The assigned liquidator: In case of insolvency, the assigned liquidator will manage BCS’s assets and money distribution among its clients, if applicable.
For clients under FCA or CySEC regulations, certain regulatory schemes apply (FSCS and ICF, respectively), which compensate clients in the event of insolvency and a shortfall of client funds. The FSCS (FCA) offers coverage of up to 85,000 GBP; while ICS (CySEC) offers coverage of up to 20,000 Euros.
Customer securities accounts at BrokerCreditServiceEU are protected by the Securities Investor Protection Corporation ("SIPC") for a maximum coverage of $500,000 (with a cash sublimit of $250,000) and under BCS Global Market's excess SIPC policy with certain underwriters at Lloyd's of London for up to an additional $30 million (with a cash sublimit of $900,000) subject to an aggregate limit of $150 million. Futures and options on futures are not covered. SIPC is a non-profit, membership corporation funded by broker-dealers that are members of SIPC.
The FSCS is the UK's statutory fund of last resort for customers of UK authorised financial services firms. This means that the FSCS can pay compensation if a member firm, such as BrokerCreditServiceEU, is in liquidation and unable to pay client compensation claims against it, including where there is a client money shortfall. In the unlikely event there was a shortfall in the client money account, individual BrokerCreditServiceEU clients would be able to claim up to a maximum of £85,000 per person from the FSCS.
If a bank holding client money goes into liquidation the losses would be shared by all clients in proportion to their share of BrokerCreditServiceEU Market's overall client money position. In respect of a UK authorised bank, these losses would be covered by the FSCS up to a limit of £85,000 per person, per banking group for each individual BrokerCreditServiceEU client.
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After quick and efficient onboarding, our technical development team will ensure integration and seamless connections between our systems and yours in the shortest possible time.
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Vashiotis Kalande offices, Mesa Geitonia, 4004, Limassol, Cyprus.
99 Bishopsgate,Floor 1/7, London, EC2M3XD
(+1) 705-996-5193
