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Alpari.co.uk Discussion

  • #3,141
  • Jan 28, 2015 2:49am Jan 28, 2015 2:49am
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...
I find nothing wrong with your letter.

Is this not what regulation is supposed to be?

They should have started refunding traders days ago.... That is what I expect from regulation and segregated accounts.
I have said it before: I have no business with the selling of Alpari. Nowhere is it mentioned in my contract with them that in the event of insolvency I must wait for a possible sale of the company.

My money is segregated. Alpari does not exist anymore and I have the right ( according to UK regulation) to be refunded.

Money should be paid out in the following order:

  1. Refund those with a positive acc balance who did not trade on the 15th.
  2. Refund those with positive acc balances who did trade during the SNB announcement , but who did not trade the chf. These will be traders who were subject to the volatility , but who closed their trades without broker intervention or a margin cal.


The rest would be traders who traded the chf. This should be audited by KPMG and when in agreement with an acceptable "chf rate" each case should be dealt with accordingly. Those in positive should then be paid and those in a total negative will get nothing. KPMG will decide how to deal with that then.

This is my opinion and I find it hard that regulation in the UK are not up to it. Regulation by law means regulation.

Cases under point 1 & 2 is pretty simple and SHOULD NOT BE DRAGGED INTO THIS!

G

Never Ever Give Up!
  • #3,142
  • Jan 28, 2015 3:00am Jan 28, 2015 3:00am
Quoting Cobra
{quote} I find nothing wrong with your letter. Is this not what regulation is supposed to be? They should have started refunding traders days ago.... That is what I expect from regulation and segregated accounts. I have said it before: I have no business with the selling of Alpari. Nowhere is it mentioned in my contract with them that in the event of insolvency I must wait for a possible sale of the company. My money is segregated. Alpari does not exist anymore and I have the right ( according to UK regulation) to be refunded. Money should be paid...

your right and for that i begin to hate regulated market specially in UK, i thought UK will be the best
it seems it s the worst
  • #3,143
  • Jan 28, 2015 3:22am Jan 28, 2015 3:22am
Quoting Jadgeha
{quote} your right and for that i begin to hate regulated market specially in UK, i thought UK will be the best it seems it s the worst
LOL.If it were, a non regulated broker, now in accounts they were zero money .
Associates has fled with money.
  • #3,144
  • Jan 28, 2015 3:26am Jan 28, 2015 3:26am
Quoting Cobra
{quote}. Alpari does not exist anymore and I have the right ( according to UK regulation) to be refunded.
You are wrong.
Alpari exist, and if another company, buy Alpari business, they will work again, maybe with same name.
  • #3,145
  • Jan 28, 2015 3:30am Jan 28, 2015 3:30am
Quoting Jadgeha
{quote} 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
Is a deadline for sale?
What is the official date?
  • #3,146
  • Jan 28, 2015 3:33am Jan 28, 2015 3:33am
Quoting leokatz
{quote} 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.
And wasn't bid to buy the company.
  • #3,147
  • Jan 28, 2015 3:40am Jan 28, 2015 3:40am
Can maybe someone go with a bazooka and accelerate the repayment?
  • #3,148
  • Jan 28, 2015 4:00am Jan 28, 2015 4:00am
Quoting Tim_isoara
{quote} LOL.If it were, a non regulated broker, now in accounts they were zero money . Associates has fled with money.
FM Global with is worst case it pay 100% back to its client on three different payment
  • #3,149
  • Jan 28, 2015 4:35am Jan 28, 2015 4:35am
The last official announcement is in 23th Jan, now what??????
We need our money back
wtf
  • #3,150
  • Jan 28, 2015 5:01am Jan 28, 2015 5:01am
Quoting WayToGo
The last official announcement is in 23th Jan, now what?????? We need our money back wtf
welcome to the revolution
  • #3,151
  • Jan 28, 2015 8:15am Jan 28, 2015 8:15am

FXCM to Forgive Majority of Clients Who Incurred Negative Balances


NEW YORK, Jan. 28, 2015 (GLOBE NEWSWIRE) -- FXCM Inc. (NYSE:FXCM), announced today its decision to forgive approximately 90% of its clients who incurred negative balances in certain jurisdictions, on January 15, 2014 as a result of the Swiss National Bank announcement on that date. FXCM will notify the applicable clients and adjust applicable client account statements in the next 24-48 hours. "FXCM worked diligently to reach this decision and we are extremely appreciative of our clients for their patience and loyalty as we worked through this," said Drew Niv, CEO of FXCM.


The SNB announcement, extreme price movements and the resulting lack of liquidity were exceptional and unprecedented events causing many market participants to incur trading losses. These events were unforeseen and beyond the control of FXCM.


FXCM will also notify certain clients (such as institutional, high net worth, and experienced traders who generally maintain higher account balances) requesting payment of negative balances, pursuant to the terms of the FXCM master trading agreements. This group represents approximately 10% of clients who incurred negative balances which comprises over 60% of the total debit balances owed.


Read the full press release: http://ir.fxcm.com/releasedetail.cfm?ReleaseID=893269

  • #3,152
  • Jan 28, 2015 8:20am Jan 28, 2015 8:20am
Quoting Jadgeha
{quote} your right and for that i begin to hate regulated market specially in UK, i thought UK will be the best it seems it s the worst
ECN brokers and regulation has a new meaning since this disaster hit us.

I will think twice investing again with an ECN broker........ UK regulation ???....... not what I thought it was.
Never Ever Give Up!
  • #3,153
  • Jan 28, 2015 8:25am Jan 28, 2015 8:25am
Quoting Tim_isoara
{quote} You are wrong. Alpari exist, and if another company, buy Alpari business, they will work again, maybe with same name.

You may be right , but you may be wrong...

Whatever is going to happen my choice of broker model and how and where it is regulated will forever be impacted by the way KPMG /FCA is handling this.
Never Ever Give Up!
  • #3,154
  • Jan 28, 2015 8:35am Jan 28, 2015 8:35am
Quoting kebefx
FXCM to Forgive Majority of Clients Who Incurred Negative Balances NEW YORK, Jan. 28, 2015 (GLOBE NEWSWIRE) -- FXCM Inc. (NYSE:FXCM), announced today its decision to forgive approximately 90% of its clients who incurred negative balances in certain jurisdictions, on January 15, 2014 as a result of the Swiss National Bank announcement on that date. FXCM will notify the applicable clients and adjust applicable client account statements...
This and other brokers who are forgiving negative balances are only to the benefit of Alpari negative client balances.

Either all brokers does this or nobody does. Lawyers are going to use this massively to the advantage of their clients should a client chose to get a lawyer in case he/she is confronted to pay back negative balances.
Good luck to KPMG in trying to get money from negative balance clients. It aint going to happen. The only place they might succeed in getting back money from clients will be in the UK. Anywhere else ....forget it.
Never Ever Give Up!
  • #3,155
  • Jan 28, 2015 8:42am Jan 28, 2015 8:42am
Quoting Cobra
{quote} This and other brokers who are forgiving negative balances are only to the benefit of Alpari negative client balances. Either all brokers does this or nobody does. Lawyers are going to use this massively to the advantage of their clients should a client chose to get a lawyer in case he/she is confronted to pay back negative balances. Good luck to KPMG in trying to get money from negative balance clients. It aint going to happen. The only place they might succeed in getting back money from clients will be in the UK. Anywhere else ....forget...
I think we may get something 40 % or less back. Dont trust those f* robbers like alpari or KPMG, they will make them a big profit first.

We should consider taking support/help from FCA for retail traders. Anybody got "experience" ? pls provide us a guide how to claim FCA.
  • #3,156
  • Jan 28, 2015 8:55am Jan 28, 2015 8:55am
Although the FCA have spoken about the segregated accounts and that the money is available, they still did not tell us what we want to hear.

We need to know if KPMG is allowed to use the segregated client funds to administrate the insolvent estate of Alpari or not.

If they are then we need an explanation of what FCA regulation actually means.

If KPMG cannot use the money due to regulation , then we need to know why we cannot get our money back immediately.
Never Ever Give Up!
  • #3,157
  • Jan 28, 2015 8:58am Jan 28, 2015 8:58am
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...
welcome to the jungle bro,,,where is FCA? they do nothing i think,,,
look the example at excel markets broker http://leaprate.com/2015/01/insolven...up-operations/
the regulation is work
  • #3,158
  • Jan 28, 2015 8:59am Jan 28, 2015 8:59am
Is there some class action we can do in case we won't get our money back?
  • #3,159
  • Jan 28, 2015 9:03am Jan 28, 2015 9:03am
Quoting forexTN14
{quote} I think we may get something 40 % or less back. Dont trust those f* robbers like alpari or KPMG, they will make them a big profit first. We should consider taking support/help from FCA for retail traders. Anybody got "experience" ? pls provide us a guide how to claim FCA.
http://www.fscs.org.uk/what-we-cover...t-investments/
  • #3,160
  • Jan 28, 2015 9:11am Jan 28, 2015 9:11am
Quoting Cobra
{quote} ECN brokers and regulation has a new meaning since this disaster hit us. I will think twice investing again with an ECN broker........ UK regulation ???....... not what I thought it was.
I went to brokers from Australia and New Zealand and have opened accounts there. I do not care where the broker has its headquarters. The main thing ECN and Regulated Broker. One thing is clear: In an unregulated broker the money is irretrievably lost if he goes bankrupt. And market maker? I can also give my money equal. I have now tested several market makers. All scrap. Stop Loss is not running, Margin Call at 50%? hahaha. Margin Call was not triggered. For two days. At the end of the position of 300% was in the red. A market maker earns at my money. He wants my money. An ECN broker then earns money when the trader making money. It's that easy to explain the world.
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