Alpari UK declares insolvency

But what about those who lost significantly (went into red) because their SL was not executed?

I look at it, that we all have to be responsible for things like this, we can not blame Alpari alone, there are T&C’s saying that SL are not guaranteed. Basically if you read T&C’s every broker will pretty much say that they do not guarantee anything. But we still do it and deposit our money with them!!!
And there might be exactly the same problem with Liquidity providers, not responding to Alpari and so on.

So basically, witch broker would you guys suggest next???

AFAIK, anyone with negative equity will be required to pay it back eventually. If Alpari (or any other broker) can’t get traders to pay it back, then I guess they’ll sell it a debt collector.

I dont get it.
There is this thing called margin call and margin stop.
If my trades get a drawdown of over 70% I will be asked to either deposit more funds or all my losing trades will be closed.
Shoudn’t this have happened with Alpari clients too?

The way it works is if your trade moves against you and your broker issues a margin call usually your trades are closed automatically with a ‘market order’.
Now if it was a regular trade there would be plenty of liquidity in the market and the order would be executed around the level of the market call.

What happened here was the market gaped 2000 pips which means the market order did not get executed until much MUCH later.
Think of it as normal slippage of any given trade during a news event just on an extreme level.

Your broker cannot just choose to close your trade at a specific level if now one in the market wants to trade with him (unless he is the market maker of your specific trade of course).

FYI.

"Important announcement

The recent move on the Swiss franc caused by the Swiss National Bank’s unexpected policy reversal of capping the Swiss franc against the euro has resulted in exceptional volatility and extreme lack of liquidity. Retail client funds continue to be segregated in accordance with FCA rules. [B]For the avoidance of any doubt and notwithstanding previous announcements by the company, Alpari (UK) Limited has not entered a formal insolvency process.[/B] The board of directors are urgently considering all options including a sale and are liaising closely with the FCA. We hope to make a further announcement shortly."

Important announcement

Thanks for that davidapol, so before alpari said they have entered insolvency and now they are saying they have not lol.

Latest rumour that FXCM is potential buyer of Alpari:

Breaking: FXCM Emerges as Potential Buyer for the Business of Alpari UK | Forex Magnates

Just a rumour, I guess at this stage.

Very opportunistic

now we’ve got few pair to trade then. a broker’s pair. FXCM/ALPR. short anyone ?
there’s many way to threat “insolvency” , fill bancrupt is one common way, any other way perhaps got some loan I presume.

Alpari UK denies acquisition by FXCM, talks continuing – LeapRate Exclusive | LeapRate

Any other broker in the same situation?

As far as I understand anyone who is owed money from Alpari UK should send a proof of debt form that can be found here to an email that is on right side of this page:

Do it ASAP in case it is first come first get served basis.

The administrators KPMG may even charge us the alpari uk clients to give our money back to us. Has anyone ever had a broker gone broke before? I really dont want KPMG to take any of my money.

I am wishfully thinking and wondering if it would be possible to claim that fee with FCA.

We can simply guess and speculate about that. There are still some options of selling Alpari in parts, it is way too early to speculate about anything.

the only thing that sucks is that they keep customers in dark, but realistically there might be nothing to report yet.

D) The costs and expenses of dealing with and distributing client assets (which
include client monies) are paid out of client assets. Other costs and expenses are paid
out of the firm’s assets. Why our client funds should be subject to charges by kpmg and not by alpari i do not know. Yes all we can do is wait.

How do we know that the 66 million that alpari uk and the administrators have is not being speculated with?

Are you being serious??

First of all the reason KPMG’s fee is coming out of the clients funds is because there is no one else to pay them as Alpari has gone bankrupt. If they were not administrating the company you would not get anything back as there would be no one to pay you. It’s standard for bankrupcies.

Who do you think should pay for KPMG’s fee?

Secondly KPMG is one of the largest accounting firms in the world, so do you really think they would risk their reputating by speculating with the tiny leftover assets in Alpari?

I do not know what kind of speculation can be done there.
The idea is that they are kept in separate clients account that is kept for clients and other than return them to clients there should not be any other transactions made with them.
I am sure FCA is keeping an eye on that account, actually there was a statement made today that all monies are there.
Only speculation could be to sell it to a potential buyer together with clients, but not that new buyer would be able spend that money, but he would have a chance to convince ex alpari customers to stay with him and so would that money.
Speculation could be about that price tag.

Our money is segregated, that is where our money should come from, the segregated client fund where our money is and has always been, the money isnt kpmgs money, it is mine and everyone elses. now administration cost yes but that shouldnt cost too much, how about put the alpari uk website back up and let us withdraw the usual way we would. I wouldnt call £66 million tiny.

Anyone else getting annoyed now? havent been able to trade for a week now, who trades for a living? i only trade part-time but its still costing me money. ironfx may buy, ironfx have a ****ty reputation dont they?