ALPARI BANKRUPT?
- Thread starter RamDiFX
- Start date
- Watchers 11
Alpari is insolvent, not bankrupt (yet). Insolvency means that the company cannot meet some of its current debt obligations. There are several ways out of insolvency - one of them is filing for bankruptcy, which is a legal way to resolve the state of insolvency.
I believe that the only thing Alpari customers can do now is sit and wait for Alpari's next step.
FXCM lost $225 million, but they have already secured $300 million financing for that matter. It should help their situation.
I believe that the only thing Alpari customers can do now is sit and wait for Alpari's next step.
FXCM lost $225 million, but they have already secured $300 million financing for that matter. It should help their situation.
Here's how many Brokers reacted to the CHF upheavel :
http://forexmagnates.com/forex-industry-battles-eurchf-meltdown-real-time-updates/
Some of them obviousely profited from the massacre and are looking to acquire businesses. So what are the chances Alpari gets acquired by another company,they must have a decent client portfolio...?
http://forexmagnates.com/forex-industry-battles-eurchf-meltdown-real-time-updates/
Some of them obviousely profited from the massacre and are looking to acquire businesses. So what are the chances Alpari gets acquired by another company,they must have a decent client portfolio...?
They might get acquired by Alpari ;-). It is only Alpari UK that has entered insolvency. Its several offshore companies are doing quite well.
Do you realize that they are regulated by FCA and are currently under their direct administration? How do you imagine them 'leaving without any message'?
here's the latest update :
https://www.insolvency-kpmg.co.uk/case+KPMG+AF119D1101.html
many clients are still await, not yet clear when they gonna paid.
there's also a petition reform by current client at leaprate.
https://www.insolvency-kpmg.co.uk/case+KPMG+AF119D1101.html
many clients are still await, not yet clear when they gonna paid.
there's also a petition reform by current client at leaprate.
I didn't get any message from them, and didn't get my money back… Fortunately, it's not so big sum to worry about, but now it's very important for me to use broker that's capable of fast withdrawal. I started to trade with freshforex, cause it takes me only 10 minutes to withdraw my money.
No, FXCM has nothing to do with Alpari UK. FXCM got bailed out by Leucadia.
Alpari UK is currently collecting claims for account balance reimbursement:
https://www.insolvency-kpmg.co.uk/case+KPMG+AF119D1101.html
Alpari UK is currently collecting claims for account balance reimbursement:
https://www.insolvency-kpmg.co.uk/case+KPMG+AF119D1101.html
WHAT? FXCM is not connected with or has anything to do with aplari..what really gets me is that some brokerages from fxcm to others seem perfectly aware of what was wrong with aplari..and no one thought of "putting the word out".
Either way, its all done with now and most of alpari clients like myself have long since shifted the bulk of the accounts from alpari the scum to fxcm and tradersway. I am also looking at other brokers as well and would prb have to take a call on that soon..
Either way, its all done with now and most of alpari clients like myself have long since shifted the bulk of the accounts from alpari the scum to fxcm and tradersway. I am also looking at other brokers as well and would prb have to take a call on that soon..
As Mark Twain would have said, "The reports of my death have been greatly exaggerated."
I'll stress it here again, FXCM is not insolvent, has not filed for any form of bankruptcy, and is in compliance with all regulatory capital requirements in the jurisdictions in which we operate. Additionally, all of our regulated entities except the US provide clients with segregated funds. All of our global client base in our regulated entities minus US clients would be protected under a bankruptcy. Our UK regulated entity through the FSCS even offers clients 50,000 per person in protection. Canada has similar insurance for retail traders of up to $1 million CAD.
Despite the events of January 15th that resulted from the Swiss Franc movements, FXCM today remains in a strong competitive position:
- $303 million in consolidated operating cash
- $1.0 billion in customer equity
- 195,000 active retail FX accounts
- Global regulatory capital of $252 million versus $93 million minimum requirements (an excess of $159 million)
The financing we received from Leucadia has strengthened our balance sheet and gives us the opportunity to grow our core business. It was a tall order for someone outside of the FX industry to come in and write a $300 million dollar check. This was the type of thing only top management could do. But they see the sustainability of FXCM, and that was everyones end goal. We really are very thankful to them. With Leucadia, our pockets are even deeper and we arent going anywhere.
Since we are a publicly-traded company (NYSE ticker: FXCM) the details of our finances including the loan from Leucadia are well known. In fact, in our most recent quarterly earnings presentation, we clearly outlined how we plan to repay this debt. By contrast, most other forex brokers are privately-held companies, so it's hard to know how much debt they have on their books or the state of their finances.
Over the past few years, FXCM has spent over $250 million dollars making strategic acquisitions building up our non-core businesses, mainly the institutional side as we tried to diversify the firm. We are now looking to sell some of those non-core assets; But, we are not in a rush and are looking to get the highest valuations for these assets. We are considering closing or selling smaller regulated entities that require large sums of capital requirements, but that offer increasingly low return on capital. In fact, just recently we announced this news: [url deleted]
The latter move allows us to free up significant amounts of cash that is currently trapped. We believe that in the near term we can pay down a majority of the loan. That's our goal. We have now repaid $66 million under the credit agreement, and as of April 1, 2015, the outstanding Leucadia loan balance is $244 million.
FXCM is pleased with how our debt reduction plan is proceeding. We are ahead of plan and the results of the FXCM Japan sale exceeded our expectations. With all the increased attention to our other properties, we are expecting robust and competitive auctions for the other non-core assets we have targeted to sell. We anticipate making an additional repayment of approximately $12 million towards the credit facility in the coming weeks.
What website do you mean? They have several - based on different countries' markets and different parent company.
