Worldspd Share Discussion Threads

[mattjos] 18/3/2012 20:38

I suspect this is the administrators simply saying we cant manage a trade sale or pre-pack or even begin to deal with the problem if the overall net position will oscillate according to the ebb & flow of the markets, once they open.
Simple adage; if you cant measure it, you cant manage it.

So, we need to draw a line in the sand and thereby quantify what we are dealing with ... the weekend is a sensible time to do just that

Now they will have an overall 'net position' report to present to the adminsistrators, the FSA, uncle tim cobbly & also to punt about any suitors.

I'd suggest it shows they're moving quickly on the whole thing

[tradesense] 18/3/2012 20:36

Stevdoes it not mean that the profit and loss is frozen at Friday close prices hence no further market risk ?

[mattjos] 18/3/2012 20:18

yup, it seems they are. although how you close a position when a market is closed is interesting.
Assume it may be the result of KPMG simply asking "Where do we stand if all positions closed out at this stage?"
On the Transaction History page, every trade is closed & showing as either a Trade Payable or a Trade Receivable. The overall net of which would represent the depth of the brown stuff WS is currently wading in & any potential white knight would be asking exacty this question.
Just looks like we have a little window thru which to view the proces being followed at present

[lingy] 18/3/2012 18:46

coulg ig go the same way? hope not but it seems you can trust nobody these days especially financial institutions and governments.

[logbaba] 18/3/2012 18:35

Administrators in within days I am hearing.

[sharesure4] 18/3/2012 18:01

Don't think we have much option other than to await either a deal with a competitor or the FSA supervising the unwinding of open positions and then remitting what funds there are proportionately. I doubt that there will be the option of any of us doing something on an individual basis.

[cool runnings] 18/3/2012 15:15

Steve, Are your funds segregated?

[m.t.glass] 18/3/2012 15:12

I was hoping to go away this week. No chance now. Going to b too busy saving my skin like so many others.

[bracke] 18/3/2012 13:30

This is what Capital Spreads have in their information.

Your business with LCG may be covered by the Financial Services Compensation Scheme ("FSCS" or the "Scheme"). Client money will be deposited into a client money bank account opened at an approved bank. In the event that LCG were to become insolvent all client money held in the third party bank account would be protected. In the event that the third party bank was to become insolvent you may be entitled to compensation from the Scheme if the third party bank were unable to meet their obligations. This depends on the type of business you undertake, your status, and the circumstances of the claim. Most types of investment business are covered for up to £50,000 (which is the maximum level of compensation). Further information about compensation arrangements is available from the FSCS. You can contact the FSCS by writing to them at 7th Floor, Lloyds Chambers, Portsoken Street, London, E1 8BN, or by emailing them at the email address provided on the Financial Services Compensation Scheme website at www.fscs.org.uk.

[the ballcock] 18/3/2012 13:30

THE ex-irish finance minister is on the board, contact him. Punters must not be allowed suffer.

Have you stops in place?