SVS Securities administrators report progress on transfer of custody assets and client money

Maria Nikolova

The Administrators have entered into an agreement with a nominated broker in respect of the transfer of the vast majority of SVS’s custody assets and client money.

The administrators of SVS Securities plc, an investment firm offering broker-dealer and discretionary managed services, today published an update to clients of the firm.

The Administrators say they have entered into an agreement with a nominated broker in respect of the transfer of the vast majority of SVS’s custody assets and client money to that broker. The nominated broker is a London Stock Exchange member firm and is an FCA regulated entity with all appropriate permissions for the transfer and holding custody assets and client money for clients.

In order to transfer custody assets and client money to the nominated broker, the Administrators will have to submit a Distribution Plan for approval by the Creditors’ Committee and by the Court. The Distribution Plan must be approved by the Creditors’ Committee and then by the Court before it can come into effect.

Approval from the Creditors’ Committee is being sought this month (on April 21, 2020), and the Court hearing for approval of the Distribution Plan has been listed at the earliest available date, being May 7, 2020.

Upon approval of the Distribution Plan by the Court, the Transfer Agreement permits the nominated broker a ten-week period in which to complete the transfer. During this period, both the Administrators and the nominated broker will be required to take certain steps to migrate clients, custody assets and client money onto the nominated broker’s systems.

On this basis, the Administrators anticipate that custody assets and client money will be returned to clients no earlier than July for clients who qualify for the transfer to the nominated broker. Certain clients will not be eligible for such transfer unless they have taken certain actions within a period of weeks following the approval of the Distribution Plan.

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

blockdag

Top Bullish Crypto: Fetch.ai & Pepe Coin Price Surge, But BlockDAG Sees Investor Rush as X Series Miners Stand Out

Compare Fetch.ai (FET) Bull Run, Pepe Coin price, and top bullish crypto BlockDAG. Discover why BlockDAG’s innovation and growth potential make it the best choice.

Digital Assets

Coinbase resumes XRP trading in New York after nine-month hiatus

Coinbase has resumed trading for XRP in New York, the company’s chief legal officer, Paul Grewal, announced on Thursday. This comes after a nine-month suspension of the cryptocurrency on the exchange due to regulatory scrutiny.

Institutional FX

Swissquote joins Fortex Hub to expand liquidity distribution

ECN trading platform and technology provider, Fortex Inc. has announced a new integration with Swissquote Group, Switzerland’s provider of online trading services.

Chainwire

Multipool Enters Partnership with Mobilum Offering Users Fiat to DeFi On/Off Ramp

Multipool, a leading innovator in the blockchain and cryptocurrency industry announces a corporate partnership with Mobilum.

Retail FX

IC Markets taps TipRanks’ trading research tools

Sydney-based IC Markets has completed integration of TipRanks’s rating tools, which ranks analysts and financial bloggers based on their picks’ performance analysis, in a bid to provide its clients with new research capabilities.

Digital Assets

Gate.io shelves plan to operate in Hong Kong

Gate Digital Ltd (Gate HK) announced it is winding down operations and has withdrawn its application for a crypto trading platform license in Hong Kong.

Chainwire

Sui and Mesh Combine Forces to Bring Simplified Transactions Across the Sui Ecosystem

With the addition of the Mesh platform, Sui Wallet will achieve product parity with the world’s largest self-custody wallets, while Mesh now natively supports the SUI token

Market News, Tech and Fundamental, Technical Analysis

EURGBP Technical Analysis Report 23 May, 2024

EURGBP currency pair can be expected to rise further toward the next resistance level 0.8560.

Digital Assets

Bybit denies financial woes and hacking rumors

Ben Zhou, CEO of Dubai-based cryptocurrency exchange Bybit, has refuted circulating rumors that the platform has been hacked or is insolvent. Zhou addressed the speculations in a post on the social media platform X.

<