C - Client money
29/1/13
IN THE MATTER OF MF GLOBAL UK LTD (in administration) [2013] EWHC 92 (Ch)
Discusses the hindsight valuation principle applicable in insolvency. Held that on the insolvency of a firm holding client money under FSA Client Assets Sourcebook, the principle does not apply as the CASS rules require client money to be pooled and paid to each client rateably by reference to market prices at the time open positions are closed-out, not by reference to actual prices at which they are closed out.