Worldspd Share Discussion Threads

[taximania] 18/3/2012 23:29

if i could ask again and if anyone =knows?
what do clients do now :
do we contact the fsa ?
how will they calculate what is owed , is it based on deposits or ballance at the end of friday ?
advice appreciated :-)

[m.t.glass] 18/3/2012 23:16

LW425 - you will find that all sbet companies have a clause allowing them to shut any position at any time without giving a reason. So even without the administrator involved it can happen.

[xclusive2] 18/3/2012 22:58

Yes they can, it's no different to any insolvency.

[lw425] 18/3/2012 22:56

What right has the administrator to liquidate clients positions in the markets without instructions? Can you then sue the administrator for lost profits thereafter?

[xclusive2] 18/3/2012 22:41

WSpreads do not buy the physical stock, they used CFD's as a the trading mechanism.

This whole affair is very sad for all large holders inc my business partner, I hope that all concerned recover as much as poss.

Smarty

[dimcunt] 18/3/2012 22:40

will this go down more or up after the takeover?

[lennonsalive] 18/3/2012 22:37

They are cowards, they bottled staying and didnt go down with the ship.

[mattjos] 18/3/2012 22:35

Preferential creditors will get first dibs ... the revenue, the vat, the staff.

Unfortunately, these things usually take months to get settled. Whatever is left will, i assume, be divvied up amongst the normal creditors/customers & the FSA will be looked at to top up any differential according to their guidelines.

[nasdaq_investor] 18/3/2012 22:35

Presumably our cash position cannot be adjusted now our positions are closed. So if KPMG sell stock off at lower prices there surely can be no further deduction from client funds. If there is then that potential 45m will be further depleted and we will get more like a 50% return.

Steve - fraudsters love their money and possessions. The best punishment would be stripping them of all their assets (I mean everything) and a jail sentence that goes up to life imprisonment if they try to hide assets.

[lennonsalive] 18/3/2012 22:34

I had to giggle when I read this

"so that you can relax in the knowledge that your funds are always safe."

So, if no communication by KMPG. Then a claim with the FSA it is then.



Anybody had experience with the MF Global situation and the FSA?

Timescales, problems encounter, etc..

[mattjos] 18/3/2012 22:30

they seem to have used very fractionally above the indicated L2 bid price (at Friday close) to determine the enforced sell of all positions.
If the stock trades above that price for the next few sessions then I asume KPMG (as administrators) will able to realise a higher price than they have assumed as of this weekend.
Not that it will recover the overall situation .. probably just cover their huge fees for a weekend working on the job.
How will they work this through the market and keep it orderly in some of the more illiquid stocks .. could take weeks, even months to unwind the positions

[nasdaq_investor] 18/3/2012 22:29

Cheers lennonsalive. So that rumoured figure remains safeguarded and available to be distributed for retail clients in a timely manner by the administrator or do retail clients have to wait for admin sale / liquidation? Anyone any idea of likely timescales?