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Showing posts with the label Redomiciliation

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...
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Forced conversion depositary shares of Ozon

Yesterday was the first day of trading of Ozon on the Moscow stock exchange after the process of redomiciliation from Cyprus to the Russian Federation was completed.  The 11th of November 2025 was also the day that Reestr-Proton, the registrar for Ozon, published the procedure for the forced conversion of depositary shares into local ordinary shares. This information can be found here: https://reestr-proton.ru/for_shareholders   EAHCISS is contemplating hosting a webinar to explain the process of forced conversion of Ozon depositary shares.  It is well possible that shareholders that do not apply for forced conversion may not have the chance to obtain ordinary shares of Ozon afterwards and that BNY will liquidate the Ozon shares that underly the depositary shares if they see a possibility to do so. Unfortunately voluntary conversion of depositary shares of Ozon has, in practice, not been possible due to a global lock that was placed on the depositary shares by the DTC in ...
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Redomiciliation of Ozon to the Russian Federation - update

Today was the last day of trading of Ozon American Depositary Shares (ADS) on the AIX (Astana International Exchange). Ozon IPJSC (formerly Ozon Holdings PLC) announced on the 25th of September that the Company is now registered in the special administrative district in Kaliningrad region, Oktyabrsky Island, Russia as Ozon International Public Joint-Stock Company. Trading in Ozon IPJSC shares is expected to resume by the end of 2025. The Moscow Exchange will notify investors in advance.   Ozon has released a FAQ that guides investors through the impact of redomiciliation. The FAQ can be found here . Holders of depositary shares will be able to apply for forced conversion in order to receive ordinary shares in Ozon IPJSC. The process and deadlines for forced conversion will be communicated in due course.  
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