Alpari UK has recently uncovered an intermittent pricing error in the DE30 instrument, manifested over a short period of time.
We have subsequently discovered that 3 individuals, seemingly acting in concert, and one acting alone, have been actively targeting this error.
It is those individuals, and those alone, from whom we intend to recover their illegitimate profits.
Of all Alpari UK’s many thousands of active client accounts, only 4 clients were subject to an investigation.
All of these accounts showed trades were placed at a demonstrably favourable advantage to actual market prices in over 95% of cases, and no account investigated placed trades that did not enjoy this advantage in less than 80% of trades placed in this instrument during this period.
We do not believe that these statistics support behavior which was either a coincidence, or that this advantage was unknown to the participants.
The DE30 is based around an exchange-traded product whose prices through the trading period are a matter of Public Record, and thus our position can easily be verified against the information published by the Complainant.
The mean value in pips for these averaged between +4.04- +4.9 pips per account, over all trades with difference per individual trade of up to 65pips over the market price existing at that time.
We have honoured the trades of all other participants in this market in the belief that the trades were placed honestly and within the spirit of the Customer Agreement and Terms of Business of Alpari UK.
Alpari UK has many thousands of customers, and we pride ourselves on the excellent service given by our Back Office Team in processing payment requests, over 99% of which are remitted within one working day of receipt. Any suggestion to the contrary is completely without foundation.
Alpari UK would like to stress that we have a very large client base and cases such as this are extremely rare.
This matter has now been referred to the Financial Ombudsman Service (FOS) within the UK with whom we are closely working on this issue for a fair and binding solution.
Once their decision has been reached Alpari UK will be happy to adhere to their final resolution to this issue.
Alpari UK will not be commenting further until the FOS have ruled on this matter.
Alpari (UK) Ltd.
This is a good evidence of how shallow, wrong and incorrect your reasoning and your thesis is.
With a bunch of well typed words you're trying to hide yourself behind a finger: saying that Alpari has thousands of customers (irrilevant), stating that we 3 traders acted in concert (irrelevant and not big discover since I said that from the beginning, never heard about trading rooms ?)
But, honestly, the most ridiculous statement is this one:
"We have subsequently discovered that 3 individuals, seemingly acting in concert, and one acting alone, have been actively targeting this error.
It is those individuals, and those alone, from whom we intend to recover their illegitimate profits.
Of all Alpari UK’s many thousands of active client accounts, only 4 clients were subject to an investigation."
This is the concrete and honest admission that ALPARI DOES have an interest on the outcome of the trades and of the investigations. We were just so (un)lucky to be affected by the bug, and all three of us made incorrect profits, out of the thousands and thousands of clients, it happened only to us three friends plus this unknown other client.
So, every other client connected to the same servers we were is not affected by the bug, or, more realistically: since they didn't make much profits or they likely lost, Alpari doesn't investigate on them. And, in the unlucky case they would complain about "incorrect prices" they wouldn't be allowed to because your terms of business say complains of this kind aren't accepted.
INCORRECT PRICE: you discover a client profit,you delete it
SAME INCORRECT PRICE: you discover a client loss, you keep it.
SAME INCORRECT PRICE: clients discover it, you keep it.
If you admit you had a bug on the quotations of an instrument, ok, it can happen, you DELETE ALL THE TRADES on ALL CLIENTS' ACCOUNTS, because if the transactions have to be deleted, you should have deleted both of the parts transactions.
Are you trying to admit you do not cover your trades onto the real market and you provide "bucket shopping" ?
Otherwise, it's quite discussable that you only want to delete profitable trades (or profitable clients) and keep the loosing trades, don't you think so ?
Last thing, instead of reading your beatiful essay about "How Good, Fair and Beautiful Alpari is" , I would have preferred, that you answered my questions instead.
All in all, we all know that Alpari is the best and cleanest broker on the market, and the customer protection inside of your Contract confirms it.
Regards
