SVS Securities - shut down?

manorhouse

Yes just had a look myself Nasdaq also up 9.35 % a very late spurt i was watching channel 4 news @ 8pm they had mentioned  3.8% maybe trumps announcement just before the close or they new it was coming .
Good news for Monday i risked buying all day Friday .
But this is changing day by day .

masonic

manorhouse said:

But this is changing day by day .

I think that was the point being made.

bowlhead99

manorhouse said:

bowlhead99 said:

"They probably publish their terms and conditions. Market conditions are hardly benign. Some of their customers trading on margin will have already lost their shirts and be unable to pay back. Others will be tempted to place bigger geared bets to recover losses. Makes sense to be careful to whom you extend credit in this environment."

Silly remark they have the shares and just sell them for you if you do not add money to reduce margin .
Or sell yourself to bring in line .

"Silly remark"? I fear for your financial well-being if you hold shares in several hundred companies yet don't understand how business or credit risk works? Have you ever run one?

manorhouse

"They probably publish their terms and conditions. Market conditions are hardly benign. Some of their customers trading on margin will have already lost their shirts and be unable to pay back. Others will be tempted to place bigger geared bets to recover losses. Makes sense to be careful to whom you extend credit in this environment."

You suggested customers unable to pay back,  they only allow credit against larger company's and they risk grade and a max of 25% so they can sell the remaining 75% to cover that margin, they send an e-mail within one Minuit of going over 
you have 24 hours to add money or sell, they have the remaining 75% plus all the none risked shares there might be. 
Maybe some might have all there  position in something like IAG maybe they will fall 75% in one day .
Not many hold as many as me but also not many have all the eggs in one basket .
 

manorhouse

johnburmanForumite164 POSTS

"A small wager with anyone on the date that LC will announce matters (or whatever connected to SVS) are delayed owing to the COVUD-19 virus.  Yes it could be down to the demise of Flybe, but I reckon the virus is good for a oh, say a 3 month delay."
..................................................................................................................................................................................................
What a difference 15 days makes.
At least i can understand why i carried on buying last week in hindsight why did it catch us out .

Thrugelmir

manorhouse said:

johnburmanForumite

164 POSTS

"A small wager with anyone on the date that LC will announce matters (or whatever connected to SVS) are delayed owing to the COVUD-19 virus.  Yes it could be down to the demise of Flybe, but I reckon the virus is good for a oh, say a 3 month delay."
..................................................................................................................................................................................................
What a difference 15 days makes.
At least i can understand why i carried on buying last week in hindsight why did it catch us out .

Type of operation that can work remotely to a large degree. There'll be many things outside of their direct control though. 

johnburman

Everyone is wondering/worried about other things.  Quite rightly.  But I'm at home and can not deal.  And I have no idea when.  Wonder if it will be a year between administration and transfer?  Let's not worry abou tthe % decline in the portfolio, but one piece of good news Shell (RDSB) has gone up by 14% this nice sunny morning.  (OK it is 50% drop in the last 6 weeks, but hey)  

johnburman

Type of operation that can work remotely to a large degree. There'll be many things outside of their direct control though. 

No further info from LC I see.  No updates. no results of remote creditors committee; FCA comments etc....no nothing.  Yes they are all remote working, as are we (if we are working) I bet.  But the treating us like 'mushrooms' (int he dark and feeding us you knwo what) is getting more and more unacceptable.  Even in thi t ime of crisis. 

johnburman

Some news from the FSCS:

FSCS is continuing to work closely with the Leonard Curtis/SVS towards delivering a transfer of client money and assets to a new broker. Teams at both organisations are continuing to function in spite of the COVID 19 restrictions.

We're working with the joint special administrators on the steps necessary to return custody assets and client money as soon as possible.

manted

Good for the FSCS to keep us posted.
Only now if we can get the name of the broker to which those assets will be transferred.