Administrators of SVS Securities obtain Court approval of distribution plan

Maria Nikolova

Clients are expected to be able to access client assets and client money and engage with the nominated broker from mid-July 2020.

The joint special administrators of SVS Securities have published an update to clients of the firm, informing them that the final terms of the Distribution Plan, and the Client Money order, were approved by the Court on May 7, 2020.

The Approval of the Distribution Plan and Client Money order is an important milestone in returning Client Assets and Client Money.

The Joint Special Administrators plan to effect the transfer of the vast majority of Client Assets and Client Money to the Nominated Broker in early June 2020, with clients expected to be able to access their Client Assets and Client Money and engage with the Nominated Broker from mid-July 2020.

For the vast majority of clients, the transfer will take place without any action required of those clients. A small number of clients may be required to provide additional information prior to the transfer and these clients will be contacted individually by the Joint Special Administrators in the week commencing May 18, 2020.

Let’s recall that, as per the report issued by the Administrators in February 2020, have secured client money of approximately £24.9 million, in full, from across 20 pre-appointment bank accounts.

The Administrators initially estimated that SVS Securities had approximately 21,000 clients, however, after conducting further analysis on the client and account base that is held across three different IT platforms, the Administrators identified a number of clients holding multiple accounts with the company. This further analysis has identified approximately 19,200 unique clients. The custody assets and client money are held by a mixture of execution only, discretionary and FX clients. As at August 5, 2019, SVS’s account base comprised 14,855 equity accounts (including 773 discretionary accounts), 10 prime broker accounts and 6,547 FX accounts.

Read this next

Institutional FX

Robeco taps FlexTrade EMS to access Goldman Sachs pre-trade analytics

Broker-neutral technology firm FlexTrade Systems announced that its solution FlexTRADER EMS has been certified for integration with Dutch asset manager Robeco.

Executive Moves

B2C2 elevates Nicola White to CEO of US business

Cryptocurrency market maker and liquidity provider, B2C2 has elevated Nicola White to take an expanded role as CEO of its US business.

Executive Moves

Invast Global promotes Riana Chaili to head EMEA business

Sydney-based prime-of-prime provider Invast Global has once again made a key appointment to its executive personnel group, this time promoting Riana Chaili to head its EMEA business.

Retail FX

CySEC sounds regulation alarm on Sharesforextrade, GoldenShare and LevelProfit

The Cyprus Securities and Exchange Commission has once again stepped up its fight against unauthorized brokers.

Technology

Satellite Imagery Analytics: A Helping Tool For Financial Institutions

EOS Data Analytics provides agri-banks with satellite monitoring solutions to streamline loan risk assessment

Digital Assets

MultiBank’s cryptocurrency arm rebrands as MultiBank.io

MultiBank Group, which is in the midst of developing a “one-stop—shop” for cryptocurrency, has unveiled the new brand identity of its blockchain and digital assets arm.

Digital Assets

Frank McCourt’s crypto startup taps Polkadot to disrupt social media

Project Liberty, which leverages blockchain technology to democratize social media data, is joining forces with Polkadot to collaborate on the first implementation of the Decentralized Social Networking Protocol (DSNP).

Digital Assets

t3rn launches Smart Contract Hub Testnet on Rococo

t3rn, a cross-chain smart contract hub for Polkadot, has deployed its testnet parachain on the network’s primary testing bed, Rococo. Named t0rn, the network is now plugged into the rest of the ecosystem’s parachain testnets.

Interviews, Metaverse Gaming NFT

Exclusive interview with Play-to-Earn pioneer Shaban Shaame on gaming and NFTs

Spells of Genesis (SoG), generally regarded as the very first play-to-earn blockchain game, marked its fifth anniversary by opening a virtual NFT history museum.

<