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Alpari.co.uk Discussion

  • #7,441
  • Jul 5, 2015 6:20am Jul 5, 2015 6:20am
Spoke to FSCS on Monday, the 29th, I was assured they would be paying mine, that day or the next. So far not a peep out of them. If the institutions they are meant to regulate acted in such a way, they would take a dim view of it.
  • #7,442
  • Edited 4:22pm Jul 5, 2015 9:05am | Edited 4:22pm
Quoting Checkit
Returning back to the issue with force majeure I don't know if it is only me but I am sure that if tried in court then the argumentation for using Force Majeure as an argument for closing down all our open post giving us a big loos will not hold. The issue is relative simple. If letting go of supporting the Swiss franc is force majeure then the supporting the Swiss franc is also force majeure just the opposite way. We have to keep in mind that, we are dealing with a situation where Alpari goes into bankruptcy and the insurance of FSCS takes over....

Well,by my opinion Alpari's Client agreement is explaining this thing pretty well:

Quote : Client Agreement,2014 - Alpari

"29 Force Majeure
29.1 The Company may, in its reasonable opinion, determine that a Force Majeure Event has occurred or is continuing to occur in which case the Company will take reasonable steps to inform the Client. A Force Majeure Event includes without limitation:
29.1.1 any act, event or occurrence (including, without limitation, any strike, industrial action, riot or civil commotion, terrorism, war, act of God, accident, fire, flood, storm, interruption of power supply, electronic, communication equipment or supplier failure, civil unrest, statutory provisions, lock-outs, or act or regulation of any government or relevant regulatory authority) which, in the Companys reasonable opinion, prevents the Company from maintaining an orderly market in one or more of the Instruments or the Client's orders;
29.1.2 the suspension, liquidation, or closure, excessive movement, volatility or loss of liquidity in of any relevant market or underlying Instrument, or the imposition of limits or special or unusual terms on the trading in any such market, underlying Instrument or on any such event.

29.2 If the Company determines in its reasonable opinion that a Force Majeure Event has occurred or is continuing to occur (without prejudice to any other rights under the Operative Agreements) the Company may without prior Written Notice and at any time take any of the following steps:
29.2.1 increase margin requirements;
29.2.2 close out any or all Open Positions at such prices as the Company considers in good faith to be appropriate;"


I'm not a lawyer but I think the decisions of SNB to abandon the cap on the Swiss franc's value against the Euro can be interpreted as a "ACT or REGULATION", to satisfy the conditions of Force Majeure Event.
But this is my opinion only.
  • #7,443
  • Edited Jul 6, 2015 12:12am Jul 5, 2015 5:00pm | Edited Jul 6, 2015 12:12am
Quoting Checkit
Returning back to the issue with force majeure I don't know if it is only me but I am sure that if tried in court then the argumentation for using Force Majeure as an argument for closing down all our open post giving us a big loos will not hold. The issue is relative simple. If letting go of supporting the Swiss franc is force majeure then the supporting the Swiss franc is also force majeure just the opposite way. We have to keep in mind that, we are dealing with a situation where Alpari goes into bankruptcy and the insurance of FSCS takes over....
No I don't think Force Majeur would hold either. This is NOT an Act of God or something that ABSOLUTELY cannot be foreseen and therefore cannot be prepared for. This is just an market event albeit an unexpectedly larger one that had adverse impact and again, this is the market that we are talking about. When you are working with the investment market, it's the market participant's responsibility to take appropriate measure to manage the risk and minimize the negative impact of any possible adverse events. Plenty of brokers come out just fine after the SNB crisis and the brokers that went down are still the minority.

No, the Force Majeur defense is going to be quashed like a bug in court.
Make your losses in demo. Earn your profits live.
  • #7,444
  • Jul 5, 2015 6:36pm Jul 5, 2015 6:36pm
Quoting Forexia
{quote} No, the Force Majeur defense is going to be quashed like a bug in court.
I doubt that very much. I dont think anyone is going to be taking them to court, and if they did it better be a stronger case than the definition of Force Majeure otherwise they will lose.

Quoting Pgab
{quote} "or act or regulation of any government or relevant regulatory authority) which, in the Companys reasonable opinion, prevents the Company from maintaining an orderly market in one or more of the Instruments or the Client's orders; 29.1.2 the suspension, liquidation, or closure, excessive movement, volatility or loss of liquidity in of any relevant market or underlying Instrument, or the imposition of limits or special or unusual terms on the trading in any such market, underlying Instrument or on any such event. 29.2 If the Company determines...
IMHO you are correct.
The key to remember with Force Majeure is is only recognised in English law if it is defined in the contract. Furthermore the meaning of Force Majeure is as it's defined in the contract. Meaning all those things listed in clause 29 above ARE Force Majuere events.
What's it all about? It's all about money.
  • #7,445
  • Jul 6, 2015 12:22am Jul 6, 2015 12:22am
I used tradersway, fxcm and alpari to trade and now with alpari going belly up, so are the chances of me getting my money back anytime soon. What irks me is the fact that I have got two emails, from two diff lawyers as to how they can help get my funds back but what irritated me the most is the fact that these two scum feeders had access to my account info along with the exact amt of money I'd lost.

I am not sure how the hell these guys got access to what was supposed to be privileged info but that just goes to show you that when a broker goes belly up, all sorts of things can happen.
  • #7,446
  • Jul 6, 2015 12:34am Jul 6, 2015 12:34am
Quoting Innate
{quote} I doubt that very much. I dont think anyone is going to be taking them to court, and if they did it better be a stronger case than the definition of Force Majeure otherwise they will lose. {quote} IMHO you are correct. The key to remember with Force Majeure is is only recognised in English law if it is defined in the contract. Furthermore the meaning of Force Majeure is as it's defined in the contract. Meaning all those things listed in clause 29 above ARE Force Majuere events.
Yes I can see the contract terms but one can also argue that due to the unique nature of the forex market that those "force majeur" criteria as defined in the contract would arise very frequently and is pretty much a norm in the forex market as the forex market itself is dictated and moved by governmental regulatory policies on a regular basis so are they ALL going to be "force majeur" events? So the broker doesn't bear any responsibility to manage risks that are normally present in the market?

Yes force majeur might be recognized in English Law as it is defined in the contract but whatever is defined in the contract still has to be reasonable. It cannot just be anything that the company wants to throw them in there that precludes them from exercising any duty of care and due diligence.
Make your losses in demo. Earn your profits live.
  • #7,447
  • Jul 6, 2015 2:33am Jul 6, 2015 2:33am
So this is the week we have been promised to get paid ( 2nd tranche).

I am hopeful , but not too optimistic.

Too many promises in the past.

Gerhard
Never Ever Give Up!
  • #7,448
  • Jul 6, 2015 2:52am Jul 6, 2015 2:52am
Quoting Cobra
So this is the week we have been promised to get paid ( 2nd tranche). I am hopeful , but not too optimistic. Too many promises in the past. Gerhard
Ssh! Stop jinxing it! Lol
  • #7,449
  • Jul 6, 2015 4:28am Jul 6, 2015 4:28am
Quoting xMeruem
{quote} Ssh! Stop jinxing it! Lol
  • #7,450
  • Jul 6, 2015 5:43am Jul 6, 2015 5:43am
Phoned fcsc this morning. Two more tranches to come. The second one this week where all of us should be compensated. The third tranche is for complex cases and corporations. Will let you know if I find anything different.
  • #7,451
  • Jul 6, 2015 5:46am Jul 6, 2015 5:46am
Quoting spankworthy
Phoned fcsc this morning. Two more tranches to come. The second one this week where all of us should be compensated. The third tranche is for complex cases and corporations. Will let you know if I find anything different.
Never Ever Give Up!
  • #7,452
  • Jul 6, 2015 6:45am Jul 6, 2015 6:45am
Quoting spankworthy
Phoned fcsc this morning. Two more tranches to come. The second one this week where all of us should be compensated. The third tranche is for complex cases and corporations. Will let you know if I find anything different.
I didnt change any of my info. eg. bank account, address.. however, i still do not receive any emails. I believe i am not a complex case so i am in the last tranche?
  • #7,453
  • Jul 6, 2015 6:54am Jul 6, 2015 6:54am
Quoting spankworthy
Phoned fcsc this morning. Two more tranches to come. The second one this week where all of us should be compensated. The third tranche is for complex cases and corporations. Will let you know if I find anything different.
Thank You Good Information.. I am waiting.
  • #7,454
  • Jul 6, 2015 7:07am Jul 6, 2015 7:07am
Quoting whtangpi
{quote} I didnt change any of my info. eg. bank account, address.. however, i still do not receive any emails. I believe i am not a complex case so i am in the last tranche?
You should also be paid this week. I also haven't received any emails (I phoned them). You will receive an email ONCE payment has been made. We should have been paid paid by the end of June but due to discrepancies with KPMG it will now be this week.
  • #7,455
  • Jul 6, 2015 7:26am Jul 6, 2015 7:26am
Yes this week, however if not this week it should be the following week and........if not then, well maybe the week thereafter......
Never Ever Give Up!
  • #7,456
  • Jul 6, 2015 7:27am Jul 6, 2015 7:27am
Quoting spankworthy
Phoned fcsc this morning. Two more tranches to come. The second one this week where all of us should be compensated. The third tranche is for complex cases and corporations. Will let you know if I find anything different.


kos
John 3:16 - From THIS love no power on earth can me sever.
  • #7,457
  • Jul 6, 2015 7:44am Jul 6, 2015 7:44am
Quoting Cobra
Yes this week, however if not this week it should be the following week and........if not then, well maybe the week thereafter......
on or after week ...
I no longer believe in anything until the money is not here ...
  • #7,458
  • Jul 6, 2015 10:52am Jul 6, 2015 10:52am
How many people received their money so far?
  • #7,459
  • Jul 6, 2015 11:45am Jul 6, 2015 11:45am
Quoting Cobra
Yes this week, however if not this week it should be the following week and........if not then, well maybe the week thereafter......
sarcasm much ?..
  • #7,460
  • Jul 6, 2015 4:25pm Jul 6, 2015 4:25pm
Don't worry it will only be 2 weeks maximum. I have faith

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