Forexmospherian
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Yes £59 million of administration expenses can hide a multitude of sins - easily another £10 - 15 million of profits could be spent on top salaries and pension funds and stuff that benefit the main owners whilst ensuring no tax is paid on any profits etc etc - ie Putins daughter could have a £5m management fee in that lot ( joke )
Dont believe anything Banks / Brokers / and Politicians say - there's more honest double glazing and second hand car dealers out there ( another joke ) ;-)
ChattiFX
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Latest Message on the Alapri page... there is an email address included:
"
Special Administrators appointed to Alpari (UK) Ltd
Upon the application of the directors of Alpari (UK) Ltd, on Monday 19 January 2015, the High Court appointed Richard Heis, Samantha Bewick and Mark Firmin of KPMG LLP as joint special administrators of Alpari (UK) Ltd, under the Special Administration Regime (SAR). Alpari (UK) Ltd is a company incorporated in the UK.
Alpari (UK) Ltd applied for insolvency on Monday 19 January 2015 following the decision on Thursday 15 January 2015 by the Swiss National Bank to remove the informal peg to the euro at around 1.20 Swiss francs. The announcement by the SNB prompted volatility across the foreign exchange markets which saw the company and many of its clients make large losses. After a weekend spent in urgent discussions with various parties with a view to selling the company, these efforts were ultimately unsuccessful.
We have had a number of enquiries from interested parties in relation to the company's business. We will be speaking with these parties and others over the next few days, and hope to secure a deal to preserve the business and jobs as far as possible.
For all queries, please contact:
alpariukclaims @ kpmg .co .uk
The administrators will endeavour to respond to your query as soon as possible.
"
"
Special Administrators appointed to Alpari (UK) Ltd
Upon the application of the directors of Alpari (UK) Ltd, on Monday 19 January 2015, the High Court appointed Richard Heis, Samantha Bewick and Mark Firmin of KPMG LLP as joint special administrators of Alpari (UK) Ltd, under the Special Administration Regime (SAR). Alpari (UK) Ltd is a company incorporated in the UK.
Alpari (UK) Ltd applied for insolvency on Monday 19 January 2015 following the decision on Thursday 15 January 2015 by the Swiss National Bank to remove the informal peg to the euro at around 1.20 Swiss francs. The announcement by the SNB prompted volatility across the foreign exchange markets which saw the company and many of its clients make large losses. After a weekend spent in urgent discussions with various parties with a view to selling the company, these efforts were ultimately unsuccessful.
We have had a number of enquiries from interested parties in relation to the company's business. We will be speaking with these parties and others over the next few days, and hope to secure a deal to preserve the business and jobs as far as possible.
For all queries, please contact:
alpariukclaims @ kpmg .co .uk
The administrators will endeavour to respond to your query as soon as possible.
"
ChattiFX
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Also see the administrators web page which has a "proof of debt" form that can be filled out for claims against Alpari...
https://www.insolvency-kpmg.co.uk/case+KPMG+AF119D1101.html
https://www.insolvency-kpmg.co.uk/case+KPMG+AF119D1101.html
stevespray
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Myself and a number of others went through this process when Worldspreads went belly up a few years back. In that instance Worldspreads failed to correctly ring-fence client funds - in fact they dipped into client funds to finance the day to day running of their failing business. But this does not appear to be the case with Alpari - it's clear that the client funds have been correctly segregated. That is good news and should mean that no one needs to use the compensation scheme. This should speed up the return of funds. Also the fact that Alpari acted so swiftly to suspend their business is good news - it means less complications.
It seems to me that two different aspects of 'losses' are being discussed in this thread. Firstly, losses suffered as a result of the massive move in the CHF. And secondly, losses suffered in terms of account balances. Let's not forget that no everyone trading with Alpari would have been exposed to the CHF move. In fact some people will have been flat and not even trading at that time.
To be honest, in terms of losses suffered due to 'slippage' (due to gaps in the market) as the price moved down through peoples stop losses - You are NOT going to get this money back. The losses are a result of a genuine market condition and not due to some irregularity on the part of Alpari's dealing / executions practices.
In terms of account balances - there is no reason why clients will not get their money returned in full. The money returned will be the account balance once all open positions were closed.
Under FCA regulations firms are required to segregate (ring-fence) client funds in a separate bank account away from the money which the firm uses to run their business. So basically, when a client closes a position, the profit or loss from that position is moved either in or out of the client funds account from / to the firms account. This might not happen for every trade but it will happen periodically. This means that there is always sufficient money in the client funds account to pay out every positive account balance.
Hope this helps,
Steve.
It seems to me that two different aspects of 'losses' are being discussed in this thread. Firstly, losses suffered as a result of the massive move in the CHF. And secondly, losses suffered in terms of account balances. Let's not forget that no everyone trading with Alpari would have been exposed to the CHF move. In fact some people will have been flat and not even trading at that time.
To be honest, in terms of losses suffered due to 'slippage' (due to gaps in the market) as the price moved down through peoples stop losses - You are NOT going to get this money back. The losses are a result of a genuine market condition and not due to some irregularity on the part of Alpari's dealing / executions practices.
In terms of account balances - there is no reason why clients will not get their money returned in full. The money returned will be the account balance once all open positions were closed.
Under FCA regulations firms are required to segregate (ring-fence) client funds in a separate bank account away from the money which the firm uses to run their business. So basically, when a client closes a position, the profit or loss from that position is moved either in or out of the client funds account from / to the firms account. This might not happen for every trade but it will happen periodically. This means that there is always sufficient money in the client funds account to pay out every positive account balance.
Hope this helps,
Steve.
spinola
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I'll have a bit to claim in the client pool, as well as cash balance, when they liquidated my Aussieyen position on Friday, which was in profit at the time of lock out..
Anyone been through a client pool divvy up for forced liquidated profitable positions , before ?
Anyone been through a client pool divvy up for forced liquidated profitable positions , before ?
What does this mean for retail clients with open positions/cash balances?
A. All clients with any open positions had their position closed out as at the close of
the markets on Friday 16 January 2015. On administration, there is a pooling event
under the FCA’s Client Asset rules, which means that all clients are entitled to share
on a pro-rata basis in the client money pool.
What does this really mean ? Can you please explain it to us ? Can we claim then from FSCS if the pro rata does not match the account balance after closing the trades ?
A. All clients with any open positions had their position closed out as at the close of
the markets on Friday 16 January 2015. On administration, there is a pooling event
under the FCA’s Client Asset rules, which means that all clients are entitled to share
on a pro-rata basis in the client money pool.
What does this really mean ? Can you please explain it to us ? Can we claim then from FSCS if the pro rata does not match the account balance after closing the trades ?
terriegym
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stevespray
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"The client pool" is the same thing as "Segregated funds".
The firm would have closed out all open positions as they have indicated. Profit / loss from the closed positions would have been added / subtracted from your account balance just as it normally is. This leaves every client with a final account balance. You will be give a chance to review this is due course. Hopefully there will then be enough money in the client funds account (aka 'The client pool') to pay out all the account balances.
Steve.
The firm would have closed out all open positions as they have indicated. Profit / loss from the closed positions would have been added / subtracted from your account balance just as it normally is. This leaves every client with a final account balance. You will be give a chance to review this is due course. Hopefully there will then be enough money in the client funds account (aka 'The client pool') to pay out all the account balances.
Steve.
stevespray
Experienced member
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Interestingly I see that Alpari (or their liquidator) have slightly changed the statement on why the firm went belly up. Last week the original Alpari statement wholly blamed 'client losses which the firm had no chance of recovering.' Now I see that the notice has changed somewhat and they are now saying that the firm itself suffered large losses as well as the clients.
I also see that a number of other Forex firms are resetting negative account balances caused by CHF fiasco.
Steve.
I also see that a number of other Forex firms are resetting negative account balances caused by CHF fiasco.
Steve.
Pat494
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I have a bad feeling that it may mean the company has used client funds for their own betting or am I mistaken ?
If so, can they repay client accounts ?
SwingTheDIng
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Just called Mastercard and forced a cancellation of my last payment. Since the money is still on my bankaccount i won't give it up that easily.
Mastercard agreed, i only need to proof that Alpari can no longer hold it's end of the bargain. Ergo that they no longer can offer me their services for the money that is sitting in my account.
If any of you guys have the chance to do the same, do it! Better to have your money on your bank account rather than rotting in Alpari's basement.
Mastercard agreed, i only need to proof that Alpari can no longer hold it's end of the bargain. Ergo that they no longer can offer me their services for the money that is sitting in my account.
If any of you guys have the chance to do the same, do it! Better to have your money on your bank account rather than rotting in Alpari's basement.
Pat494
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I haven't come across monthly payments. My modest account is purely in their hands unfortunately.
No Pat actually resetting the negative balance doesn't means that broker can even repay your losses also because broker is already facing losses by settling the negative balance of your Trading account.
spinola
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I take that to mean, the open trade I had in profit, which they closed out . (price yet unknown as it does not show ) for me to claim the profit based on the strength of my claim and what their back office says they closed it out at.
I have a screen grab of my order entry , but the closeout arrow at the time they executed a sytem wide ' close all open positions ' etc, is not showing .
20-30 ticks profit I'm due,(not showing or known) as well as cash balance showing in my account.
That's my take on it, I have to argue my claim for the open trade.AS WELL as put in claim for my cash balance.
er, I think.
AndresOtero
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At least At least an email
Dear Sir/Madam
Alpari (UK) Limited - in special administration (“the Company”)
Joint Special Administrators – Richard Heis, Samantha Bewick and Mark Firmin
I was appointed Joint Special Administrator of the Company together with Samantha Bewick and Mark Firmin on 19 January 2015.
In accordance with Rule 51 of The Investment Bank Special Administration (England & Wales) Rules 2011, I refer you to www.kpmg.com/uk/alpari where you can view Form 2.12B, notice of special administrators’ appointment.
The Company’s affairs are being examined by the Joint Special Administrators who will write to all clients who have a claim setting out their proposals for achieving the purpose of the special administration within the next 8 weeks. Any urgent communications should be emailed to [email protected]. Alternatively please monitor the website which will be updated as more information becomes available.
The Company traded under the following trading styles: Alpari FX, AlpariFX, AUK, Quantum FX and QuantumFX (this list is not exhaustive).
If you believe you are not a current client as you consider you are not owed any money, or do not wish to make a claim for monies owed, kindly confirm this by email to [email protected] or in writing to Alpari (UK) Limited (in special administration), 8 Salisbury Square, London, EC4Y 8BB. On receipt of such an email/letter your contact details will be removed from the client list and no further correspondence concerning the Company will be sent to you.
Pursuant to rule 296 of the Rules, where the Special Administrators give, send or deliver any notice or other document to you by electronic means, you may request a hard copy of that notice or document. If you choose to request a hard copy, the Special Administrators must send it to you within 5 business days of receipt of the request.
Yours faithfully for Alpari (UK) Limited
Richard Heis
Joint Special Administrator
Mark Granville Firmin, Richard Heis and Samantha Rae Bewick were appointed as joint special administrators of Alpari (UK) Limited on 19 January 2015.
The affairs, business and property of Alpari (UK) Limited are being managed by the joint special administrators who contract as agents of Alpari (UK) Limited without personal liability.
Mark Granville Firmin, Richard Heis and Samantha Rae Bewick are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.
Alpari (UK) Limited is authorised and regulated by the Financial Conduct Authority. FCA reference number 448002. Registered in England No. 05284142. Registered Office: 8 Salisbury Square, London, EC4Y 8BB.
Dear Sir/Madam
Alpari (UK) Limited - in special administration (“the Company”)
Joint Special Administrators – Richard Heis, Samantha Bewick and Mark Firmin
I was appointed Joint Special Administrator of the Company together with Samantha Bewick and Mark Firmin on 19 January 2015.
In accordance with Rule 51 of The Investment Bank Special Administration (England & Wales) Rules 2011, I refer you to www.kpmg.com/uk/alpari where you can view Form 2.12B, notice of special administrators’ appointment.
The Company’s affairs are being examined by the Joint Special Administrators who will write to all clients who have a claim setting out their proposals for achieving the purpose of the special administration within the next 8 weeks. Any urgent communications should be emailed to [email protected]. Alternatively please monitor the website which will be updated as more information becomes available.
The Company traded under the following trading styles: Alpari FX, AlpariFX, AUK, Quantum FX and QuantumFX (this list is not exhaustive).
If you believe you are not a current client as you consider you are not owed any money, or do not wish to make a claim for monies owed, kindly confirm this by email to [email protected] or in writing to Alpari (UK) Limited (in special administration), 8 Salisbury Square, London, EC4Y 8BB. On receipt of such an email/letter your contact details will be removed from the client list and no further correspondence concerning the Company will be sent to you.
Pursuant to rule 296 of the Rules, where the Special Administrators give, send or deliver any notice or other document to you by electronic means, you may request a hard copy of that notice or document. If you choose to request a hard copy, the Special Administrators must send it to you within 5 business days of receipt of the request.
Yours faithfully for Alpari (UK) Limited
Richard Heis
Joint Special Administrator
Mark Granville Firmin, Richard Heis and Samantha Rae Bewick were appointed as joint special administrators of Alpari (UK) Limited on 19 January 2015.
The affairs, business and property of Alpari (UK) Limited are being managed by the joint special administrators who contract as agents of Alpari (UK) Limited without personal liability.
Mark Granville Firmin, Richard Heis and Samantha Rae Bewick are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England and Wales.
Alpari (UK) Limited is authorised and regulated by the Financial Conduct Authority. FCA reference number 448002. Registered in England No. 05284142. Registered Office: 8 Salisbury Square, London, EC4Y 8BB.
I take that to mean, the open trade I had in profit, which they closed out . (price yet unknown as it does not show ) for me to claim the profit based on the strength of my claim and what their back office says they closed it out at.
I have a screen grab of my order entry , but the closeout arrow at the time they executed a sytem wide ' close all open positions ' etc, is not showing .
20-30 ticks profit I'm due,(not showing or known) as well as cash balance showing in my account.
That's my take on it, I have to argue my claim for the open trade.AS WELL as put in claim for my cash balance.
er, I think.
Alpari (UK) Limited (in special administration) (“the Company”)
Update to Clients and Creditors– 23 January 2015
This update is in addition to information previously provided.
As previously stated, on administration, 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. Professional clients and other creditors (“Creditors”) do not have a claim against the client
money pool but will have a claim against the other assets of the company.
The Joint Special Administrators are working closely with the Company staff to confirm all Client and
Creditor positions so that statements can be issued as soon as possible.
The pricing of trades
Following an initial review performed by the Joint Special Administrators, it appears that there have
been certain inconsistencies in the pricing of trades closed out in the period before the Joint Special
Administrators were appointed, owing to the volatility in the market after the SNB announcement at
9:30am GMT, Thursday, 15 January 2015. As a result, any account statements or information provided
by other means received by Clients and Creditors after the SNB announcement may not accurately
represent a Client’s or Creditor’s balance.
The Joint Special Administrators continue to investigate and analyse the impact of this issue as a
matter of priority and will provide a further update on their website as information becomes available.
This issue is not expected to impact clients who only held cash balances in their account at 9:30am
GMT, Thursday, 15 January 2015 and entered no subsequent trades. For this reason we expect to be
able to agree such balances more quickly than those affected by this issue.
Claims process
We will provide statements as soon as possible to clients: where there are unresolved issues this will
delay the receipt of the relevant statements.
Other creditors who are not professional clients will receive formal correspondence shortly setting
out the process for making a claim.
------------------------------------------------------------------------------------------------------------------------
I had a trade open from last october 2014, the only trade. They closed it out. Will I manage to get my money back of that only closed trade in very positive region ?
