Welcome to NexusFi: the best trading community on the planet, with over 150,000 members Sign Up Now for Free
Genuine reviews from real traders, not fake reviews from stealth vendors
Quality education from leading professional traders
We are a friendly, helpful, and positive community
We do not tolerate rude behavior, trolling, or vendors advertising in posts
We are here to help, just let us know what you need
You'll need to register in order to view the content of the threads and start contributing to our community. It's free for basic access, or support us by becoming an Elite Member -- see if you qualify for a discount below.
-- Big Mike, Site Administrator
(If you already have an account, login at the top of the page)
"A class action lawsuit was filed today on behalf of three investors against AMP Trading, AMP Global Clearing LLC and AMP Futures for the breakdown, of their trading platforms on April 20, 2020, leaving many traders trapped in positions causing substantial market losses.
According to the federal complaint, the defendant AMP despite numerous warnings from the CME Group, Inc., took no steps to prepare it platforms, inform its customers or even tell its trading customers that they would not be prepared. The suit alleges breakdown of risk management systems that not only exposed trading customers to unlimited risk, but also risked customer segregated funds.
De Silva Law Offices’ investigation of the incident is ongoing. If you were a customer of AMP Global Clearing LLC, or AMP Futures on April 20, 2020 and experienced a non-functioning trading platform, please contact lead counsel, R Tamara de Silva directly at 866-566-1849 or [email protected]."
Trading: Primarily Energy but also a little Equities, Fixed Income, Metals and Crypto.
Frequency: Many times daily
Duration: Never
Posts: 5,049 since Dec 2013
Thanks Given: 4,384
Thanks Received: 10,206
Be interesting to see how this pans out. A quick review of the AMP website shows their platforms as MetaTrader and their own SteroTrader. Suspect there is wording in the contract that indemnifies them against software failure. I personally think somebody is negligent if people were unable to trade at negative prices, but my opinion on negligence and legal liability are probably very different things.
Also, I want to point out that although the thread title is similar, this new thread has nothing to do with the lawsuit between this community and AMP Global that took place back in 2014. futures io defended that lawsuit, and won, denying AMP's wishes to have certain content removed from our site.
We believe in allowing our users to post any content, whether it puts a vendor in good light or bad, without fear of it being removed so long as it is truthful and based on your experiences.
This is a public notice that AMP GLOBAL CLEARING aka AMP FUTURES TRADING has filed a lawsuit against nexusfi.com (formerly BMT) regarding posts on nexusfi.com (formerly BMT). This is not the first time AMP TRADING has used attorneys in an attempt to manipulate …
1. Plaintiffs assert this action pursuant to Section 6b(e)3 of the Commodity
Exchange Act (“CEA”), 7 U.S.C. § 9, et seq., and 17 C.F.R. Sec. 180.1 of the
regulations promulgated pursuant to the Dodd-Frank Wall Street Reform
and Consumer Protection Act (“Dodd-Frank”), on behalf of themselves and
all similarly-situated customers of AMP GLOBAL CLEARING, LLC and
AMP FUTURES (AMP) dba AMP CLEARING, AMP GLOBAL, AMP
GLOBAL CLEARING, AMP GLOBAL US, AMP GLOBAL USA and AMP
TRADING.
2. AMP engaged in acts, practices, and a course of business that operated
recklessly as a fraud or deceit upon Plaintiffs and the class. As described
in detail below, AMP mishandled Plaintiff’s and class members futures
and options investments on April 20, 2020, in that AMP: i) failed to
provide material information to Plaintiffs regarding the possibility of the
price of their NYMEX Light Sweet May 20 Crude Oil Futures contracts
(May 20 Crude Oil) and associated contracts going to a price below zero; ii)
failed to provide Plaintiffs a way to exit, buy, trade, roll, modify or offset
their long positions in May 20 Crude Oil and associated contracts; iii)
failed to liquidate Plaintiffs’ and class members’ futures and options on
futures investments in a reasonable manner on April 20, 2020 when May
20 Crude Oil fell to a price of zero and proceeded to trade into negative
prices; iv) took no steps to provide correct price data; and, v) did not insure
that their trading platforms would be ready for negative oil prices, as a
result of which it left several of its customers trapped in market positions,
while receiving inaccurate information about their positions, the account
balances and price.
3. AMP knew about the potential for the markets’ volatile condition –
including the possibility that the price of the May 20 Crude oil contract
could trade into the negative, and that the crude oil contract becomes
more volatile during the delivery period
4. AMP was warned on April 3, April 8, April 15th and April 20th about the
possibility of negative oil prices. The Chicago Mercantile Exchange
(“CME”) notified all FCMs that they had prepared an environment in
which platforms could be tested to see how well they functioned with
negative prices.
5. Plaintiffs subscribed to all news alerts from AMP entitled, “Important
Notices” and “Emergency Broadcasts.” Yet at no time prior to April 20,
2020 or on April 20, 2020 did AMP convey information from the CME
contained in its three advisories to FCM back-offices. Just as importantly,
at no point were they warned that AMP would be taking no steps to
prepare and would be exposing their customers to unlimited risk.
6. Yet AMP took no steps to increase its margin requirements, warn its
customers about information it had received, or protect its customer
segregated accounts-exposing its customers to unlimited risk and
endangered its customer segregated accounts.
7. In offering trading services, AMP assumed a duty to ensure that its
systems and customer services were sufficiently equipped to reliably
deliver services under foreseeable customer demands and market
conditions as what occurred on April 20, 2020.
8. Plaintiffs and members of the proposed class understood and had the
reasonable belief that AMP would be prepared for a market event it was
warned of. Yet despite having knowledge of the possibility of crude oil
futures trading negatively for weeks, AMP failed to disclose this
possibility to its trading customers, correct its own deficiencies on its
online trading platform and customer service, and chose to ignore the
warning of the relevant exchanges.
9. AMP did not i) take action to alert its customers to the possibility that
the price of May 20 Crude Oil Contract could go to zero and below; ii)
prepare its trading systems to be able to accept trades if the price of the
May 20 Crude Oil contract declined to zero and into negative prices or,
alternatively provide a way for the customers to place orders manually or
through a separate vehicle, since its automated trading systems could not
accept negatively priced Crude Oil orders; iii) take action to promptly
liquidate positions in the May 20 Crude Oil contracts in accounts which
became under-margined when the May 20 Crude Oil contract declined to
zero and into negative prices, causing clients’ accounts to lose thousands
of dollars and in some instances incur debit balances; and iv) did not
adjust their margin requirements to reflect a market possibility they were
uniquely warned about.
10. AMPs’ failure to provide its clients with material information, and to
provide a means for customers to get accurate information about their
accounts and not be trapped in positions without any way of getting out
also violated the implied covenant of good faith and fair dealing contained
in its Futures Client Agreement and acted with negligence and gross
negligence.
11. AMP’s reckless actions make them liable for hundreds of thousands of
dollars in damages incurred by Plaintiffs and the class.
not terribly surprised .. went thru Optimus to access AMP futures .. could never get MetaTrader 5 to place trade on live account ..
Jake at Optimus suggested to use Optimus' in house software which was very awkward ..
then Jake suggested Multi-Charts and that was no better .. at one point the chart was not synchronized with the price action .. which can be seen in the attached images
my daughter lost $1000 before she realized the price was moving but price candle wasn't .. never got a good explanation from Jake/Optimus .. no explanation .. no business .. closed the account with Optimus/AMP ..
I moved my daughter to NinjaTrader .. which is the platform I use .. using NinjaTrader 8 with custom indicators ..
What went wrong was
1) the Optimus representative could never get MetaTrader5 to work ..
2) the in-house platform the representative suggested seemed very awkward ..
3) the Multi-Charts platform did not display the price action correctly
