RusBankrot
We know everything about bankruptcy
24/11/2024
Sunday
THIS DAY IN HISTORY:
24 November 
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
24 November
1970 The United States and the USSR ratified the nuclear non-proliferation treaty.
1970 The Central Committee of CPSU restored the national autonomy of the Kalmyks, Karachais, Balkars, Chechens and Ingush.
1970 Charles Darwin published The Origin of Species - the first edition was sold out in a day.
"Univer Capital" broker appealed to the Central Bank with a request for reorganization
Central Bank of Russia received an appeal from the “Univer Capital”. A well-known broker, part of the investment group of the same name, faced the threat of bankruptcy. However, the Central Bank stated that Russian legislation does not provide for a mechanism of reorganizing private firms.
In a letter cited by Interfax, representatives of the firm note the risk of subsequent rolling bankruptcy of investors, including individuals and organizations. Many of them have previously spent their financial savings by investing in the assets of the Russian issuers. At the same time, representatives of “Univer Capital” report their readiness to transfer the operational management of the company directly to the Central Bank or any other organization that the regulator authorizes for this.
The reason for the organization’s appeal to the Central Bank of the Russian Federation was the forced sale of a client’s package of securities carried out by the National Clearing Center (NCC) on March 24 and 25, 2022. The authors of letter note that one of the issues of Eurobonds of the Ministry of Finance dollar income could exceed 400% per year.
On March 22, the firm informed clients that NCC had sold all their federal loan bonds (FLBs). The discrete auction, during which the transaction took place, was conducted according to the clearing rules. The amount of revenue reached 1.08 billion rubles. But if the same securities were sold at the exchange closing price, more than 1.25 billion rubles would have been received for them.
The company reports that its clients have opened 2,157 broker accounts, 1,742 of which are accounts of Russian citizens, 358 accounts belong to Russian organizations, and another 57 accounts belong to foreign legal entities. In this situation, the firm's management turned out to be concerned about how exactly NCC is forcibly selling clients' assets almost 15% cheaper than the price determined by market conditions. Whether “Univer Capital's” appeal will affect the established regulations is a big question, to which the Central Bank of the Russian Federation has not given an unequivocal answer.
In a letter cited by Interfax, representatives of the firm note the risk of subsequent rolling bankruptcy of investors, including individuals and organizations. Many of them have previously spent their financial savings by investing in the assets of the Russian issuers. At the same time, representatives of “Univer Capital” report their readiness to transfer the operational management of the company directly to the Central Bank or any other organization that the regulator authorizes for this.
According to official data, by February 18, 2022, the company raised about 40 billion rubles, including customer funds and own assets.
At the same time, 63% of the amount were Eurobonds of the Ministry of Finance, the repayment of obligations on which was calculated for 4 years.The reason for the organization’s appeal to the Central Bank of the Russian Federation was the forced sale of a client’s package of securities carried out by the National Clearing Center (NCC) on March 24 and 25, 2022. The authors of letter note that one of the issues of Eurobonds of the Ministry of Finance dollar income could exceed 400% per year.
On March 22, the firm informed clients that NCC had sold all their federal loan bonds (FLBs). The discrete auction, during which the transaction took place, was conducted according to the clearing rules. The amount of revenue reached 1.08 billion rubles. But if the same securities were sold at the exchange closing price, more than 1.25 billion rubles would have been received for them.
In simple words, customers have suffered damages worth almost $174 million.
The broker firm has lost the ability to independently sell securities with the obligation of their subsequent redemption (the so-called REPO transactions). This function has been taken over by the NCC. Its actions in concluding such transactions at penalty rates using the client’s funds (including those who did not have margin positions) led to the loss of 880 million rubles in penalty interest.The company reports that its clients have opened 2,157 broker accounts, 1,742 of which are accounts of Russian citizens, 358 accounts belong to Russian organizations, and another 57 accounts belong to foreign legal entities. In this situation, the firm's management turned out to be concerned about how exactly NCC is forcibly selling clients' assets almost 15% cheaper than the price determined by market conditions. Whether “Univer Capital's” appeal will affect the established regulations is a big question, to which the Central Bank of the Russian Federation has not given an unequivocal answer.
30.03.2022
