| Dealstream down? [message #29294] |
Mon, 22 September 2008 16:06  |
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tank 
Messages: 2005
Registered: September 2007
Location: Richards Bay |
Senior Member |
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Dealstream down?
Sep 22 2008 2:55PM
Marc Ashton
Johannesburg - Investors who conduct their business through derivatives trader Dealstream are not amused as its trading platform appears to have closed up shop.
Dealstream is a Melrose Arch-based derivatives trading company that offers investors opportunities to trade single-stock futures (SSFs) and contracts for difference (CFDs) via its web-based platform.
The company is run by Russell Leigh, a regular market commentator for many financial publications.
The company included Argil Venture Capital as an investor. Argil is a fund manager owned by auditing firm Ernst & Young Southern Africa and Worldwide African Investment Holdings. Its first venture is an innovation and technology fund, which was launched with R100m in investment capital.
After requests from readers to investigate Dealstream, Fin24.com attempted to call Leigh's office and cellphone numbers, with no luck. A visit to the Dealstream offices showed that nobody was home.
"What is disconcerting is the lack of information from the company," said an investor who contacted Fin24.com.
According to another investor, warning flags were raised last week: "On Wednesday afternoon, the system was online but trades were not going through. They said they would enter them for us but one could not see if trades went through or not.
"Thursday was the same. By Friday afternoon, the system went off line 'due to technical difficulties' and this morning the site remains offline."
Trade in SSFs is managed by the JSE. However, its director of trading, Allan Thomson, did not return Fin24.com's telephone calls or e-mails relating to Dealstream.
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| Re: Dealstream down? [message #29324] |
Tue, 23 September 2008 08:43  |
Leo1
Messages: 296
Registered: July 2008
Location: Pretoria |
Senior Member |
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ANNOUNCEMENT REGARDING DEALSTREAM SECURITIES
Vox has been made aware that Dealstream Securities ("Dealstream") has ceased
trading and that Dealstream`s positions in Vox securities have been assumed by
one of Dealstream`s counterparties.
Vox has had discussions with this counterparty aimed at facilitating an orderly
take up of these Vox securities with, inter alia, those parties who held
interests in the Company`s securities. Many of these parties may have claims
against Dealstream and appropriate action and claims are being considered by
these parties.
Vox has not entered into any contracts in which it has any liability to
Dealstream, however Dealstream holds Vox cash of approximately R30m, the
recoverability of which the Company believes has now been materially prejudiced.
Vox is taking legal advice in regard hereto. This amount, if unrecoverable, will
not impact the delivery of services to Vox customers.
The Company holds no open derivative positions in Vox securities. The Company is
also aware that its staff hold accounts with Dealstream, none of which, to the
best of the Company`s knowledge, were in default of their margin requirements at
the time Dealstream ceased trading.
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| Re: Dealstream down? [message #29398] |
Thu, 25 September 2008 16:46 |
DfD
Messages: 82
Registered: May 2008
Location: Cape Town |
Member |
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Hear Hear! Stealstream is a matter for the cops now - not the sharechat forum
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