Posts

Showing posts with the label O'key group

Compensation from broker for Russian CFD (contract for difference)

The UK Financial Ombudsman has ordered Interactive Brokers (IB) to compensate an investor that invested in a Russian CFD (contract for difference). In this case the CFD was for 10.000 Sberbank ordinary shares. Interactive Brokers refused to close the position because they could not trade the underlying Sberbank shares Interactive Brokers had bought to cover the CFD contract. From March 2022 onwards, IB raised the margin required for the position to 100%. By August 2024 the interest alone charged on the position had amounted to around USD $12,000.  The European Securities and Markets Authority (ESMA) introduced a margin close-out rule in 2018 that states that CFD providers have to close positions once the net asset value in the investor's account drops to 50% of the required margin. The Financial Ombudsman ruled that Interactive Brokers was required to stop charging interest and other charges on the CFD position once they had to close the position on the basis of the ESMA 50% margin...
Read more

EAHCISS will attend the O'key group EGM

EAHCISS will physically attend the extraordinary general meeting of the O'key group in Luxembourg on Friday the 18th of July (https://okeygroup.lu/investors/shareholders/general-meetings/). O'key kindly provided a copy of the sale agreement for the O'key hypermarkets after we provided evidence of being a shareholder.  O'key group is planning to undergo redomiciliation to Russia. We are also working on converting depositary receipts of O'key into the underlying Luxembourgish shares, as a preparation for redomiciliation. Luxembourgish ordinary shares in the O'key group will automatically be converted into Russian shares. O'key group depositary receipts can currently be traded on the Astana international exchange (AIX), Moex and over-the-counter (OTC). O'key group depositary receipts that are administrated in the Russian Federation will automatically be converted into ordinary shares after redomiciliation. Depositary shares that are administrated outside th...
Read more