Worldspd Share Discussion Threads

[simon cawkwell] 01/5/2012 17:49

Gentlemen,

I think one or two people ought to calm down over actions putative against E and Y.

It would be necessary for the claim to show that E and Y were negligent. The mere fact that money went missing when they were in a position possibly to note such a development is not proof of liability or anything like it.

Remember: the auditor is NOT a bloodhound. He is just a chap who, using limited and expensive time, must look sensibly at what is going on and follow up palpable concerns. There is absolutely no evidence yet publicly to hand that failure in this regard obtained at WSPR.

Simon Cawkwell

[miata] 01/5/2012 17:35

No and I don't expect to for months until all balances have been agreed/disagreed.

[allstar_07] 01/5/2012 15:48

Has anyone heard anything since confirming your final balance?

[lennonsalive] 30/4/2012 09:53

Thanks Guys.

[miata] 30/4/2012 09:19

"The FSCS tries to resolve all claims against Investment firms, Insurance Brokers, and Mortgage Brokers within six months of receipt of your correctly completed Claim Application Form, or within six months of the company being declared in default (whichever is later)."

[nasdaq_investor] 30/4/2012 09:16

Richardsj2, that article puts the spotlight firmly on E&Y. Presumably there will be pressure on the administrators to take action against E&Y if client funds were missing during their audit period. Do auditors in the UK ever get sued successfully?

The article says 80% of funds may have been out of segregation but clients should get 50% back. Is that an error in the article or is it based on the original figure cited (16.7m?) being about right but just not in segregated accounts?

Lennonsalive, the FSCS started to make payouts for MF Global after 6 months and their situation is more complex. If KPMG follow the principles of fast track administration then payment should be earlier than that. My understanding is that FSCS payout before KPMG distribute but I don't know if that is cast in stone as the process.

[lennonsalive] 30/4/2012 08:08

So will we be waiting about a year to get our money back from the FSA? Isnt this the timescale for the MF global situation?

Personally I like to see the directors put in stocks and be able to throw large heavy objects at them.

[mikeja] 20/4/2012 15:04

Have to exempt M&F Global,that was PWC,but can add Akai to the list.

[mikeja] 20/4/2012 07:37

Add to that Anglo Irish Bank

[mikeja] 20/4/2012 07:37

Do the following names have any connection?
Lehman Bros,MF Global,Sinoforest,Olympus,Groupon,Equitable Life and Worldspreads?
Well yes,the connection is,of course,Ernst and Young.
Some track record.

[trikon60dollars] 10/4/2012 09:12

AlfG
ETX's new charting is great; if you haven't tried in past two months, try again. if you have, interested to hear what you feel is wrong with it.
Rgds
T$60

[the ballcock] 06/4/2012 18:14

More Irish crooks ?

Leading Irish spread-betting firm MarketSpreads has been instructed by the Central Bank to suspend trading immediately.

The Central Bank yesterday suspended the firm's licence to trade, citing "capital adequacy and audit opinion issues".

In an email to account holders, the company said it received an instruction from the bank at 4pm yesterday to suspend client trading. On foot of this, management took the decision to close all open positions, it added.

MarketSpreads was originally the Irish arm of international spread-betting operation WorldSpreads which is now under special administration in the UK following a dramatic collapse last month.

In its email, MarketSpreads insisted it remained "profitable and solvent", and that all client funds were "properly segregated".

"We are in the process of closing down all client positions and will do so as fairly and efficiently as we possibly can," it said.

The company unsuccessfully sought a High Court injunction yesterday against the Central Bank's move to suspend it.

"We went to the High Court to at the very least achieve a stay on this completely unexpected bank instruction but the judge could not see anything unlawful with the bank's actions and we are now forced to suspend client trading and close all open positions," it said.

MarketSpreads said despite previously affirming that its client funds were "properly managed", the Central Bank had instructed it not to release any funds to clients until further notice.

The bank is due to receive an independent report on the company's trading position from accountants Grant Thornton on Tuesday.

MarketSpreads bought the business from WorldSpreads in 2009 and renamed it, and have been a separate entity since then.

WorldSpreads, which is headquartered in Dublin, went into administration last month after it was found to have shortfall of €15.6 million of client money.

Its founder, Conor Foley, resigned as chief executive before the collapse

[and then] 06/4/2012 12:00

Looks identical to CityIndex too...

[alfg] 05/4/2012 18:43

Cheers Miata

That may well be the solution

Thanks

[alfg] 05/4/2012 11:16

Here`s a scenario :

If you hold the stock yet used a sb to hedge the stock rather than sell into the open market , surely if the position is closed without any notice ,as with this situation , without the ability to lay off the said bet then you should/could have a legitimate reason for requesting the full payment because it is purely an hedge and you hold the stock

Also why we`re at it :

Does anyone know of another sb company who uses the same third party supplier of charts worldspreads used .

Etx are terrible

Capital spreads also

IG not a fan

[mikeja] 05/4/2012 07:47

I have not received anything on my account as yet nor have some UK residents for whom I managed portfolios.Wrote to them twice not even receiving an acknowledgement

[mattjos] 04/4/2012 19:13

steve ... waste of time going to the police. they wont be in the slight bit interested in this. no mielage in it for them and far too complex.
just have to wait the administrators report

[m.t.glass] 04/4/2012 13:17

L&S - do you need to reply?
Only reply if incorrect, says mine.

[lift and shift] 04/4/2012 10:36

Is anyone else having trouble replying to their final account message?

I have tried to respond but keep getting the message:-
Error parsing address list. Mail not sent