SVS Securities - shut down?

ascension92

Hi Masonic
I understand what you are saying, but LC indicate that open trades would be in "default" if my trade was settled there and then I will have the shares which is my preferred option. How long does it take these days to clear and settle trades. Back in the 80's when I had my first stab at stocks and shares clearing used to take 10 days, slate and chisel as apposed to computers.
There have been other posters who have paid in money who presumably are in a worse or similar situation to me, with LC saying they are supplying LSE with information on any open trades I thought from an LSE standpoint where the other side of the trade has been "let down" we might have heard from LSE. If anyone does get any contact maybe they would post it, other than that I will take you advice on other posts and wait for LC to advise later this month.

masonic

ascension92 wrote: »

Hi Masonic
I understand what you are saying, but LC indicate that open trades would be in "default" if my trade was settled there and then I will have the shares which is my preferred option. How long does it take these days to clear and settle trades. Back in the 80's when I had my first stab at stocks and shares clearing used to take 10 days, slate and chisel as apposed to computers.
There have been other posters who have paid in money who presumably are in a worse or similar situation to me, with LC saying they are supplying LSE with information on any open trades I thought from an LSE standpoint where the other side of the trade has been "let down" we might have heard from LSE. If anyone does get any contact maybe they would post it, other than that I will take you advice on other posts and wait for LC to advise later this month.

Are you sure "open trade" means what you think it means? It's a term normally used in the discussion of spread betting / CFDs / short selling in which a position is opened, and then closed at a later time.

If you were trading using CFDs, which SVS did offer, and had open positions, then the statement in the FAQ document probably does apply to you.

Settlement for normal market trading was T+2 at SVS the last time I traded, which was a few years ago.

Monsieur_Bourse

Today my wife and I both received the generic letters that were sent out to all UK based SVS clients on the 9th August.

How on earth my wife's letter arrived I really do not know, it only had here name, house number and street and the village name on the envelope. No postcode and no reference to France. My letter had the postcode and department, again no reference to France on the envelope.The letters had a 5th September postmark. I do not know if LC are now sending out letters to all non UK based clients, or the receipt of the letters were down to the e-mail that I sent them.

Why there was such a discrepancy in the addresses I do not know, both our addresses were correct on every contract note that I printed out. I guess going by the useless telephone 'helpline', LC are probably employing staff on temporary contracts, probably with little interest in the job, and it would seem very little in the way of training.

ascension92

masonic wrote: »

Are you sure "open trade" means what you think it means? It's a term normally used in the discussion of spread betting / CFDs / short selling in which a position is opened, and then closed at a later time.

If you were trading using CFDs, which SVS did offer, and had open positions, then the statement in the FAQ document probably does apply to you.

Settlement for normal market trading was T+2 at SVS the last time I traded, which was a few years ago.

You are making me feel better, I was not doing any spread betting/CFDs or short selling just plain old share buying. My original thought was that until my money was handed over my trade was "open" so maybe the shares are "mine", however, the T+2 could in my parlance be still open. I did actually try to log into SVS Friday 2 Aug and was locked out, at the time I thought this was a glitch! KNOW BETTER NOW
Will wait and see what comes from LC and not LSE

masonic

Company representatives need permission to post here leonam

leonam

masonic wrote: »

Company representatives need permission to post here leonam

Sorry - I have requested permission.

Reaper

leonam wrote: »

I would love it if you would be up for giving us some feedback

It's a bit off topic but I would suggest for starters:
* In your "About Us" section explain your financial qualifications so people can get a feel as to whether you know what you are talking about, rather than your desire to set up a beach bar.
* Explain why REITs are preferable to other investments. Brexit fears have impacted them recently so I am not convinced they are safer than other investments and indeed may end up being more volatile.

manted

To the Reitly Marketers -
I would consider a better thread to post to than this one - where most of us are in pain from the SVS saga. Free marketing should be got elsewhere, not in a place where most are in worry about their hard earned money being locked. I would seriously reconsider my strategy if i were you .. just saying

manorhouse

I have complimented masonic on his thought out and logical comments on this site.

bowlhead remarks "If you are a naive or unlucky investor caught out by the SVS debacle I can't see that your life will become measurably better by using that site to learn about REITs. "
I do not think is a fair reflection .

I was with SVS i think investors in ox only accounts will not lose out at all and i think some posters on here are causing unnecessary anxiety to some less experienced investors and maybe older folk .

If i am correct i hope posters suggesting shares where not separated out as is required by regulation will apologise ( In my opinion it would be grossly negligent of the FCA as they already had concerns about SVS before this latest problem if they did not check that , it would be the first thing i would check and i am a blue collar worker , FCA regulators i would guess are well paid and have some savvy )

Some posters on this tread do not have the same knowledge as others that is why i suggested the site i came across there was not much on the site that i did not know but i thought others posting here might learn something about investing and it did have a simple format i thought.

pafpcg

I'm sure you want to be helpful, but could I respectfully suggest that you start an entirely new discussion thread if you want to assist the less experienced investor, perhaps "Hints for better and safer investing" or "Alternatives to SVS X-O", leaving this thread specifically for discussion of the administration of SVS?