Alfa Trade UK ceases trading with immediate effect – LeapRate Exclusive

Andrew Saks-McLeod
July 15, 2015 2:01 pm

Alfa Trade (UK) has ceased trading until further notice, and has issued a notice to its clients today in order to inform them of this, along with the procedure that clients should follow as a result.

The company has advised its clients to close all open trades by July 21, and that clients have certain options available to them, which are that positions can be transferred to a third party as requested by the client, or clients can close out their own positions fully by 12.00 midday (BST) on 21st July 2015, or in the event that clients do not close out their own positions fully in Alfa Trade (UK) Limited will close out the positions fully as at 12.00 midday (BST) on 21st July 2015.

The notice to clients can be viewed here:

Due to unforeseen circumstances, Alfa Trade (UK) Limited has been forced to suspend its trading activities until further notice with immediate effect. We apologise to any clients who find themselves inconvenienced as a result of this temporary closure.

Alfa Trade (UK) Limited will follow the process below in respect of all clients’ accounts and open positions:-

1)      No new client accounts will be opened until further notice and any incomplete account opening procedures will be suspended;

2)      The Alfa Trade (UK) Limited MT4 platform has been deactivated for clients wishing to enter into new trading positions (rather than reduce existing trading positions). Existing Alfa Trade (UK) Limited clients are only able to enter into any new trading positions on the platform to reduce and/or close out their existing trading positions;

3)      All outstanding client open trading positions are to be closed in Alfa Trade (UK) Limited’s books by 17.00 (British Summer Time) on 21stJuly 2015. Clients have the following options in respect of their outstanding open trading positions (subject to the time deadline being respected):-

  1. Transfer their positions to a third party, as requested by the client; or
  2. Close out their own positions fully by 12.00 midday (BST) on 21st July 2015; or
  3. In the event that clients do not close out their own positions fully in 3) b. above, Alfa Trade (UK) Limited will close out the positions fully as at 12.00 midday (BST) on 21st July 2015.

4)      In respect of any open client trading positions outstanding in Alfa Trade (UK) Limited’s books, Alfa Trade (UK) Limited is entitled to call for variation margin from clients (as per the terms and conditions to which all clients have subscribed when they opened their trading accounts) until those positions are closed;

5)      As soon as all open trading positions in the name of a client have been closed in Alfa Trade (UK) Limited’s books in accordance with step 3) above of this process, Alfa Trade (UK) Limited will undertake one of the following steps:-

  1. Where there is a nil balance on a client account, Alfa Trade (UK) Limited will proceed to close the account forthwith;
  2. Where there is a credit balance on the client account, Alfa Trade (UK) Limited will forward a statement of account to the client by MT4  and remit the balance on the account as soon as possible thereafter to a bank account opened in the name of the client, as agreed with Alfa Trade (UK) Limited;
  3. Where there is a debit balance on the client account, Alfa Trade (UK) Limited will forward a statement of account to the client and undertake one of the following steps:-
  4.         Where there is sufficient Client Money deposited by a client to cover the entire debit balance on the client account, Alfa Trade (UK) Limited will transfer sufficient funds owed to the firm to clear the debit balance on the account;
  5.       Where there is insufficient Client Money deposited by a client to cover the entire debit balance on the client account, Alfa Trade (UK) Limited will notify the client of the amount necessary to clear the debit balance on the account.. The client will transfer funds to Alfa Trade (UK) Limited to clear the debit balance on the client account.

In the event a client has any questions in respect of their account with Alfa Trade (UK) Limited, please contact the firm’s Compliance Officer, Stephen Lemonides by e-mail [email protected].

Alfa Trade (UK) Limited thanks its clients for their business and looks forward to have dealings with you again as soon as the current situation has been resolved.

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