The Australian Securities Exchange (ASX) was advised yesterday evening that the Deloitte Corporate Reorganisation Group (Deloitte) was appointed as Receivers and Managers to Opes Prime Stockbroking Ltd (Opes Prime), an ASX trading, clearing and settlement Participant.
ASX understands that the appointment was required due to a number of internal stock and cash movement irregularities.
Consequently, under ASX Operating Rules, Opes Prime has had its status as a trading, clearing and settlement Participant suspended immediately.
ASX Markets Supervision (ASXMS) will liaise with the Receivers to ascertain whether any potential breaches of ASX Operating Rules have taken place. ASXMS will also assist ASIC with its enquiries and investigations.
Opes Prime’s on-market (novated) trades are cleared through Berndale Securities Limited (Berndale). Berndale provides Third Party Clearing facilities for a range of trading participants in the ASX market. Under this arrangement, Berndale acts as the Australian Clearing House counterparty for all novated trades executed by Opes Prime.
Berndale has confirmed it stands ready to meet obligations on behalf of Opes Prime for outstanding novated trades due for settlement today, Monday and Tuesday. There is an anticipated net settlement obligation of less than $5 million in relation to those Opes Prime transactions for each of the three outstanding settlement days (today, Monday and Tuesday).
ASX Settlement and Transfer Corporation anticipates settlement to be completed as normal for the whole market. Attached is the ASX Circular sent to Participants.
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