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Current Status


The London Stock Exchange has now completed its default procedures with respect to Teathers Limited, including all four phases outlined below with a total of 48 NACs being issued to Member Firms. The Default Completion Report sent to the Financial Services Authority (with Annex 1 removed for confidentiality purposes) is attached below.

Teathers Limited Default Completion Report - (pdffile pdf - 672 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
  • Issue read letters 

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