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Current Status


The London Stock Exchange has now completed its default procedures with respect to Madoff Securities International Limited, including all four phases outlined below. The Default Completion Report sent to the Financial Services Authority (with Annex 1 removed for confidentiality purposes) is attached below.

Madoff Securities Default Completion Report -  (pdffile pdf - 307 KB)

Phase 1 - Declaration

  • Declare Default
  • Fix Hammer Prices
  • Stop Settlement
  • Request Data

Phase 2 - Data Collection and Reconcilation of on-Exchange market contracts

  • LSE trade report data collection
  • CSD data collection
  • Defaulter's data collection
  • Member firm counterparties data collection
  • Non member firm counterparties data collection
  • Conduct reconciliation
  • Issue verification emails and data extracts to counterparties & defaulter

Phase 3 - Consultation on Initial Determination

  • Issue initial determination emails and data extracts to counterparties & defaulter
  • Opportunuty for counterparties and defaulter to provide further evidence in support of submissions

Phase 4 - Confirmation of Net Amount Certificates ("NACs")

  • Assess any further evidence received from counterparties and defaulter and reach final determination
  • Confirm net amounts and issue NACs to counterparties