Swiss National Bank’s "Unexpected Policy" Bankrupts Alpari UK
It seems FXCM aren't the only forex broker suffering unfortunate side effects following the Swiss National Bank's unexpected announcement yesterday. I have a number of accounts with Alpari UK, fortunately in all the circumstances for test purposes only. Whilst I have yet to receive an email from them on this topic, they have posted the following notice on their web site this morning:
Submitted on Fri, 16/01/2015 – 12:00;
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. This has resulted in the majority of clients sustaining losses which has exceeded their account equity. Where a client cannot cover this loss, it is passed on to us. This has forced Alpari (UK) Limited to confirm today, 16/01/15, that it has entered into insolvency. Retail client funds continue to be segregated in accordance with FCA rules.
I suppose I should feel comforted by that final sentence? Or maybe not, if the WorldSpreads saga is anything to go by! I wonder how easy it will be for me to withdraw my funds in this case? If I click the "MyAlpari Login" button on the Alpari UK home page all I see is the announcement shown above.
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