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Three Sri Lankan stockbroker firms lacked funds to settle creditors Empty Three Sri Lankan stockbroker firms lacked funds to settle creditors

Thu Jun 04, 2015 3:14 pm
Message reputation : 100% (3 votes)
Three Sri Lankan stockbroker firms lacked funds to settle creditors
Jun 04, 2015

COLOMBO (EconomyNext) – Sri Lanka’s stock exchange has reported that three broker companies did not maintain enough funds in their client bank accounts to settle creditors over the three-day settlement period.

“Three broker firms did not maintain adequate funds in their respective client bank accounts to settle the creditors over the T+3 balances for several months during the period,” the Colombo Stock Exchange revealed in its 2014 annual report.

It said two of the firms were in compliance with the CSE provisions relating to the adequacy of client funds by end-2014 and the remaining firm was in the process of taking “corrective actions” to comply with the rules.

The report also revealed enforcement actions carried out in relation to key violations of CSE stockbroker rules during 2014.

It said three broker firms were found to have failed to meet the minimum net capital requirement during the year but subsequently complied with the requirement within the time-frame set out in the stockbroker rules.

The report also said three stockbroker firms had been in violation of the single client credit limit of 15 percent of credit extendable during the year.

“Two firms have subsequently taken corrective actions to comply with the requirement,” the CSE said.

“The other firm has been unable to comply with the requirement as at 31st December 2014. The CSE continues to follow up with the firm on compliance.”

The CSE report also said one broker firm had been in violation of the credit extending limit of three times of adjusted net capital in 2014 but had complied with the requirement by year-end.
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Three Sri Lankan stockbroker firms lacked funds to settle creditors Empty Re: Three Sri Lankan stockbroker firms lacked funds to settle creditors

Thu Jun 04, 2015 3:17 pm
Here we go.
The grapevine is not always wrong as some think.
Very Happy
GroundedKestrel
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Three Sri Lankan stockbroker firms lacked funds to settle creditors Empty Re: Three Sri Lankan stockbroker firms lacked funds to settle creditors

Thu Jun 04, 2015 3:49 pm
What are these 3 firms? Is Asha Phillip Securities included?
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dhanurrox
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Three Sri Lankan stockbroker firms lacked funds to settle creditors Empty Re: Three Sri Lankan stockbroker firms lacked funds to settle creditors

Thu Jun 04, 2015 3:56 pm
Asia??They should give the names.
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Three Sri Lankan stockbroker firms lacked funds to settle creditors Empty Re: Three Sri Lankan stockbroker firms lacked funds to settle creditors

Thu Jun 04, 2015 8:30 pm
Message reputation : 100% (1 vote)
GroundedKestrel wrote:What are these 3 firms? Is Asha Phillip Securities included?

Usually they clear credit in T+5 so I think they shud be in safe boat..

However, pay attention to the following phrase..
“The other firm has been unable to comply with the requirement as at 31st December 2014. The CSE continues to follow up with the firm on compliance.”

Whatever this broker hut is; if they cannot meet the requirement, I'm afraid the next step is force selling after a few days.. The market can come drastically down depending on the amount of credit that needs to be cleared..

We have to be very careful in these situations.. Evil or Very Mad It will not be any other aspect like interest rates, political or macro economical issues dat can bring market down but force selling.
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guruji
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Three Sri Lankan stockbroker firms lacked funds to settle creditors Empty Re: Three Sri Lankan stockbroker firms lacked funds to settle creditors

Thu Jun 04, 2015 8:32 pm
Thats what the reson behind this down
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