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Alpari Bails Out of New Zealand, Moves Clients to Caribbean-based Alpari Limited

So, we've been talking about Alpari a lot lately, or hadn't you noticed? Honestly, those guys have really been on a roll lately. It has been a regular freakshow of new currency pairs, account types, trading platform tweaks, improved trading conditions, not to mention the company's outstanding trading volumes. Unfortunately, with great success comes great responsibility. In Alpari's case, this means a duty to keep its clients happy.
 
To that end, the broker has announced that all clients registered with Alpari NZ Limited will be transferred to a brand new company, Alpari Limited as of June 3, 2013. The reasons for this move are related to certain planned changes in New Zealand legislature, which will force local brokers to enforce more restrictive trading terms. Though we are not yet aware of the specifics to the upcoming legislation, we can make an educated guess that they will have to do with some talks that went back and forth in the New Zealand government for a while when the Cyprus crisis hit. The idea was for a depositor haircut to be implemented in case of any future bank failures. There would be no limit to the haircuts, just a provision in the law that would allow banks to back up their failures with money held as deposits. Also, the New Zealand financial regulator, FPS, recently implemented a rule forcing all FPS-registered brokers to have a physical office in the country, which made as many as 250 companies exit the New Zealand scene.
 
To be honest, considering these facts, I can't say I'm surprised Alpari has decided to bail as well. The new company, Alpari Limited, is based on the Caribbean island of St. Vincent – where the Pirates of the Caribbean movie was filmed several years ago (wonder if Alpari's accepting job applications?). I'm guessing the company management has just had enough stress and is ready to lie around on the beach drinking cocktails for a while. Though they can't bring us along, they are promising their clients will not feel any pain over the transfer, and there will be no worsening of trading conditions. In fact, the company is promising to make “significant improvements in the margin requirements on different account types” (as stated in the official Alpari press release). Of course, anyone sentimental enough to want to stick with the old Alpari NZ and its new, less favorable trading conditions, can do so as is their will, but they will be required to open a new account.  
 
Interestingly enough, this is not Alpari's first run-in with Forex regulation. A few days ago, the broker abandoned its native Financial Regulation Agency (FRA, or KROUFR), due to disagreements with self-regulated organization (SRO). Earlier this month, we also saw an announcement posted on the website of Cyprus regulator CySEC, stating that the company Alpari Financial Services Ltd, which is also part of the Alpari group of comapnies, had “renounced its authorization”. So maybe this is more than just a strong desire to drink rum and lie under a palm tree – maybe Alpari is just really, really unhappy with Forex regulation as a whole. 
 
 

About Alpari

 
Founded in 1998, the international Alpari brand is one of the leading names in online Forex trading and was recently listed as the world's third largest broker in a 2012 report from online financial portal Forex Magnates, with an average monthly trading volume of more than $200 billion.
 
Alpari has earned the trust of hundreds of thousands of clients in more than 150 countries across the world, thanks in large part to its reputation for delivering high-quality products and top-notch customer support. The Alpari brand is represented in many of the world's leading centers of commerce, with offices in New York, London, Tokyo, Dubai, Frankfurt and Moscow.
 
TAGS: alpari  alpari nz  alpari limited  client transfer  transfer 

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