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.
Facebook Excel Markets Tweet Excel Markets Reddit Excel Markets Digg Excel Markets

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.
Facebook Excel Markets Tweet Excel Markets Reddit Excel Markets Digg Excel Markets

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. 
Facebook Excel Markets Tweet Excel Markets Reddit Excel Markets Digg Excel Markets

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
Facebook Excel Markets Tweet Excel Markets Reddit Excel Markets Digg Excel Markets