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Beaufort Asset Clearing Services Limited


The following information is provided for member firms and non-member firms to assist their queries in relation to the default of Beaufort Asset Clearing Services Limited ("Beaufort Asset Clearing") which was declared at 09:30 on Friday 9 March 2018. The Exchange will update this information from time to time.

All Stock Exchange Notices issued in relation to the default of  Beaufort Asset Clearing are available from the downloads section at the bottom of this page.

Administrator information –
Russell Downs, Douglas Nigel Rackham, and Dan Yoram Schwarzmann at PwC have been appointed as joint special administrators to Beaufort Asset Clearing.

Here is a link to their website which provides information in relation to the administration:

https://www.pwc.co.uk/beaufort

Default Procedures
The Exchange has confirmed that Beaufort Asset Clearing's unsettled on Exchange trades were dealt in an agency capacity.

The operation of the Exchange's default procedures for on Exchange unsettled agency trades removes the defaulting firm from the settlement process, therefore allowing settlement of the unsettled trade to take place between the defaulter’s end customer and the counterparty member firm.

The Exchange will provide details of the defaulter’s customer to the non-defaulting counterparty who shall write to that customer in a form prescribed by the Exchange requiring them to settle the contract.

Current Status
This page will be updated as the default process develops.

Rules
Download the Rules of the London Stock Exchange.

Ceasing of settlement
The Exchange's guidance in relation to settlement.

Member Firms
The Exchange's guidance in relation to member firms.

Non - Members

The Exchange's guidance in relation to non-member firms and their custodians.

Contact details

Deputy Default Official - Dagmar Banton + 44 20 7797 1210 (STX 31210) dbanton@lseg.com or defaultofficial@lseg.com

Downloads
N01/18 - Declaration of Default - Beaufort Securities Ltd and Beaufort Asset Clearing Services Limited

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