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Is Amp at risk of going under?


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Is Amp at risk of going under?

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  #31 (permalink)
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,866 since Sep 2009
Thanks: 3,279 given, 1,498 received


futures trader View Post
....... 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.
......

Your source for the comment about the trading platforms AMP offered that failed to handle negative oil prices resulting in the 8 'problem' customer accounts is?

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  #32 (permalink)
san diego, ca USA
 
 
Posts: 21 since May 2014
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steve2222 View Post
Th trader might have been an AMP client for 4 years, but that does not mean he was holding $3m with AMP and trading the way he was at termination of account for the whole 4 years.

For instance if you look at AMP's filings with CFTC they had a huge jump in Customer Segregated Funds from approx $57m in February to approx $63m in March. So it may be this trader loaded the bulk of his $3m into his account post 28 February and started trading in a different & particular way (Spoofing/wash trades , whatever) that has come to the attention of AMP Compliance and/or CFTC during March/April.

Very well possible. The customer did not specify for how long he was trading with this methodology, but we do know AMP stated it was a compliance related matter. Interesting story nonetheless and one that has piqued my interest. It's unfortunate the thread got shut down.

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  #33 (permalink)
san diego, ca USA
 
 
Posts: 21 since May 2014
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steve2222 View Post
Your source for the comment about the trading platforms AMP offered that failed to handle negative oil prices resulting in the 8 'problem' customer accounts is?

I have been following the 4/20 event closely and have been in direct contact with customers from Interactive Brokers, TOS, and AMP who were adversely affected by these FCM's failures. I have also communicated with a number of the various platform developers that AMP is in partnership with. I have seen the evidence, and will have to leave it at that.

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  #34 (permalink)
Auckland, New Zealand
 
Experience: Beginner
Platform: Sierra Chart
Broker: AMP/CQG
Trading: Whatever moves in my timezone
 
Posts: 1,866 since Sep 2009
Thanks: 3,279 given, 1,498 received


futures trader View Post
I have been following the 4/20 event closely and have been in direct contact with customers from Interactive Brokers, TOS, and AMP who were adversely affected by these FCM's failures. I have also communicated with a number of the various platform developers that AMP is in partnership with. I have seen the evidence, and will have to leave it at that.

Okay. Sounds like you are actually in the broker industry rather than a just trader like me? So understandable you would have access to knowledge of various s/w that did not handle negative prices.

I do know that Sierra Chart was fine and I suspect a big chunk of AMP's clients use that s/w based on comments on various forums and the SC support forum.

Thanks for your replies.

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  #35 (permalink)
chicago il usa
 
 
Posts: 12 since Sep 2019
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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!

Just curious, why you so worked up over this? Were you one of the 8 customers long May Crude on expiration day ?

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  #36 (permalink)
Legendary  Vendor: www.jigsawtrading.com 
Bangkok
 
Experience: Intermediate
Platform: MultiCharts.NET, S5, Ninj
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SosTrader View Post
I read that Amp started closing big trader accounts because they didn't have enough money to let them trade. They blamed risk department but the guy made it very clear he was doing nothing wrong, and trading from his retirement account for more than 5 years with amp. They refused to speak with him or give him any explanation and it all seems really concerning.

I was going to open a new account with them this month but when I read this it really comes me because some are saying don't give amp your money, you'd be crazy to give them money and all this and I was going to transfer my td Ameritrade account to them with well over 300k because it's my retirement! Now I think I would be foolish to follow through with my plan, but I'm not sure even transferring 30k is safe?

I thought brokers money was guaranteed and didn't know it could be lost? Also the person I read said that amp was one of the worst capitalize brokers and be careful. I know about futures markets but apparently a lot to learn about brokers.

Some advice please? Thank you in advance for giving me direction

Here is the link I read

I think there's 2 sides to every story. Some guy with a massive account got closed 'cause he was too big? I gotta think there's more to it than that.

I know the CEO at Amp and I know he's had to pay for traders and others mistakes. I know of the specific cases and to be honest, I was blow away that he had to shell out cash for stuff that was clearly beyond AMPs control. The potential downside for an FCM is incredible - you are liable for all your IBs - other companies that are making their own decisions and putting out their own message. IBs on the other hand are liable for much less.

I do know of 2 people that came to me complaining about AMP when AMP closed them down. They got the same message - "risk said no". What you have to understand is that this is a very complex industry with a lot of rules and regulations and risk for the FXM.

Also, the upside in getting into a pi$$ing match with a customer about the reasons you don't want to keep them on are zero. Not that I know anything about this specific case but obviously there was an issue, AMP lost a big customer and they obviously had their reasons. What I can tell you though - I never heard an FCM turning someone away 'cause they were too big. I think that's a stretch.

I like AMP - they are bigger than most IBs, the management do care & the CEO is a man of his word. None of this "it's just business" nonsense either.

AMP are good in my opinion and I don't get a referral fee.

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  #37 (permalink)
sofia
 
Experience: Beginner
Platform: few
Trading: es,oil
 
Posts: 7 since Jul 2011
Thanks: 3 given, 1 received

Always are 2 sides of a story.I don't have anything against Amp or the client or anybody .

But , it's obviously we don't know some pieces of this story :
-If i have 3 mill for day trading i'll make a call to my broker in second one when i see my account closed (just because the planes don't fly right now) not talk with him thru a forum
-And if i have 3 mill for day trading i don't give any money to any broker ( or maximum 10% ) , i'll put my money in bank or few banks and i work with my broker thru them
-When you have this amount of money for day trading ( looks like he made around 1000 or more RT/day ) is a little queue of brokers at your door at it's not hard to negotiate with .

And if i worked for Amp i try a lot of things to keep such a client or at least to "pass or sell" this client to a friend ( except a really dangerous or money laundering situation) so , something really strange happened .
And about risk in a brokerage firm ... ha , give my a brake ( except few of course ).

So , there are many things we don't know ... who knows maybe it's just a PR stunt from somebody

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  #38 (permalink)
sofia
 
Experience: Beginner
Platform: few
Trading: es,oil
 
Posts: 7 since Jul 2011
Thanks: 3 given, 1 received

Btw , i don't respond to anyone particularly with my post , it's was just my 2c about that intrigante situation

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