Finance Feeds logo

Reyker Securities gets declared as defaulter on London Stock Exchange

Maria Nikolova

Member firms are advised to ensure that no further settlement of their on Exchange transactions with Reyker takes place.

London Stock Exchange (LSE) has just posted a statement regarding Reyker Securities plc.

The Exchange suspended the membership of Reyker on October 7, 2019 pending clarification of the firm’s position. On October 8, 2019 Mark Ford, Adam Stephens and Henry Shinners of Smith & Williamson were appointed as Joint Special Administrators.

LSE explains that it has subsequently been in communication with the administrators regarding the firm’s outstanding on Exchange trades and the administrators have now confirmed that Reyker is unable to fulfill its obligations in respect of its unsettled Exchange market contracts. Therefore, Reyker was declared a Defaulter on the Exchange at 13:15 on October 23, 2019.

Member firms are advised to ensure that no further settlement of their on Exchange transactions with the Defaulter takes place. This is to ensure that the unsettled transactions, which will be covered by the Exchange’s default procedures, are not separately settled. Euroclear UK and Ireland Limited (the operator of CREST) has suspended settlement of all trades undertaken by Reyker due for settlement through its facilities.

The Exchange has set up a dedicated section on its website to provide interested parties with information on this default.

Any member firm or person who believes that they have an unsettled on Exchange trade with Reyker at the time of their default is requested to provide the Exchange with details of their transaction(s). Notifications of unsettled trades should be made to the Deputy Default Official in accordance with the instructions given, and in the form provided, on the Exchange’s website at:

or

for non member firms and, if possible, within the next 5 business days.

LSE has appointed Liam Smith as the Default Official and Dagmar Banton as Deputy Default Official.

Subscribe

Read this next

Fintech

TNS brings full-stack market data management to EMEA

“We are also delighted to have Ben Myers join our London-based TNS Financial Markets team as Head of Strategic Sales for EMEA, to bolster our presence in the region.”

Chainwire

Velocity Labs and Ramp Network facilitate fiat to crypto onramp on Polkadot via Asset Hub support

Velocity Labs is proud to announce a fiat to crypto onramp using Ramp Network through the integration of Asset Hub. Through it, Ramp will be able to service any parachain in the Polkadot ecosystem.

Symbol of Ramp network
Executive Moves

INFINOX hires Mayne Ayliffe as Global Head of HR

“I look forward to working with our teams around the world to develop a strategic HR agenda that supports high performance and is centred on human motivation.”

Mayne Ayliffe joins INFINOX
Fintech

Sterling to provide risk and margin support for fixed income

“Firms must have the tools to effectively manage their risk across all asset classes. As yields rise, we see more exposure from clients in the fixed income space. We understand their need to measure and mitigate risk in a highly regulated environment.”

Retail FX

FXOpen launches HK share CFDs: Tencent, Alibaba, Xiaomi, Baidu

Hong Kong share CFDs will be commission-free for a limited period of time.

Retail FX

IronFX Celebrates an Award-Winning Start to 2024 with a Series of Industry Recognitions

IronFX, a global leader in online trading, has embarked on 2024 with a spectacular display of accolades that highlight its commitment to excellence and innovation in the competitive financial services sector.

Industry News

FIA urges CFTC to regulate use cases rather than AI itself

“We urge the CFTC to refrain from crafting new regulations that generally regulate AI because this approach presents certain well-known pitfalls. By approaching the issue from the perspective of AI as a technology, rather than the use case for the technology, corresponding regulations would likely necessitate a definition of AI. We anticipate that any attempt to properly define AI would be very challenging and require considerable resources.”

Education, Inside View

The Power of Public Relations in Finance: Shaping Perceptions & Building Reputation

It’s safe to say that the finance industry has faced its share of reputation crises over the years, from the 2008 financial collapse to the many scandals around irresponsible lending, political corruption, and even Ponzi schemes. 

Journalists interviewing a man with blue and red microphone
Digital Assets

Crossover’s crypto ECN executed over $3 billion in Q1 2024

“Our growth is also driving continued increases in the percentages of trades that are ‘Order Crossing Order’ (OXO). Currently, roughly 10% of all trades executed on CROSSx are OXO, another differentiator in our platform’s capacity. This capacity and our unique execution model provide value to both the market maker and taker, as evidenced by our commercial model.”

<
✖