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  • #7,261
  • Jun 19, 2015 3:47am Jun 19, 2015 3:47am
The man from FSCS who answered my call a few days ago asked me what date I'd assigned my claim. He said that the spreadsheet they had for the 2nd tranch included claims assigned to FSCS before/by 11.5.

I guess if you assigned your claim to FSCS on 11.5 then it's likely that your claim may not be in that spreadsheet but the next one Just my guess though
  • #7,262
  • Jun 19, 2015 3:49am Jun 19, 2015 3:49am
Hi

I am getting phone call from EXT capital to fill the details on a portal . I do not know do I fill the details here or not.

Once I have already submitted the bank details on portal link provided by KPMG.

Is EXT capital is authorised for this purpose and below link is correct to submit the details

https://www.alpariadministration.com...tration.com%2F#

Please advice.

Thanks
MKFX
  • #7,263
  • Jun 19, 2015 3:54am Jun 19, 2015 3:54am
Quoting maxvre
{quote} Payouts from FSCS will be in USD. Can't be changed. Your bank will automatically convert the payout to your accounts currency and most likely take a conversion fee in the process.
Thank You. Good Person. lol
  • #7,264
  • Jun 19, 2015 4:02am Jun 19, 2015 4:02am
Quoting phamtrang
The man from FSCS who answered my call a few days ago asked me what date I'd assigned my claim. He said that the spreadsheet they had for the 2nd tranch included claims assigned to FSCS before/by 11.5. I guess if you assigned your claim to FSCS on 11.5 then it's likely that your claim may not be in that spreadsheet but the next one Just my guess though
yes, it will be something like that, unfortunately ...
Like Madona once sing a song....time goes by so slowly for those who wait....
Per aspera ad astra
  • #7,265
  • Jun 19, 2015 4:18am Jun 19, 2015 4:18am
Seriously guys, I'm shocked at the number of people on here complaining about the fact that the FSCS will pay out (eventually) in USD. Yes this means that we are all exposed to an exchange rate risk, but hell, were traders, that's what we do ! The obvious answer to limit this risk is to open a USD bank account and have the disbursements paid in to that, where you lose nothing on the day of payment due to that days spot rate and at lest get to earn interest on the USD deposit while you wait for a more favourable rate to exchange at. It's called Foreign Exchange for a reason you know....
  • #7,266
  • Jun 19, 2015 4:29am Jun 19, 2015 4:29am
Quoting circochas
Seriously guys, I'm shocked at the number of people on here complaining about the fact that the FSCS will pay out (eventually) in USD. Yes this means that we are all exposed to an exchange rate risk, but hell, were traders, that's what we do ! The obvious answer to limit this risk is to open a USD bank account and have the disbursements paid in to that, where you lose nothing on the day of payment due to that days spot rate and at lest get to earn interest on the USD deposit while you wait for a more favourable rate to exchange at. It's called Foreign...
Not really comparable. When I trade in the currency market I do so on my own time and can open and close trades as I choose.

The FSCS is British, I am British, not really sure why they just don't pay my account which was in pounds in pounds.

It's not difficult.
  • #7,267
  • Jun 19, 2015 4:29am Jun 19, 2015 4:29am
Quoting tayette
I phoned yesterday to FSCS just for my fun to ask them if I am on the next payment list ... On my and Alans (fscs employee) surprise he could not find my name anywhere... hello? wtf? So I write to KPMG, asking them how is this even possible, I asigned my claim to fscs on 11.5., on 19.5. they confirmed me that they give it forward to fscs and now I get their replay as: I can confirm that you have agreed your claim with the Joint Special Administrators and that you have chosen to assign your claim to FSCS. Due to the number of checks that need to...
What number did you ring, I think I want to check if my name is on the list for the next payment.
  • #7,268
  • Jun 19, 2015 4:34am Jun 19, 2015 4:34am
Quoting phamtrang
The man from FSCS who answered my call a few days ago asked me what date I'd assigned my claim. He said that the spreadsheet they had for the 2nd tranch included claims assigned to FSCS before/by 11.5. I guess if you assigned your claim to FSCS on 11.5 then it's likely that your claim may not be in that spreadsheet but the next one Just my guess though
seriously i did it on 23.5. That means I have to wait even longer.
  • #7,269
  • Jun 19, 2015 4:49am Jun 19, 2015 4:49am
Quoting verv
{quote} What number did you ring, I think I want to check if my name is on the list for the next payment.

+44 (0) 2077414100
Never Ever Give Up!
  • #7,270
  • Jun 19, 2015 4:49am Jun 19, 2015 4:49am
Quoting verv
{quote} Not really comparable. When I trade in the currency market I do so on my own time and can open and close trades as I choose.

That's my point - by holding the funds in a USD account you get to choose the time at which you convert.

The FSCS is British, I am British, not really sure why they just don't pay my account which was in pounds in pounds. It's not difficult.
That's like saying "I'm not sure why it's raining". The fact is that most Alpari accounts were held in USD so like it or not our UK held GBP accounts were converted to USD at 1.5158. It is what it is, and as a trader it's your job to 1) accept that which is and 2) mitigate exchange rate exposure wherever and however possible.held
  • #7,271
  • Jun 19, 2015 4:50am Jun 19, 2015 4:50am
Quoting verv
{quote} What number did you ring, I think I want to check if my name is on the list for the next payment.
+44 207 74 14 100 and then I select the number 3 and waited around 1,5 minute to get one of their employees...
Per aspera ad astra
  • #7,272
  • Jun 19, 2015 5:02am Jun 19, 2015 5:02am
Quoting tayette
I phoned yesterday to FSCS just for my fun to ask them if I am on the next payment list ... On my and Alans (fscs employee) surprise he could not find my name anywhere... hello? wtf? So I write to KPMG, asking them how is this even possible, I asigned my claim to fscs on 11.5., on 19.5. they confirmed me that they give it forward to fscs and now I get their replay as: I can confirm that you have agreed your claim with the Joint Special Administrators and that you have chosen to assign your claim to FSCS. Due to the number of checks that need to...
i also called 1 week ago and discovered the same thing...i am not on the list(claims agreed on portal and i only recieved "no-reply" email conformation after i agreed claims)...so they told me to write an email, describing my situation, so i will get a form and than everything should be in order...i wrote a mail, but didn't recieve any reply, no form...so i called once again...they said that they have lots of emails and the procedure could take one month...lame
less is more
  • #7,273
  • Jun 19, 2015 5:20am Jun 19, 2015 5:20am
Quoting mejo
{quote} i also called 1 week ago and discovered the same thing...i am not on the list(claims agreed on portal and i only recieved "no-reply" email conformation after i agreed claims)...so they told me to write an email, describing my situation, so i will get a form and than everything should be in order...i wrote a mail, but didn't recieve any reply, no form...so i called once again...they said that they have lots of emails and the procedure could take one month...lame
Of course...
The procedure...
Thx for your info, so we all can know, what is going and not going around, since there is/are absolutly no infos from kpmg or fscs....or at least some new developments or we....

Well, we all must only wait, just a little bit longer...
Per aspera ad astra
  • #7,274
  • Jun 19, 2015 5:25am Jun 19, 2015 5:25am
Quoting circochas
{quote} That's like saying "I'm not sure why it's raining". The fact is that most Alpari accounts were held in USD so like it or not our UK held GBP accounts were converted to USD at 1.5158. It is what it is, and as a trader it's your job to 1) accept that which is and 2) mitigate exchange rate exposure wherever and however possible.held
My account balance is held in GBP, it was held in GBP because it is my native currency. If I had of held my account as USD then I would be open to exchange rate fluctuations...correct? In other words if my account was held in USD I would in effect have a net long USD position because I have to convert it back to GBP.

I specifically choose to hold my account in GBP to prevent having exchange rate exposure. Read that again. I specifically choose to hold my account in GBP to prevent having exchange rate exposure. It was never my choice to have rate exposure, and that is the difference.

So to answer you question:
1) accept that which is - I have accepted it, but I reserve the right to complain about it thanks.
2) mitigate exchange rate exposure wherever and however possible - difficult when my money is with Alpari... correct?
  • #7,275
  • Edited 6:11am Jun 19, 2015 5:25am | Edited 6:11am
Quoting tayette
{quote} +44 207 74 14 100 and then I select the number 3 and waited around 1,5 minute to get one of their employees...
Quoting Cobra
{quote} +44 (0) 2077414100

Thank you fellas.edit - im oh the list
  • #7,276
  • Jun 19, 2015 5:46am Jun 19, 2015 5:46am
I had my money back 1 month ago....this is really a shame...a lot of ppl still waiting for money...totally a shame. I'm talking about who filled the claim in time. For who filled the claim in may or june..you should wait cause you are the last wagon wheel. This is called priority.
myfxbook: neoxis
  • #7,277
  • Jun 19, 2015 6:24am Jun 19, 2015 6:24am
Quoting mejo
{quote} i also called 1 week ago and discovered the same thing...i am not on the list(claims agreed on portal and i only recieved "no-reply" email conformation after i agreed claims)...so they told me to write an email, describing my situation, so i will get a form and than everything should be in order...i wrote a mail, but didn't recieve any reply, no form...so i called once again...they said that they have lots of emails and the procedure could take one month...lame

Same thing in here,I've called FSCS a week ago on Monday,they were saying my name is not on the list.I told them,I have assigned my claim to them on the 23rd April,got it confirmed by KPMG on the 2nd of June.I've sent an email after this to KPMG chasing them,why they did not pass my details to FSCS.They replied,that they did.So couple days ago I wrote to FSCS again through their contact portal asking them co confirm my claim.No reply at all.I rang them on yesterday,they said my name is on the list (I don't believe it too much) ,but they couldn't tell if I'm on the 2nd batch or in the 3rd. I've got advised to wait again.
So I'll wait till end of this month,if nothing happens,will contact the financial ombudsman,can't see other way the get things moved.
  • #7,278
  • Jun 19, 2015 6:33am Jun 19, 2015 6:33am
Quoting verv
{quote} My account balance is held in GBP, it was held in GBP because it is my native currency. If I had of held my account as USD then I would be open to exchange rate fluctuations...correct? In other words if my account was held in USD I would in effect have a net long USD position because I have to convert it back to GBP. I specifically choose to hold my account in GBP to prevent having exchange rate exposure. Read that again. I specifically choose to hold my account in GBP to prevent having exchange rate exposure. It was never my choice to have...
WOW.... Don't tell me; you're short sterling and long the Kiwi ?? Am i right lol
  • #7,279
  • Jun 19, 2015 6:37am Jun 19, 2015 6:37am
Quoting circochas
{quote} WOW.... Don't tell me; you're short sterling and long the Kiwi ?? Am i right lol
What? No. I'm just gonna save myself the headache and out you on ignore.
  • #7,280
  • Jun 19, 2015 7:56am Jun 19, 2015 7:56am
Quoting verv
{quote} What? No. I'm just gonna save myself the headache and out you on ignore.
Brilliant. Now he's out of the way...

For those who have accepted the fact that we are eventually going to be paid in USD I still humbly suggest opening a USD account (I opened one with Cater Allen (private bank)) so at least we're not stressing about receiving a unannounced payment (good) at a horrendous spot rate (bad). Thus we can at least earn interest on our deposit (good) until the spot rate returns to a more favorable rate (good) which, I believe, will happen sometime later in the year when the FOMC start their hiking cycle (good !).

In the spirit of this forum I am of course open to alternative suggestions as to how to mitigate the current unfavorable exchange rate.

I hope everyone is calm and still trading, even if it's only paper trading for the time being.
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