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Current Status


London Stock Exchange is in Phase 4 of its default procedures with respect to SVS Securities Plc.

Phase 1 - Declaration

  • Declare Default
  • Stop settlement
  • Fix Hammer Prices
  • Request counterparty trade data

Phase 2 - Data Collection and Reconcilation of on Exchange market contracts

  • LSE trade report data collection
  • CSD data collection
  • Defaulter's data collection
  • Member firm counterparties data collection
  • Non member firm counterparties data collection
  • Conduct reconciliation of above data sets 
  • Issue verification emails and data extracts to counterparties and defaulter

Phase 3 - Issue Settlement Directions for Agency market contracts

  • Issue verification emails and data extracts to counterparties and defaulter

- Consultation on Initial Determination for Principal market contracts

  • Issue Initial Determination emails and data extracts to counterparties and defaulter
  • Opportunity for counterparties and defaulter to provide further evidence in support of submissions

Phase 4 - Settlement of Agency market contracts

- Assessment of Further Evidence, Confirmation of Net Amount Certificates ("NACs") for Principal market contracts

  • Assess any further evidence received from counterparties and defaulter and reach final determination
  • Confirm net amounts and issue NACs to member firms and non member counterparties

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