Alpari has today issued a notice to its clients that it is to set all positions on the US dollar and Israeli shekel (USD/ILS) pair to close only on November 27.
LeapRate contacted Alpari in order to ascertain the full set of circumstances surrounding this matter, with Alpari confirming that the reasons for the move are technical issues along the same lines as those which prompted the company toward a suspension of trading for the euro ruble (EUR/RUB) currency pair recently.
Alpari further iterated to LeapRate that it had experienced a certain degree of problems with the quotes when executing USD/ILS trades, and that the company is currently seeking new counteragents to provide quotes for these currency pairs.
The close-only regime will apply to all accounts that allow trading with these currency pairs, and there is no deadline for clients to close open positions.
Whilst Alpari works on a resolution, there is no current information available as to how long the situation will last, or how long it will take Alpari to evaluate, test and decide on which counteragents to put in place.
This being a prudent measure in order to protect customers, Alpari’s conservative approach is likely to be one which stands it in good stead with its investors in this respect.
For the official announcement from Alpari, click here.