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Is Amp at risk of going under?


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Is Amp at risk of going under?

  #11 (permalink)
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Thanks @jakobe, I am solve a database table issue. Your URL is saved, just give me a few minutes to resolve this and it will start showing up.

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  #12 (permalink)
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Big Mike View Post
You can find the CFTC report here:



It lists the capital requirements and excess net capital for each FCM.
...
Mike

Mike, I followed this link to the new page, but that post showed no link to the cftc page, just a blank line. But when I did a Quote of your post there, the link did show in the Edit window: https://www.cftc.gov/MarketReports/financialfcmdata/index.htm . (I just pasted in here in this post, and I notice it isn't showing on Preview, but the Edit window does have it. Open a Quote and you will see it is there, but shows blank here.)

I probably should make a post in the changelog about this, but since this current I'll make it here unless you would prefer to have it there as well.

Bob.

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  #13 (permalink)
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bobwest View Post
Mike, I followed this link to the new page, but that post showed no link to the cftc page, just a blank line. But when I did a Quote of your post there, the link did show in the Edit window: https://www.cftc.gov/MarketReports/financialfcmdata/index.htm . (I just pasted in here in this post, and I notice it isn't showing on Preview, but the Edit window does have it. Open a Quote and you will see it is there, but shows blank here.)

I probably should make a post in the changelog about this, but since this current I'll make it here unless you would prefer to have it there as well.

Bob.

It's solved already The database table was rebuilding.

Mike

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  #14 (permalink)
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jakobe View Post
Here is the thread I believe OP was referring to.
https://www.elitetrader.com/et/threads/amp-how-could-you.345103/

EDIT: I'm not allowed to post a link?
I have PM'd you it.

Here is what that member posted on ET:


J.P.
I have been an AMP customer for four profitable years. I thought I was good with them. In fact, I thought I was very good with them. I have two accounts, one Roth IRA and one cash, totaling over $3,000,000. I trade hundreds of ES and NQ round-turn day trades a day and keep that amount of cash in my accounts so that I never come close to exceeding margin requirements. Out of nowhere I received an email from Compliance that both accounts were closed. There was no further explanation and it said, "We hope you understand that we do not comment on our decision." Regardless, I called AMP to try to reconcile this obvious misunderstanding. They said I should send an email, which I did. The reply only stated that my accounts were out of their "acceptable risk profile." With no clue as to what, exactly, I did. I wrote back:

"If I am out of your firmís acceptable risk profile, just tell me what you want and let me fix it. I donít have to trade the way I trade if it is somehow conflicting with your firmís systems.

I thought I had a stellar risk profile but I am more than willing to modify my trading or otherwise do what it takes to achieve an acceptable risk profile. Just let me know."

There was no reply.

I'm shocked as AMP and I were having no issues at all. And, most importantly, they won't comment on their decision! AMP, how could you? Not even a hint? I was a no-problem client with no complaints and certainly no hand-holding was needed. Was I trading too much? Was I not trading enough? Were my accounts too large? Were my accounts too small? What else is there? I cannot imagine what the issue might be. But if there is one, why not just tell me as there is likely some mistake and we'll work it out?

If anyone has any insight as to what might be going on here, please let me know. Given my accounts' size, trading activity and unproblematic longevity with AMP, it's just wrong for AMP to abruptly close these accounts without some sort of notice or explanation.

Here's my best guess as to what happened:

Limit orders were on the exchange and were being filled. Take-profit limit orders were also on the exchange and were not (yet) filled. I also had both buy and sell flattening orders that were not at the exchange but were lined up on the platform to be sent in case any of my take-profit orders were not filled within a short period of time (less than five minutes, 10 at the most). These platform orders were filled out and ready to go so that I could send them and be flat very quickly, regardless of the number and type of fills, in order for me to rapidly flatten my positions. If my take-profit exchange orders were filled these platform orders would not be sent. If any exchange take-profit orders were not filled select platform orders would quickly be sent to flatten my positions. That's it.

Just prior to receiving the email that my accounts were closed I had sent a note to AMP that I would sometimes get a platform error message that a pending platform order, that was not sent, was exceeding trading limits, and I asked that any limits be raised as these orders were lined up to be offsetting and would never be at the exchange together and I would not even be close to exceeding any margin requirement at any time. (Regardless, if AMP's systems could not handle this all they had to do is let me know; I don't have to do it this way and I am definitely willing to modify this approach if I am somehow overwhelming AMP's systems. I have never had more than 400 open ES and NQ positions combined, very short-term day trades, in either account at any time and I have always had more than enough free cash in those accounts to cover this margin.)

Apparently, this platform adds up any and all pending untransmitted orders whether they are sent or not, along with all open positions and also any orders that are resting at the exchange against any broker-set limits. These platform orders were just lined up as a safety precaution so that I could selectively and rapidly send them to flatten my positions under various fill scenarios.

AMP did not reply and closed my accounts. But again, I'm just guessing that this was the reason these accounts were closed.

Understand this: During the entire four years that I have been with AMP, at no time and in no way was I EVER close to exceeding any margin requirement on any filled positions. Not even for a moment. Not once; not ever. Nor would I ever. But even if I did, you would think they could, and should, just flatten all positions at the market and then close my accounts for cause. Simple as that.

But I guess I need to find another broker. So, barring a last-minute reconsideration from AMP, if there is any broker out there that can accommodate a trader that always follows any and all rules and policies, let me know as I had not even thought about switching brokers.

This is just wrong. What could I have done differently here? How could AMP expect me to follow some secret trading policy that they refuse to reveal? Do I deserve better than this from AMP? Should reconsideration be granted by AMP?

Advice is appreciated.

Later in the thread, AMP confirmed what he is saying is true (in that his account was closed) and said they wouldn't talk about why.

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  #15 (permalink)
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Big Mike View Post
Here is what that member posted on ET:



Later in the thread, AMP confirmed what he is saying is true (in that his account was closed) and said they wouldn't talk about why.

Mike

Things were heating up over there. AMP replied with a bunch of lip service, promoting themselves and bashing this forum (see below). Others started asking more questions specifically pertaining to how AMP is handling their customers who were caught in the May Crude Oil contract with negative pricing. The forum founder stepped in, deleted a bunch of comments and closed down the thread due to "legal matters"

AMP GLOBAL:

Ok, guys....this is really getting out of scope. AMP has always been extremely risk management focused.
This customer's account was not closed due to the account balance. It was closed for compliance reasons.
We did have 8 customers caught in the May Crude - Negative pricing situation. This did NOT affect our operations or cause us any liquidity issues.
We actually took the time to figure out updated risk management for this new negative pricing reality (to try to help our customer NOT get into this situation again).
https://news.ampfutures.com/temporary-margins-increase-energies-complex-april-2020

We are seeing more "fake news" campaign started on another forum by its hostile owner. He is trying to start another defamation campaign in order to please his sponsors - who are AMP competitors or generate any activity in his dead forum or it is just personal (all is our opinion).

Also "fake news" that we are not accepting big accounts. We are NOT closing accounts due to their size.

As previously stated, we have no account maximum and as low as $100 account minimum. We support all our customers like professionals - both BIG and SMALL.

We have been here for over 12+ years providing direct support and clear, accurate answers to ET users. So again, continue to ask us anything...(except about internal compliance procedures)

We are continuing to grow and expand our services for our customers. We are in the final stages of releasing very BIG solution.

Please beware of "fake news" - just ask us!

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  #16 (permalink)
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futures trader View Post
Things were heating up over there. AMP replied with a bunch of lip service, promoting themselves and bashing this forum (see below). Others started asking more questions specifically pertaining to how AMP is handling their customers who were caught in the May Crude Oil contract with negative pricing. The forum founder stepped in, deleted a bunch of comments and closed down the thread due to "legal matters"

AMP GLOBAL:

Ok, guys....this is really getting out of scope. AMP has always been extremely risk management focused.
This customer's account was not closed due to the account balance. It was closed for compliance reasons.
We did have 8 customers caught in the May Crude - Negative pricing situation. This did NOT affect our operations or cause us any liquidity issues.
We actually took the time to figure out updated risk management for this new negative pricing reality (to try to help our customer NOT get into this situation again).
https://news.ampfutures.com/temporary-margins-increase-energies-complex-april-2020

We are seeing more "fake news" campaign started on another forum by its hostile owner. He is trying to start another defamation campaign in order to please his sponsors - who are AMP competitors or generate any activity in his dead forum or it is just personal (all is our opinion).

Also "fake news" that we are not accepting big accounts. We are NOT closing accounts due to their size.

As previously stated, we have no account maximum and as low as $100 account minimum. We support all our customers like professionals - both BIG and SMALL.

We have been here for over 12+ years providing direct support and clear, accurate answers to ET users. So again, continue to ask us anything...(except about internal compliance procedures)

We are continuing to grow and expand our services for our customers. We are in the final stages of releasing very BIG solution.

Please beware of "fake news" - just ask us!

Let's examine the facts, and see if AMP can follow along while we play tag across forums...

1. It's not "fake news" just because you don't like it. I realize that politics of late has coined the phrase, but it's just a cop out from anyone who doesn't like what you are telling them in order to reinforce their beliefs. Educate yourself, and start by never repeating the phrase "fake news" to anyone as a defense, but instead actually making useful defensible arguments.

2. It was not started by me. I am only guessing he is referring to the lawsuit, and I would like to remind him of the FACTS. Check here:



That thread contains detailed factual information. Factual as in proven by court records and transcripts. Not just cop out BS like "fake news".

The FACT is, AMP sued our community because I refused to remove content that put them in a negative light (the content was proven genuine). Period. That's the difference between me and other forums like the one he is posting on. Around $25,000 was spent defending that lawsuit, and guess what - AMP lost. Go read the thread.

3. Dead forum? In fact, last month we were less than 1% away from our highest new member numbers EVER in the history of our site (10+ years). Our monthly impressions are also growing steadily YoY, and have exploded higher recently. The FACTS don't support his claim.

4. Generated content to please our sponsors? That's just idiotic. In the same post he is referring to, I literally recommended IBKR which is not a site sponsor and in fact a competitor to our sponsors.

Why am I spending time responding? Because I believe it is not enough to just allow people like Dan Culp from AMP Global to claim "fake news" when they don't like something, and leave it at that without checking them.

We (all of us) must take time to stand up/speak up and educate these people. Teach them how to better arm themselves with facts from multiple reliable sources if they are just repeating something without having a defensible and fact based argument. Worse yet, if they know full well what they are doing is wrong when they say "fake news" just to deflect attention --- then it's even more important that we take the time to correct them. Otherwise, this new normal of crying "fake news" is just going to continue to spiral out of control.

AMP posted that they wouldn't discuss it publicly. But yet the customer asked why the account was closed, and they wouldn't tell him privately either. By phone or email.

Here is the main AMP review thread, getting back on topic for this subject:



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  #17 (permalink)
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Oh, one more thing to fluff our dead forum with content:



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  #18 (permalink)
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Oh, would you look at that... right on queue, Baron (owner of Elite Trader) has closed the thread at AMP's request.

(pasted screenshot)


How convenient for AMP, wouldn't you say? AMP by the way is a site sponsor for ET.

If Baron and his site have any integrity, he would link my above reply to Dan in his thread. He would also not close a thread just because it's a negative opinion of a sponsor. And he would cite and post the specific legal notice he received (yeah right -- there is no such thing) explaining why he is forced to close the thread for "legal matters".

Attaching a PDF record of that thread, just in case it somehow were to get deleted or in case AMP should do some "legal matters" against us like they did for ET apparently.

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Attached Files
Register to download File Type: pdf PDFsam_merge.pdf (2.75 MB, 16 views)

Last edited by Big Mike; May 23rd, 2020 at 03:17 PM.
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  #19 (permalink)
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Big Mike View Post
Oh, would you look at that... right on queue, Baron (owner of Elite Trader) has closed the thread at AMP's request.

(pasted screenshot)


How convenient for AMP, wouldn't you say? AMP by the way is a site sponsor for ET.

If Baron and his site have any integrity, he would link my above reply to Dan in his thread. He would also not close a thread just because it's a negative opinion of a sponsor. And he would cite and post the specific legal notice he received (yeah right -- there is no such thing) explaining why he is forced to close the thread for "legal matters".

Attaching a PDF record of that thread, just in case it somehow were to get deleted or in case AMP should do some "legal matters" against us like they did for ET apparently.

Mike

Yes, and let it be known your pdf is missing the last segment of the conversation because Baron deleted a bunch of posts before he closed it.

Dan most likely reported the thread when a post asked AMP (Dan) how they were handling the 8 customers that were affected by negative pricing in the May Crude Oil contract.

What I have heard is Dan is harassing customers and threatening formal collection proceedings, despite the fact that the trading platforms AMP offered to customers (and supported) failed at $0.00, leaving customers unable to execute orders with their oil contracts. AMP was not prepared with proper risk management in place even though they were forewarned by CME advisories.

Would you want to put your money in the hands of someone like this?

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  #20 (permalink)
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Big Mike View Post
Here is what that member posted on ET:



Later in the thread, AMP confirmed what he is saying is true (in that his account was closed) and said they wouldn't talk about why.

Mike

Was AMP taking the other side of his trades and losing big?

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