats them at this game. So they had to think of new ways how to make money, and now it is all about upselling and creating this "imaginary added value", like £300 an hour for doing company audit.
  • #3,130
  • Edited 5:16pm Jan 27, 2015 4:56pm | Edited 5:16pm
Quoting DonJoee
Of course, KPMG can decide to demand amounts from clients with negative balances or refuse paying out profits related to CHF trades. These can be "averaged" or resolved by any other methods (legal proceedings etc.) But this is also a different story and also should not affect clients with positive balances and with profits related to non-CHF trades or with no trades at all (that day). At least this is what my "healthy legal sense" is accepting as a conclusion.
KPMG must pay profit from trades.
KPMG, investigated, only CHF pair, because in that pair, maybe is problem, with price to whom transaction was closed.
  • #3,131
  • Jan 27, 2015 5:12pm Jan 27, 2015 5:12pm
Quoting Tim_isoara
{quote} KPMG must pay profit from trades. Only investigating, if trades are close on right price.
Yes, I forgot to mention that if a trade proven to be correct, even with billion dollars of profits, must be paid without question, of course.
But now they KPMG is telling about "anomalies" regarding price movements and skipped stops. It might be true if there was really an issue with Alpari UK's infrastructure, or it was a simple market behaviour, since there were no takers until the price dropped to 0.74ish level on eurchf for example.

Anyways, the above should not affect clients with positive balances and non-chf trades or no trades at all that day. If it does, then I'll be deeply disappointed in any kind of "regulations" since it just means more trouble added to the one I already have. Then I'll freely choose from any kind of brokers, even being unregulated, since I'll just take it as another risk factor in my trading.

But don't go that far into the future, let's wait how this mess will gets formed into a (hopefully) good solution.
  • #3,132
  • Jan 27, 2015 5:25pm Jan 27, 2015 5:25pm
Hi guys,
KPMG is simply doing audit and so to speak "closing" company.

What the heck is all this talk about!?!
  • #3,133
  • Jan 27, 2015 5:29pm Jan 27, 2015 5:29pm
Quoting wantsomepips
Hi guys, KPMG is simply doing audit and so to speak "closing" company. What the heck is all this talk about!?!
No first is to sell company( all or part).
  • #3,134
  • Jan 28, 2015 1:02am Jan 28, 2015 1:02am
Why we can t withdraw our money? Maybe is something wrong...if everything will be ok we will have our money back in short time like happened in Excel markets.

News: As of today, 27 Jan 2015, 96% of client funds have been sent back to clients and the remainder await withdrawal requests. The Financial Markets Authority of New Zealand has worked closely with GBL since the incident to ensure client funds were being safely returned

http://leaprate.com/2015/01/insolven...up-operations/
  • #3,135
  • Jan 28, 2015 1:17am Jan 28, 2015 1:17am
what i learn from all this!!! that UK regulations or FCA mean nothing in reality. from now on i will be ready to even trade with unregulated broker. my rules will be , diversify funds in many brokers, donot judge broker on where it is registered. it doesnt matter if it registered in UK or Afghanistan.
New Zealand broker can return funds but UK broker cant!!! thats shame for UK FCA.
  • #3,136
  • Jan 28, 2015 1:18am Jan 28, 2015 1:18am
Quoting Gromix
Why we can t withdraw our money? Maybe is something wrong...if everything will be ok we will have our money back in short time like happened in Excel markets. News: As of today, 27 Jan 2015, 96% of client funds have been sent back to clients and the remainder await withdrawal requests. The Financial Markets Authority of New Zealand has worked closely with GBL since the incident to ensure client funds were being safely returned http://leaprate.com/2015/01/insolven...up-operations/...
Yes. And New Zealand is not UK. And the broker was considerably smaller than Alpari. And there were no irregularities found in the pricing of trades.
  • #3,137
  • Jan 28, 2015 1:36am Jan 28, 2015 1:36am
Quoting tim_isoara
{quote} no first is to sell company( all or part).
if no buyer by the end of this week
the company will be liquidated
and in my opinion as someone said it before they are trying to put the puzzel proccess of liquidation to fit whats is best for them
no seller at all
  • #3,138
  • Jan 28, 2015 1:39am Jan 28, 2015 1:39am
Quoting panhwar
what i learn from all this!!! that UK regulations or FCA mean nothing in reality. from now on i will be ready to even trade with unregulated broker. my rules will be , diversify funds in many brokers, donot judge broker on where it is registered. it doesnt matter if it registered in UK or Afghanistan. New Zealand broker can return funds but UK broker cant!!! thats shame for UK FCA.

so far UK isn t safe heaven of regulation i do agree with you
http://leaprate.com/2015/01/insolven...up-operations/...
so far it s a respectfull broker Excel Market
  • #3,139
  • Jan 28, 2015 1:39am Jan 28, 2015 1:39am
sent this to FCA. But i dont think they really care.
Hello,
I am Forex trader, I opened account with Alpari UK for only one major reason. It was regulated by FCA UK. but now we have examples of two Forex firms which became insolvent. One is FCA UK regulated and other is regulated in New Zealand. Unfortunately clients of New Zealand regulated broker started getting funds from very next day on insolvency, but FCA UK regulated broker clients know nothing about anything. we don't know what is going on behind doors. Why is that? Did i make mistake on trusting FCA UK?
Regards
  • #3,140
  • Jan 28, 2015 1:47am Jan 28, 2015 1:47am
Quoting panhwar
sent this to FCA. But i dont think they really care. Hello, I am Forex trader, I opened account with Alpari UK for only one major reason. It was regulated by FCA UK. but now we have examples of two Forex firms which became insolvent. One is FCA UK regulated and other is regulated in New Zealand. Unfortunately clients of New Zealand regulated broker started getting funds from very next day on insolvency, but FCA UK regulated broker clients know nothing about anything. we don't know what is going on behind doors. Why is that? Did i make mistake on...
you arn't the only one, "we" or lets say "i" because i don t know the others opinion clearly, i did a big mistake by trusting those regulated market that sucks
in case of a mess
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