Former Futex traders have started to re-emerge at firms across London
Establishing legal ownership of the
£800,000 held in the Futex account at clearer Marex
Spectron and redistributing it to the trading firm's creditors
is the top priority for the administrators of Futex's parent
comapny, according to sources close to the process.
A source close to the administrator said a
decision over the ownership of the funds held in the Marex
account will be "the priority for the administrators". The
source added: "The cash is available so dealing with this first
means that these funds can be distributed sooner."
As reported by FOW on Friday, Cork Gully,
administrators to Futex's holding company Independent
Derivative Traders (IDT) said: "We note that as at the date of
the injunction, the total owed to traders (approximately
£5.5m) exceeded the total held in the
company’s Marex Accounts (approximately
£800k) by circa £4.7m."
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