Broker Sonray Capital Markets has collapsed in Australia, resulting in the seizure and freezing of about 3000 client accounts who have their money tied up in a pooled account.
Broker Sonray Capital Markets has collapsed in Australia, resulting in the seizure and freezing of about 3000 client accounts who have their money tied up in a pooled account.
LCH.Clearnet Limited (LCH.Clearnet), working with Chi-X Europe Ltd, will launch a unique contract-for-difference (CFD) clearing service.
London Stock Exchange Group Plc said it ‘put on hold indefinitely’ plans to offer trading of contracts for difference and stocks on the same electronic platform.
The City watchdog has brought forward plans to make investors disclose positions based on derivatives in a bid to prevent the instruments being used to silently build holdings in a company.
Clients of Dealstream are concerned after the company’s trading system went down last week. Calls placed to the derivatives broker and its CEO Russell Leigh went unanswered Monday morning. Dealstream is one of South Africa’s largest CFD brokers.
Britain was the first to ban investors from taking short positions on banking and financial institutions’ shares last week and was followed on Friday by bans in the US sharemarkets.
Several of London’s stockbrokers have followed MF Global Ltd.’s decision to demand more money from its clients to cover derivative positions, the Daily Telegraph newspaper reported.
The Australian Stock Exchange is establishing the world’s first exchange-traded market for contracts-for-difference on the Sydney Futures Exchange, after yesterday naming eight broking firms as designated price-makers.
There has been positive news on the tax front since the conference as Minister moves to offset Revenue decision on CFDs – The St Patrick’s Day decision to change the tax treatment of CFDs on equities retrospectively, which has potentially a major impact on the Irish market, and on Irish equities has been put on hold by the Minister for Finance. In a statement issued on March 30th* (see below), the Minister indicated that the move will be repealed.
Stock Exchange officials will meet the Revenue today in a continuing campaign to head off the imposition of stamp duty on a major hedge fund activity.