It’s a regulated company and the majority of its trading appears to be on regulated exchanges, where clearing systems of some sort operate.
This means that, on the surface, the parameters within which things could go wrong seem well-defined.
The exchanges and clearing houses between them should have positions cleared, transferred and margined in the blink of an eye.
Or, at least, that’s what we all think should be the case.
Unfortunately, some uncomfortable facts are being thrown up, which put matters into a slightly different perspective.
It is understood that the company has made investments (although punts would be...