DislikedAlpari has gone bust, If I had an account with FXCM, I would try to get my money back today.Ignored
and here's the primary source: http://www.alpari.co.uk/client-updat...t-announcement
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Forward Testing Discussion Thread 241 replies
DislikedAlpari has gone bust, If I had an account with FXCM, I would try to get my money back today.Ignored
Disliked{quote} But that would be the problem of the clients, isn't it? It should not have any impact on the equity of FXCM if the clients accounts were segregated properly from FXCMs equity. The clients owe FXCM the negative account balance and they can siphon it in if it were so. )Ignored
DislikedAlpari has gone bust, If I had an account with FXCM, I would try to get my money back today.Ignored
DislikedLooks like the FXCM rep subscribed to this thread again, they probably realised their PR disaster by unsubscribing at the first place, you can't have the guy representing you running away from their customers who are rightly concerned at this point.Ignored
DislikedCorrect, however the negative equity of their customers reflect on their overall capital requirements and as they would struggle getting the money back from their clients, they will have to make up the shortfall themselves first thing when NY opens this morning.Ignored
Disliked{quote} Correct, however the negative equity of their customers reflect on their overall capital requirements and as they would struggle getting the money back from their clients, they will have to make up the shortfall themselves first thing when NY opens this morning. They can't tell the regulator to hang tight while they collect from their clients all over the world, plenty of whom will just ignore FXCM's requests for additional funds, it would be way too costly for FXCM to chase all their clients all over the world. So it is left to FXCM to...Ignored
DislikedFXCM has imo a big problem check out latest US cftc data they have only roughly 14 mil excess capital so these losses because of clients negative equity can not be covered. http://www.cftc.gov/ucm/groups/publi...cmdata1114.pdfIgnored
Disliked{quote} Correct, they have to find 225 Million by 0900 NY time. They either issue share capital, find an investor, sell the business or close it down at 0901 EST.Ignored
http://www.forexfactory.com/resource...tory-quote.png
Losses mounted from the Swiss currency shock as the largest U.S. retail foreign-exchange brokerage said client debts threatened its compliance with capital rules, a dealer in New Zealand went out of business and a British broker said it was insolvent. FXCM Inc. (FXCM:US), which handled a record $1.4 trillion of trades by individuals last quarter, said clients owe $225 million on their accounts after the Swiss National Bank’s decision to abandon the franc’s cap against the euro roiled markets worldwide. Global Brokers NZ Ltd. said losses from the franc’s surge are forcing it to shut down. Alpari (UK) Ltd. said it “entered into ... (full story)
Disliked{quote} Or regulator can give them special in this indeed special case.Ignored
Disliked{quote} Correct, they have to find 225 Million by 0900 NY time. They either issue share capital, find an investor, sell the business or close it down at 0901 EST.Ignored
Disliked{quote} I know its unlikely, however it is in the probability list. I see Oanda says all negative balance are cleared, wondering how they do it. Are they market maker?Ignored
Disliked{quote} I know its unlikely, however it is in the probability list. I see Oanda says all negative balance are cleared, wondering how they do it. Are they market maker?Ignored
Source - http://forexmagnates.com/
Disliked{quote} Where do you see that? As of now Jason is still unsubscribed: {image} http://www.forexfactory.com/jason*rogers {quote}Ignored