Administrators of SVS Securities provide update to clients

Maria Nikolova

The Administrators are now in the process of resolving disputes submitted by clients who disagreed with their statement.

The special administrators of SVS Securities plc, which was placed in Special Administration by its directors in August 2019, have earlier today provided an update to clients of the firm.

The administrators note that the Bar Dates for submitting custody asset and client money claims passed on January 10, 2020.

Those clients that have not yet submitted a claim but want to submit a claim are advised to do so as soon as possible. The administrators will continue to keep the online claims portal open and allow clients to submit their claim for a limited further period of time. Therefore, any clients who have not yet submitted a claim are strongly encouraged to submit a claim on or before February 6, 2020 by logging into the online claims portal and submitting their claims there.

The Administrators plan to effect a transfer of custody assets and client money to a regulated broker. For any client who does not submit a claim via the portal or paper Claim Form by February 6, 2020, when making distributions and/or transferring your custody assets and/or client money to a regulated broker, the Administrators will rely on the records of SVS and such clients will not be able to challenge this.

At present, the Administrators are in the process of resolving disputes submitted by clients who disagreed with their statement.

In order to make the proposed transfer of custody assets and client money to a regulated broker, the Administrators are preparing and will in due course circulate to clients a Distribution Plan and accompanying Explanatory Statement. The documents will outline, inter alia, how the Administrators propose to transfer custody assets, the costs of the transfer, to whom they will be transferred and how the Administrators are working with the FSCS to seek to meet those costs for eligible clients. The Distribution Plan must be approved by the Creditors’ Committee and then by the Court before it comes into effect.

The Administrators’ first progress report is set to be published towards the end of February 2020.

Read this next

Digital Assets

Crypto trading volume spikes at Swiss bourse amid FTX collapse

The shockwaves from the historic collapse of Sam Bankman-Fried’s crypto empire are still being felt across the industry, but some trading venues are actually doing better because of it.

Executive Moves

CMC Markets adds Camilla Boldracchi to institutional sales

UK’s biggest spread better, CMC Markets has promoted Camilla Boldracchi to take on an expanded role within its institutional sales desk.

Institutional FX

FXSpotStream reports $1.48 trillion in monthly volume for November

FXSpotStream’s trading venue, the aggregator service of LiquidityMatch LLC, reported its operational metrics for November 2022, which moved higher on a yearly basis but reflected weak performance across executed trade volumes when weighed against the figures of the prior month.

Retail FX

Interactive Brokers’ client activity drops 30% YoY

Interactive Brokers LLC (NASDAQ:IBKR) saw 1.95 million daily average revenue trades, or DARTS, in November 2022 compared to 1.96 million transactions in the prior month.

Digital Assets

The rise of Crypto ETPs in traditional exchanges as crypto winter deepens

Institutional investors are increasingly looking at traditional regulated exchanges as their first route into digital assets amid market turmoil caused by the crypto winter and the collapse of several big names within the space, including FTX. Acuiti and Eurex surveyed 191 buy and sell-side firms on their views of the digital assets markets in order […]

Digital Assets

TP ICAP’s crypto arm receives FCA’s go-ahead

UK interdealer broker TP ICAP has received a regulatory go-ahead to launch its cryptocurrency services in the UK. The bid shows that the recent collapse of FTX exchange has done little to damp the interest of big names in running their own crypto business.

Industry News

Coin Signals founder to pay $2,847,743 after prison sentence over crypto Ponzi scam

The U. S. District Court for the Southern District of New York has ordered Jeremy Spence, founder of Coin Signals, to pay $2,847,743 in restitution to victims of a fraudulent virtual currency scheme.

Digital Assets

CME Group goes DeFi: Reference rates and real-time indices of Aave, Curve, Synthetix

“These rates are designed to provide traders, institutions and other users transparency and price discovery across a much broader range of tokens, allowing them to confidently and more accurately value cryptocurrency sector specific portfolios and manage price risk around various blockchain-based projects.”

Digital Assets

BingX publishes Proof-of-Reserve report by auditor Mazars to address general distrust in crypto

“It is our responsibility to help our customers know their platform and feel safe. They should only trade in regulated and licensed exchanges or one showing them proof when they need it.”

<