RE: Moving from Fund and share account to ISA31 Mar 2022 23:36
Costamooney, I believe Jubb were caught in a short with EUA. I was in when it was suspended. It came back after a few months and the sp shot up.
1. London Stock Exchange ("the Exchange") suspended the membership of Jub Capital Management LLP ("Jub Capital") on Friday 17 July 2020 pending clarification of the firm's financial position.
2. The Designated Members of Jub Capital have instructed Sterling Ford to take the necessary steps to place Jub Capital into Creditors' Voluntary Liquidation. The Designated Members have proposed that Philip Anthony Roberts of Sterling Ford be appointed as Liquidator to Jub Capital, this proposal is to be brought to a meeting of members to be convened for 7 August 2020. The Exchange has subsequently been in communication with Jub Capital and the proposed Liquidator with regard to the firm's unsettled on Exchange trades.
3. In light of the information now available, the Exchange considers that Jub Capital is unlikely to be able to fulfil its obligations in respect of its unsettled Exchange market contracts. Therefore, under rule D100 of the Rules of the London Stock Exchange ("the rules"), Jub Capital Management LLP has been declared a Defaulter on the Exchange at 11:00 on 31 July 2020.
Ceasing of settlement
4. Member firms should ensure that no further settlement of their on Exchange transactions with the defaulter takes place. This is to ensure that the unsettled transactions, which will be covered by the Exchange's default procedures, are not separately settled. These default procedures will apply regardless of any "match-delete" activity undertaken in CREST; that process may change the status of the trade in the settlement system but cannot validly deal with the underlying trade. Similarly, any purported agreement between the parties to treat any unsettled trades as cancelled is ineffective as far as trades included in the default price.