In your online broker goes bankrupt (Le Figaro)

In front of the fall of the stock exchange, the question can be asked by those who work with new online brokers. What do your shares becomes in case of takeover, closure of the site, voluntary liquidation or bankruptcy ? Le Figaro brings a kind of answer. Les recours en cas de fermeture d'un site de courtage" reviews the situation from the e-banking case which has stopped activities. Thus, customers have been invited to transfer their assets to the parent company, the Belgian Fortis bank or to a bank of their choice. And the transfer is paid by Fortis.

In the general case, the problem is relatively simple to solve if the site provides just a financial intermediary service. It's getting worse when the subsidiary is independent. As contracts have been signed this subsidiary, customers have to ask the parent company. In case of voluntary liquidation of the site, guaranties in case of the bankruptcy of a bank or a "traditional" broker will be applied the same way, Le Figaro says. Thus, the Fonds de Garantie des Dépôts (Fund of guaranty) compensates every customer up to 70.000 euros (459.170 francs) by opened counts, in cash or in securities, wherever the branch is located in the European economic space. So, in principle, everybody is assured of being compensate up to a determined level. In principle…