AMP, how could you?

I am not a client, but I had once contact with support staff.

Seemed to me to be a bit arrogant, while answering my question.
Not saying goodbye, just sending me some links.

Just my point of view.
But hey, when they offer best prices, what can you do...

 

Another potential cause is if you got flagged as a "spoofer" - which is a CFTC violation.

 

There is something wrong with you if you keep a $3MM net liq with AMP.

 

That may be a perfect evaluation. But I told them that if anything like that was the issue I would change it. What else could I do?

 

LOL, looks like you may be right about that. Anyway, I just wanted to make sure I never violated any margin policy, but it didn't work out that way at all.

 

I would definitely think twice about opening an account with AMP after reading this story. Transparency is key.

Thanks for posting

 

AMP is the equivalent of a degen's 450 FICO. Barring (your) haircut issues... you want to be in litigation for 5Y when they blow up on $500 margins?

 

I'll bet that's it! And there's nothing I can do about it.

 

if you look at the Financial Data for FCMs issued for the month of March of 2020 by the CFTC, you can easily find out that AMP has one of the lowest "Excess Net Capital" numbers out of all FCMs. (it's $4,030,277). link: https://cftc.gov/sites/default/files/2020-03/01- FCM Webpage Update - March 2020.pdf

if i had to guess, after the recent period of volatility with the indices hitting limit-up/down left and right + negative oil, AMP was left with many negative-balance accounts and are taking steps to reduce their counter-party risk.

although they did temporarily increase margins, they've already reverted back to their old day-trading margins which are the lowest in the business because most likely even AMP themselves know that offering the lowest day-trading margins is pretty much the only reason why customers would be willing to deposit their money into a brokerage that is so under-capitalized that they could go under any day (not to mention their utter lack of customer service).

since AMP isn't willing to reduce their risk via lowering margins (since that's their #1 selling point), it makes sense that they'd reduce risk by closing accounts with big balances. just your 3MM balance is around 75% of their entire Excess Net Capital.

fyi you're bat-shit crazy for keeping 3MM with AMP in the first place, esp when that figure includes your ROTH IRA. trust me, they did you a favor.

 

Thanks for this good information and good advice.