Teathers Limited Default

The operation of the Exchange's default procedures, in accordance with the provisions of the Companies Act 1989, is designed to produce a net sum calculation of the liabilities owed to and by the defaulter acting as principal with respect to each of its counterparties to unsettled non CCP on-Exchange trades. Under the rules of the London Stock Exchange the Exchange will determine the net amount payable between Teathers Limited and each of its counterparties in respect of unsettled on-Exchange trades as at the time of default (17:00 hrs on Tuesday 25 November 2008).

In accordance with Rule D121, this net amount will be certified by the Exchange and may be proved as a debt by the defaulter or counterparty as applicable. Following this certification, it is for the defaulter and it's counterparties to organise the associated payments. The Exchange is not authorised to engage in the payment process and its role in the default will cease once it certifies the net amount payable.

Where Teathers Limited was acting in an agency capacity the Exchange will contact the defaulter's customer or counterparty and the non-defaulting member firm and will require them to settle the contract.

 

Current Status
This page will be updated as the default process develops.

 

Rules
Download the rules of the London Stock Exchange.

 

Ceasing of settlement
The Exchange's guidance in relation to settlement.

 

Member Firms
The Exchange's guidance in relation to member firms.

 

Non - Members
The Exchange's guidance in relation to non-member firms and their custodians.

 

Lending Arrangements
The Exchange's guidance on relation to Lending Arrangements.

 

Hammer Prices
The Exchange's guidance in relation to hammer prices.

Contact details
Default Official - Nick Bayley +44 20 7797 4214 (STX 34214) defaultofficial@londonstockexchange.com