Tuesday, 27 January 2015

Client Funds Status

A brief update in regards to client equity and withdrawals:

As of Thursday, 22 Jan 2015 100% of pending withdrawal requests were processed amounting to 93% of the $1.954M in client equity held by Global Brokers NZ Ltd (GBL). As of today, 27 Jan 2015, 96% of client funds have been sent back to clients and the remainder await withdrawal requests. The Financial Markets Authority of New Zealand has worked closely with GBL since the incident to ensure client funds were being safely returned.

Excel is backed by founders of Cash Back Forex (http://www.cashbackforex.com), one of the largest introducers of retail forex accounts globally holding over 49,000 live accounts. This has allowed operations to continue in overdrive to return client funds before winding down operations.

We would like to let Excel clients know you have been heard. Hundreds of communications have lamented the closure and urged that Excel seek a remedy to reopen. Numerous reopening options are being carefully considered.
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Tuesday, 20 January 2015

Client Withdrawals Batch Payment Update 1

As a follow up to our last email/post to clients on Sunday 18th January, and to further update you regarding the Client Withdrawal Batch Payment Schedule advertised on our Excel Markets website homepage, please note the following regarding withdrawal requests submitted between Thursday 15th and Sunday 18th January:

All withdrawals submitted between these dates have now either been ‘Completed’ or ‘Declined’ by our Finance Team. ‘Completed’ means that your withdrawal has been added to a Batch 1 Payment File, with more details regarding this 1st Batch listed by payment method below. ‘Declined’ means that your withdrawal has not been added to a Batch 1 Payment File, with an explanatory note added by our Finance Team to the withdrawal request to outline the reason for your request being declined, for example: ‘Insufficient funds. Please check your account balance and submit a new withdrawal request’ 

Note: All times stated below are in GMT

Wire Withdrawals (WWs):
 
All ‘Completed’ WWs submitted between Thursday 15th and Tuesday 20th (before 6am) were either sent by EFT bank transfer to your nominated bank account yesterday, or are scheduled to be sent overnight tonight. Please allow 2/3 business days for the funds to arrive to your bank account.
Should you not receive your payment within this timeline, please contact our Support Team (support@excelmarkets.com), to advise of same, quoting your WW reference number, to allow Support to forward your case to our Finance Team to investigate the status of your payment with our bank.

 Credit Card Withdrawals (CCWs) and Debit Card Withdrawals (DCWs):

All ‘Completed’ CCWs and DCWs submitted between 15th and 18th (with the exception of the 4 CCWs and 5 DCWs listed below) were included on a Batch 1 Payment File, submitted to SafeCharge (our card payment processors) at 7pm last evening (19th). SafeCharge confirmed to us at 3pm today (20th) that all Batch 1 payments requested by us would sent to our clients by them before close of business today, and advised us that most clients would receive the payment to their card within 2/3 business days, with a small number of clients receiving their payment within 5/7 business days in some cases.

Again, should you not receive your payment within these timeframes, please contact our Support Team to advise of same, and we shall contact SafeCharge to request the ARN number for your payment, for you to forward to your bank/card issuer to query the status of the payment at your end.

*Note 1: CCW_2677; 2691; 2755 and 2761 have been moved to Batch 2 Payment File, with ‘Expected Batch Payment Processing’ date of Thursday 22nd

*Note 2: DCW_2373; DCW_2374; 2288; 2480 and 2529 have been sent by EFT bank transfer to client’s bank accounts, instead of being refunded to debit cards. Please refer to note added to DCW by our Finance Team, outlining the reason that funds were sent to bank accounts instead.

Neteller Withdrawals (NTWs):

All ‘Completed’ NTWs submitted between 15th and 18th (with the exception of the 13 NTWs listed below) were included on our Batch 1 Payment File, paid by ‘Mass Payment’ from our Neteller accounts today.

Our Support Team will provide you with the Neteller Transaction ID for your payment upon request if you have not received your payment by 11pm, so that you may contact Neteller directly to query any payments that have not arrived after 11pm.

*Note: NTW_2487; 2526; 2527; 2539; 2542; 2552; 2557; 2573; 2601; 2612; 2668; 2708; 2690 and  have been moved to Batch 2 Payment File, with ‘Expected Batch Payment Processing’ date of Thursday 22nd

MoneyBookers Withdrawals (MBWs):

All ‘Completed’ MBWs submitted between 15th and 18th are listed on a Batch 1 Payment File, ready to be paid by ‘Mass Payment’ from our MoneyBookers accounts.  We expected to run these Mass Payments this morning; however, MoneyBookers unexpectedly notified us last evening that payments from our account have been temporarily suspended pending review by senior management, which we immediately disputed on the grounds it was not justified because we have sufficient funds in our MoneyBookers accounts to cover all Mass Payments we intend to send.

Following correspondence with MoneyBookers senior management throughout this morning and afternoon, they have agreed to lift the temporary suspension; however, we were informed at 6pm this evening that this cannot be facilitated by them until 9am tomorrow morning, so unfortunately, Batch 1 MBW payments are delayed until tomorrow morning despite our best efforts to get these payments made today.

Our Support Team will provide you with the MoneyBookers Transaction ID for your payment upon request, so that may contact MoneyBookers directly to query any payments that have not arrived before 12pm tomorrow. Please allow us up to 12pm tomorrow to get Batch 1 payment made before contacting Support to request Transaction IDs.
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Saturday, 17 January 2015

Client Withdrawals Batch Payment Schedule


Since we announced Jan. 15 that Global Brokers NZ Ltd. has ceased trading, our Finance Team has been endeavouring to process all client withdrawal requests as a matter of priority and many clients have already received their funds. To facilitate the most expeditious handling of an unprecedented high volume of requests on a ‘first in, first out’ basis, we shall arrange for batch payments to be made on 3 days next week, as outlined below:

For Credit Card (CCWs); Debit Card (DCWs); MoneyBookers (MBWs); and Neteller (NTW):
Withdrawal Submitted Expected Batch Processing Date Funds Received
Thu 15th Jan - Sun 18th Jan Tues 20th Jan
  • (CCW & DCW): Normally +2/3 business days (but may be +5/7 business days in some cases)
  • (MBW & NTW): Same day
Mon 19th Jan & Tue 20th Jan Thu 22nd Jan
  • (CCW & DCW): Normally +2/3 business days (but may be +5/7 business days in some cases)
  • (MBW & NTW): Same day
Wed 21nd & Thu 22nd Jan Fri 23rd Jan
  • (CCW & DCW): Normally +2/3 business days (but may be +5/7 business days in some cases)
  • (MBW & NTW): Same day


For Wires (WWs):
Withdrawal Submitted Expected Batch Processing Date Funds Received
Thu 15th Jan - Sun 18th Jan Mon 19th Jan +2/3 business days

Wire withdrawal requests submitted from Mon 19th onwards will be processed and sent on the day they are received, with funds received by clients to their bank accounts 2/3 business days later. Please note that we shall not charge clients for outgoing wire fees charged to us by our bank at our end, however, a client's bank may charge incoming wires fees at the other end by deducting the fees from the amount we send, depending on the bank.

Please rest assured that ALL client withdrawals will be processed and sent as closely to the schedule above as is possible, so please bear with us safe in the knowledge that your payment will arrive as soon as we can get it to you.

We appreciate your understanding and patience while we handle this major undertaking to get all of our clients paid as quickly as possible.

Please do not hesitate to contact our Support Team by email to support@excelmarkets.com for any further clarifications required, or should you have a questions on any other matter not addressed above. 
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Thursday, 15 January 2015

CRITICAL - OPEN POSITIONS MUST BE CLOSED

The dramatic move on the Swiss franc fueled by the Swiss National Bank's unexpected policy reversal of capping the Swiss franc against the euro has resulted in rare volatility and illiquidity. Both our primary and backup liquidity providers became unresponsive or illiquid for hours after the event. The majority of clients in a franc position were on the losing side and sustained losses amounting to far greater than their account equity. When a client cannot cover their losses it is passed onto us.

ALL OPEN POSITIONS MUST BE CLOSED BY 5PM NEW YORK TIME OR THEY WILL BE AUTOMATICALLY CLOSED AT THAT TIME. NEW POSITIONS CANNOT BE OPENED AS OF THIS TIME.

ALL CLIENT FUNDS ARE IN SEGREGATED ACCOUNTS AND NEVER USED FOR LP MARGINS. OUR PRIMARY CONCERN HAS ALWAYS BEEN PROTECTING CLIENT FUNDS AND 100% OF POSITIVE CLIENT EQUITY OR BALANCE IS SAFE AND WITHDRAWABLE IMMEDIATELY.

Global Brokers NZ Ltd. STP's 100% of order flow and has sustained a total loss of operating capital. GBL can no longer meet regulatory minimum capitalization requirements of N$1,000,000 and will not be able to resume business. Losses incurred on trades that could not be exited due to illiquidity were losses incurred directly with the liquidity provider and we do not have the ability to reimburse those. Please note the interbank market for francs was illiquid for hours after the event and no traders with an open franc position were able to close it for a significant period of time, at any broker.

News of the impact of this event on companies and traders is just beginning to come to light. As Directors and Shareholders we would like to offer our sincerest apologies for this devastating turn of events, and to thank you for being such a supportive group.

We ask that you place withdrawal requests for your account balance at your earliest convenience and allow for minor delays as our team begins to experience higher than usual service volumes.

Note: We are currently experiencing hundreds of withdrawal requests. A small percentage of clients have reported errors during the automated withdrawal request process. If you experience a system error please do not panic. Although we are not offer trading services our staff is fully operational and we will not disappear on you. If an error occurs please email us at support@excelmarkets.com describing the nature of the issue. We thank you for your patience and for the kind words many of you have already expressed.

- David Johnson, Director
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Friday, 19 December 2014

Trading Hour Schedule for the 2014 Christmas and New Year Holiday Period

Trading Hour Schedule for the 2014 Christmas and New Year Holiday Period


Please note the following changes to our regular trading hours on all financial instruments during the Christmas and New Year Holidays (24.12.2014 - 02.01.2015):

Forex and Precious Metals

24th December Closed: 19:00 Server Time (UTC +2)
25th December: Market Closed
26th December Open: 09:00 Server Time (UTC +2)
29th & 30th December: Normal Trading Hours
31st December Closed: 19:00 Server Time (UTC +2)
1st January: Market Closed
2nd January Open: 09:00 Server Time (UTC +2)

It is recommended to close out positions on days with early closing as there is increased chance of volatility and stop losses may easily be hit.

Normal Opening resumes on Monday, 05 January, 00:00 Server Time (UTC +2)
If you have any questions or concerns regarding this matter please contact support@excelmarkets.com.

 
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Saturday, 22 November 2014

Holiday Trading Contest, $5000 Cash Prizes Before the Holidays, 10 Winners

WIN CASH BEFORE THE HOLIDAYS, $5000 IN CASH PRIZES AND 10 WINNERS. Contest begins Nov. 25 and ends Dec. 15, affording ample time to receive winnings before the holidays!

We hope our members enjoy this contest, it is truly a unique contest format. Most or all forex trading contests are 'gamed' by traders that play with dozens of accounts, snipe demo feeds because they lack the normal latency of a real feed, etc. We heavily moderate against all forms of cheating to ensure maximum fairness to all participants.

CLICK HERE TO VIEW THE CONTEST RULES AND JOIN THE CONTEST
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Tuesday, 23 September 2014

Specs Extend USD Long Position as Sept Futures Contracts Expire

There was heavy contract liquidation in the September futures contracts, and in the liquidation period the specs added to the long USD position.  They have taken the total long position up to 423,924 contracts, the biggest long position since July 16th of 2013.  The largest USD long and spec short remains in the euro, 195K, and the yen, 134K.  There was also a big increase in the USD long position in the DI, which is probably related to the expiration of the September contracts.

All of the commodity currencies lost their strength against the USD, as the buying in the USD over whelmed  the Canadian, New Zealand and Australian Dollar.  In the NZD and the CAD, specs flipped to the short side.  Their biggest long position had been in the AUD, and this was reduced from almost 40K contracts to 7.9K.  The combined spec long position in the commodity currencies is down to 3K, from a high of over 91k at the end of July 2014.

The currency with the largest amount of liquidation has been the British pound.  The fevored trade in the pound has taken the OI to over 300K.  On a weekly basis that made the trade in the pound bigger than that in the yen.  No longer is this the case as the remaining OI in the pound is about 186K contracts and the yen OI was about  250K   Specs are now small shorts in the pound.  With the uncertainty of the Scottish election over, good fundamental economic news in the UK could turn the pound higher, it would seem.

      –  US Dollar Index: There was a large increase in the spec long position of the DI as the total went from 40K to 61K.  Since there was only a small increase in the OI, this probably means it was adjustments during the close of trading in the Sept contract and probably not too meaningful.  The activity was entirely in the large spec positions, where the position short position was reduced.  This would suggest the large specs were short the DI and long the components of the Index, and covered the positions at expiration. 


      –  Euro (EUR/USD):  There was big, big liquidation of the OI in the euro which took the spec short position down to 195K from 211.7K last week.  Total liquidation was 87.7 of which the spreading/option category amounted to 39K.  There was also heavy liquidation on both sides of the commercial positions.  This means there has been a heavy trade in covered options.  Large specs are not a 2.8 ratio short and the small specs are a 2.4 short.

      –  British Pound Sterling (GBP/USD):  The absolute amount of liquidation in the pound was 121.2K, far exceeding the total liquidated in the euro, 87.7K where there is a much larger OI.  The large spec is still keeping a token long, while the small spec has continued to sell.  This means the total net spec position in the pound is now short, but only 6.1K

      –  Japanese Yen (JPY/USD):  Last week the OI in the pound was about 12K larger than that in the yen. In the yen however there was not the massive spec selling.  Large specs remain a 3.2 ratio short , while the small spec is a 4.3-to-1 short.  The total yen short is now 133.9K.

      –  Swiss Franc (CHF/USD):  The SF continues to move with the euro.  Specs are short 30/8K down a small number from last week.  Small specs are a 3.9 ratio short.

      –  Canadian Dollar (CAD/USD):  Small specs flipped to the short side of the C$ last week and added to that position in the most recent period.  While large specs remain a token long, the enthusiasm of the smalls have taken the total net position to short 4.8K.  With the option OI 8.8% of the total, there may be more Sept contract liquidation to come.

      –  New Zealand Dollar (NZD/USD):  There was heavy liquidation in the kiwi taking the total OI down to a mere 16K.  Large specs shedd their longs as the market tumbled.  Small specs are not short, and the combined total spec position is a mere 39 contracts short.

      –  Australian Dollar (AUD/USD):  The spec selling in the A$ was decisive.  The small specs flipped to the short side and ended the period almost 12K short.  Large specs were heavy sellers in the A$, remain long, but reduced their holding by about 20K.  They remained long 20K, but we suspect sever market weakness since has taken them out of their long.  The combined A$ spec position remained long 7.9K.

Currency Commitments of Traders with Delta-adjusted Options and Futures Combined,
data through September 16, 2014
US Dollar Index (USD/EUR,JPY,GBP,CAD,CHF,SEK)
(1) Large Traders (2) Small Traders (3) Commercial
Open Interest Long Short Long Short Long Short
Contracts: 91,523 73,996 20,660 9,189 1,484 6,846 67,887
Change: 1,461 1,752 -19,063 -377 -610 1,469 22,517
 % Open Interest:
80.8 22.6 10.0 1.6 7.5 74.2
Euro (EUR/USD)
(1) Large Traders (2) Small Traders (3) Commercial
Open Interest Long Short Long Short Long Short
Contracts: 497,010 77,348 218,606 38,856 92,633 321,048 126,013
Change: -87,773 17,668 -528 -6,799 -5,339 -59,616 -42,880
 % Open Interest:
15.6 44.0 7.8 18.6 64.6 25.4
British Pound Sterling (GBP/USD)
(1) Large Traders (2) Small Traders (3) Commercial
Open Interest Long Short Long Short Long Short
Contracts: 185,716 56,219 54,784 25,227 32,827 75,283 69,118
Change: -121,280 -26,723 5,955 -1,773 -1,817 -86,249 -118,883
 % Open Interest:
30.3 29.5 13.6 17.7 40.5 37.2
Japanese Yen (JPY/USD)
(1) Large Traders (2) Small Traders (3) Commercial
Open Interest Long Short Long Short Long Short
Contracts: 249,918 37,408 122,729 14,578 63,156 177,186 43,287
Change: -44,636 19,727 965 -3,370 -3,202 -45,080 -26,487
 % Open Interest:
15.0 49.1 5.8 25.3 70.9 17.3
Swiss Franc (CHF/USD)
(1) Large Traders (2) Small Traders (3) Commercial
Open Interest Long Short Long Short Long Short
Contracts: 60,107 12,972 23,880 7,158 27,104 38,299 7,445
Change: -21,838 3,193 476 -1,318 -598 -5,351 -3,354
 % Open Interest:
21.6 39.7 11.9 45.1 63.7 12.4
Canadian Dollar (CAD/USD)
(1) Large Traders (2) Small Traders (3) Commercial
Open Interest Long Short Long Short Long Short
Contracts: 132,659 35,944 29,720 25,746 36,776 59,322 54,515
Change: 9,736 3,113 8,501 -3,002 3,436 8,435 -3,391
 % Open Interest:
27.1 22.4 19.4 27.7 44.7 41.1
New Zealand Dollar (NZD/USD)
(1) Large Traders (2) Small Traders (3) Commercial
Open Interest Long Short Long Short Long Short
Contracts: 16,061 9,814 8,694 2,387 3,546 3,703 3,664
Change: -8,870 -4,555 3,847 -1,058 281 -1,643 -11,384
 % Open Interest:
61.1 54.1 14.9 22.1 23.1 22.8
Australian Dollar (AUD/USD)
(1) Large Traders (2) Small Traders (3) Commercial
Open Interest Long Short Long Short Long Short
Contracts: 127,397 56,176 36,518 20,786 32,527 39,482 47,398
Change: -22,130 -17,915 1,715 -4,994 7,016 -1,076 -32,717
 % Open Interest:
44.1 28.7 16.3 25.5 31.0 37.2

To view the COT report data released by the U.S. Commodities Futures Trading Commission (CFTC), please see the attached files:
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