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Information Letter to the clients of LCG Capital Markets Limited (a.k.a. “FlowBroker”)
LCG Capital Markets Limited (additional trade name “FlowBroker”) is wholly owned by FlowBank SA, a Swiss Regulated entity until June 13, 2024. On that date, the Swiss Financial Market Supervisory Authority (FINMA) opened bankruptcy proceedings against FlowBank SA. FINMA appointed Walder Wyss SA, succursale de Genève, 14 rue du Rhône, P.O Box, 1211 Geneva 3 as bankruptcy liquidators (the Liquidators). The place of jurisdiction for the bankruptcy is FlowBank SA head office in Geneva. This has effectively stopped FlowBank SA operations.
LCG Capital Markets Limited maintains funds with accounts at FlowBank SA. Due to significant agreements between LCG Capital Markets Limited and FlowBank SA, the appointment of the Liquidators has currently made it impossible for LCG Capital Markets Limited to carry out its operations.
We draw reference to section 25 of our Terms and Conditions, which provides as follows:
FORCE MAJEURE EVENTS We may, in our reasonable opinion, determine that an emergency or an exceptional market condition exists which may prevent us from performing any or all of our obligations (a Force Majeure Event). Following the occurrence of a Force Majeure Event, we will inform BHS (ourselves) and take reasonable steps to inform you.
Force Majeure Events includes the following events: (i) any act, event or occurrence (including any strike, riot or civil commotion, industrial action, acts and regulations of any governmental or supra national bodies or authorities) that, in our reasonable opinion, prevents us from maintaining an orderly market in one or more of the indices/markets in respect of which we ordinarily accept transactions;
At the time of this writing, LCG Capital Markets Limited has engaged the Liquidators. We will update you as more information becomes available to us. For any additional inquiries, clients can continue to contact Customer Support at Email: customerservices.bhs@lcg.com.
We sincerely apologize for the inconvenience this has caused.
Financial market research and analysis
Our analysts have their fingers on the pulse of the world's financial market news.
MARKETS
The S&P 500 fell slightly from record high. Major U.S stocks indices cut gains quickly in the final hour of trading after Dow Jones reported Pfizer now expects to ship half of the doses it had previously planned this year after finding raw materials in early production that didn’t meet its standard. European markets close mixed amid Brexit uncertainty. The Stoxx 600 closed marginally above the flatline, with the travel and leisure stocks surging 3.5%, while chemicals shares declined 1.1%. The dollar plunged while Bitcoin and Gold rose.
WRAP
News
• Asia-Pacific stocks trade mixed amid Covid vaccine concerns; SMIC shares in Hong Kong suspended as Pentagon blacklists the China chipmaker SMIC (as well as oil producer CNOOC);
• U.S. reportedly in talks with Huawei CFO on deal to send her back to China if she admits to wrongdoing;
• Credit Suisse says Asian stocks will kick off an ‘earnings super-cycle’ in 2021;
• JPMorgan says emerging markets are ‘under owned,’ stocks could rally as much as 20%;
• Completely driverless cars are being tested in China for the first time;
• Pfizer cuts Vaccine rollout target by half due to "Supply Chain Obstacles";
• Cruise stocks surged yesterday after Bank of America lifts price targets on vaccine hopes: Carnival and Norwegian Cruise Line Holdings soared as much as 11.1% and 9.9%, respectively. Royal Caribbean Cruises gained as much as 5.5%;
• Stock Valuations surpass 1929 levels: the CAPE ratio has now climbed to its highest ever level outside of the 2000 bubble period;
• U.S. jobless claims hit pandemic-era low as hiring continues even with rising coronavirus cases;
• U.S. reports record 2,800 Covid deaths in a single day, hospitals pushed to the limits;
• UK regulator defends rapid approval of vaccine after Fauci criticism;
• Mitch McConnell says US stimulus deal ‘within reach’;
• DOJ sues Facebook for discriminating against US Workers, reserving Jobs for H1-B Workers;
• Luminar Rises in Market Debut, Making 25-Year-Old Founder a Billionaire. The company, which produces sensor technology for self-driving cars, was started by founder and CEO Austin Russell when he was 17;
• Chevron slashes spending plans as Coronavirus hammers oil demand;
• Cerberus pushed to install Colm Kelleher as Deutsche Bank chair. US buyout group tapped former Morgan Stanley president in an effort to replace Paul Achleitner.
What Else?
• OPEC, Allies agree to increase Output by 500,000 Barrels a Day. The agreement ends a standoff over oil policy between the two sides, promising a modest boost to global supplies as oil markets tighten;
• Tough Macron stance leaves Brexit deal hanging in balance: French president’s intervention on fish and state aid alarms British prime minister Boris Johnson;
• 'Immunity Cards' to be issued to all Americans; enable CDC To Track COVID-19 Vaxx status in database;
• Stripe to offer Banking Services in deal with Goldman Sachs, Citigroup;
• Boeing clinches first firm order for 737 Max since aircraft’s grounding. Multibillion-dollar Ryanair deal marks start of efforts to rehabilitate jet after two fatal accidents;
• ECB warns banks are ‘all over the place’ on bad loan preparations;
• Vitol agrees to pay $160m in bribery and manipulation settlements;
• ‘Tiger cub’ hedge fund Coatue surges to 52% gain: stakes in Tesla and PayPal, and a bet against Wirecard, make 2020 a banner year.
Earnings update
• DocuSign shares gained 6.2% after-hours after Q3 beats on the top and bottom lines and billings. The company also provided upside revenue guidance for the quarter and year.
The Day Ahead
• Macro: IHS Markit Sector PMI for Asia, Europe, Global, Australia retail sales, India monetary policy decision, IHS Markit Construction PMI for Eurozone, Germany, France, Italy and UK, US nonfarm payrolls, jobless rate, earnings, US exports, imports, trade balance, factory orders.
Quote of the day
“The difference between stupidity and genius is that genius has its limits.” – Albert Einstein” .
