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Reyker Securities PLC


The following information is provided for member firms and non-member firms to assist their queries in relation to the default of Reyker Securities Plc ("Reyker") which was declared at 13:15 on Wednesday 23 October 2019.  The Exchange will update this information from time to time.

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

Administrator information –
Mark Ford, Adam Stephens and Henry Shinners of Smith & Williamson are Joint Special Administrators to Reyker Securities plc.
Here is a link to their website which provides information in relation to the administration of Reyker:

https://www.reyker.com/

Default Procedures
Reyker traded in both agency and principal capacities. 

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.

For unsettled agency trades 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.

The operation of the Exchange's default procedures for unsettled on Exchange principal trades, in accordance with the provisions of the Companies Act 1989, are designed to produce a net sum calculation of the liabilities owed to and by the defaulter with respect to each of its counterparties.  Under the Rules of the London Stock Exchange the Exchange will determine the net amount payable between Reyker and each of its counterparties in respect of unsettled on Exchange trades as at the time of default (13:15 hrs on Wednesday 23 October 2019).

In accordance with paragraph D146 of the rules, this net amount will be certified by the Exchange and may be proved as a debt by the defaulter or counterparty as applicable. Following this certification, it is for the defaulter and its counterparties to organise the associated payments. The Exchange is not authorised to engage in the payment process and its role in the default will cease once it certifies the net amount payable.

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.

Hammer Prices
The Exchange's guidance in relation to hammer prices.

Contact details
Default Official - Liam Smith defaultofficial@lseg.com

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

Downloads
N14/19 - Declaration of Default - Reyker Securities Plc
N17/19 - Reyker Securities plc - In Default - hammer price



 

 


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