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He keep saying his LP a (ECN) where the ones that didnot permit scalping and were the ones that flaged scalpers. First of all ECNs are the last to care if one scalps, your trading against other traders in most cases not a desk.
Then a few post later(around post 1243) he said he found a new LP and it did not matter if people whated to scalp with this one "as it would not be any money out of 'OUR POCKETS'". I wonder who OUR POCKETS are. That to me was a clear statement that he was not acting alone.
The thing with the President and Admin being a rep of the govenment agency is also, (I can remember the dates right now), but is around the same time that the govenment was looking at Spacevision and them the same name appears on spacevisions list of Admins.... I just wonder if the government was not the one putting this guy as Admin of these companys to handle the clear up of this mess. Much like the courts do in bankrupcies, placing someone as admin of the company to handle the finanical mess.
If it was me I would be on first name bases with the guys in the government banking agency by know and finding out the truth in this matter.
Keit
Last edited by cockeyedcowboy; 04-12-2008 at 12:18 AM.
If it was me I would be on first name bases with the guys in the government banking agency by know and finding out the truth in this matter.
Keit
FWIW, the gov't officials are quite tight-lipped. They will only say that Spacevision/Aleccoh are under investigation along with a number of firms, relating to the latest banking regulations, and that the investors will know as soon as the results of the investigation are released.
He keep saying his LP a (ECN) where the ones that didnot permit scalping and were the ones that flaged scalpers. First of all ECNs are the last to care if one scalps, your trading against other traders in most cases not a desk
Then a few post later(around post 1243) he said he found a new LP and it did not matter if people whated to scalp with this one "as it would not be any money out of 'OUR POCKETS'". I wonder who OUR POCKETS are. That to me was a clear statement that he was not acting alone......
Yes, but this was just more rhetoric after it became clear that profitable traders were being 'sin-binned' by the then LP (Aleccoh refused to take responsibility, passing-the-buck instead) - supposedly this new feed was quoted to compose of 11 ECN's, but this never 'came on line'. Aleccohfx has had one feed from its inception, at least there was never an 'official' notification of a change of LP, and he explicitly says in one post that Spacevision was the LP, whereas he changes that to UBS Geneva later on...
Those things like this website ratings is the most funny thing I've seen in a long , long , long time .
If we have all over the internet ratings like this , no wonder Forex is getting seriously fu.ked up .
The Swiss Federal Banking Commission (SFBC) estimates that about 150 foreign exchange (forex) traders are registered as financial intermediaries in Switzerland, who have not been subject to regulation under Swiss banking and finance legislation. In particular forex traders managing accounts for more than 20 individual clients did not fall under SFBC supervision in the past, as long as those accounts were not interest-bearing and were only used to execute customer orders.
In recent years, the SFBC has seen a growing number of complaints, especially from smaller investors, regarding transparency, liquidity and risk disclosure, let alone the substantial losses sometimes suffered by these investors.
The SFBC took action in November 2007 by proposing an amendment to Article 3a paragraph 3 section c of the Swiss Banking Ordinance. Forex dealers will be required to apply for a banking status under the Swiss Banking Act of 1934, as amended. At the same time, security dealers and precious metal traders continue to be exempted with their client accounts under said Article 3a paragraph 3 section c. A banking status under the Swiss Banking Act requires a minimum paid-in share capital of Sfr10 million ($9 million) and further equity requirements to appropriately cover credit, operational and other risks. Bank management members in Switzerland must meet certain professional standards. A Swiss bank must also meet organisational standards, providing for separate corporate bodies for supervision, management and control.
From April 1 2008, existing forex traders in Switzerland are required to register with the SFBC. The registration process ends on June 30 2008. One year later, that is, on March 31 2009, forex traders must meet the above requirements and must have applied for a banking licence.
It is expected that many forex dealers will not be able to obtain a Swiss banking licence because they may not be able to meet the capital and/or organisational requirements. Instead of applying for a banking licence they may explore other legal avenues, such as teaming up with a Swiss bank or Swiss security dealer for example and acting as an independent asset manager, converting their business model by no longer accepting deposits from the public, or by offering their forex products by means of securities or through mutual funds.
The Swiss Federal Banking Commission (SFBC) estimates that about 150 foreign exchange (forex) traders are registered as financial intermediaries in Switzerland, who have not been subject to regulation under Swiss banking and finance legislation. In particular forex traders managing accounts for more than 20 individual clients did not fall under SFBC supervision in the past, as long as those accounts were not interest-bearing and were only used to execute customer orders.
In recent years, the SFBC has seen a growing number of complaints, especially from smaller investors, regarding transparency, liquidity and risk disclosure, let alone the substantial losses sometimes suffered by these investors.
The SFBC took action in November 2007 by proposing an amendment to Article 3a paragraph 3 section c of the Swiss Banking Ordinance. Forex dealers will be required to apply for a banking status under the Swiss Banking Act of 1934, as amended. At the same time, security dealers and precious metal traders continue to be exempted with their client accounts under said Article 3a paragraph 3 section c. A banking status under the Swiss Banking Act requires a minimum paid-in share capital of Sfr10 million ($9 million) and further equity requirements to appropriately cover credit, operational and other risks. Bank management members in Switzerland must meet certain professional standards. A Swiss bank must also meet organisational standards, providing for separate corporate bodies for supervision, management and control.
From April 1 2008, existing forex traders in Switzerland are required to register with the SFBC. The registration process ends on June 30 2008. One year later, that is, on March 31 2009, forex traders must meet the above requirements and must have applied for a banking licence.
It is expected that many forex dealers will not be able to obtain a Swiss banking licence because they may not be able to meet the capital and/or organisational requirements. Instead of applying for a banking licence they may explore other legal avenues, such as teaming up with a Swiss bank or Swiss security dealer for example and acting as an independent asset manager, converting their business model by no longer accepting deposits from the public, or by offering their forex products by means of securities or through mutual funds.
As you already know from my previous brief, the president of ----------.SA proposed to meet in Dubai to finalize things.
My lawyers refused and asked that the meeting must take place in Geneva or Beirut.
I received a call 2 hours ago confirming the meeting in Beirut tomorrow morning.
I hope it is not another stalling technique but I doubt it.
I will meet with him tomorrow and try to reach a deal that will safeguard your interests.
I Will keep you posted as soon as serious commitments have been made or a deal has been struck.
Godspeed
__________________
Good Day
aleccoh
After Spending Years Looking ForThe "Perfect Broker"
We Decided That The Best Course of Action To Serve Our Clientelle Was To Open Our Own
As you already know from my previous brief, the president of ----------.SA proposed to meet in Dubai to finalize things.
My lawyers refused and asked that the meeting must take place in Geneva or Beirut.
I received a call 2 hours ago confirming the meeting in Beirut tomorrow morning.
I hope it is not another stalling technique but I doubt it.
I will meet with him tomorrow and try to reach a deal that will safeguard your interests.
I Will keep you posted as soon as serious commitments have been made or a deal has been struck.
To all Aleccohfx accounts holders
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