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any more Opes Primes out there?

Discussion in 'General Investing Discussion' started by arandomperson, 5th Apr, 2008.

  1. arandomperson

    arandomperson Member

    Joined:
    31st May, 2007
    Posts:
    22
    Location:
    Melbourne
    Though I'm a bit of a newb I had never heard of Opes Prime before it went splat. But searching around the web and even this site shows very little mentions of it's existance until it hit the headlines in a big way last week. This is maybe a good thing as I could have considered them for my margin loan if I knew they existed..
    Like the Westpoint etc "real estate" schemes are there a whole pile more similar waiting in the wings?
     
  2. samaka

    samaka Well-Known Member

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    30th Sep, 2007
    Posts:
    308
    Location:
    Sydney
    A whole lot of the major brokers have put out statements saying they are not setup in the same way as Opes. I'd expect the rest of the brokers to follow suit in the next few weeks.

    If you a find a broker to who doesn't mention who owns the shares then I'd steer well clear.
     
  3. rowande

    rowande Member

    Joined:
    22nd Dec, 2007
    Posts:
    19
    Location:
    Adelaide
    I've been wondering about MQ Prime (Macquarie) and whether it is a similar operation to Opes.

    Some features
    - 0-95% LVR
    - Long and short positions
    - Cash offset
    - CFD's

    I don't see any statement on their website in relation to ownership.
     
  4. samaka

    samaka Well-Known Member

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    30th Sep, 2007
    Posts:
    308
    Location:
    Sydney
  5. Glebe

    Glebe Well-Known Member

    Joined:
    15th Aug, 2005
    Posts:
    932
    Location:
    Sydney, NSW
    "MQ Prime – Can Macquarie borrow the stock I hold in my MQ Prime facility or short sell it?

    No. Macquarie has no right to borrow your stock in order to short sell it or lend it to a 3rd party."
     
  6. arandomperson

    arandomperson Member

    Joined:
    31st May, 2007
    Posts:
    22
    Location:
    Melbourne
  7. The Stig

    The Stig Well-Known Member

    Joined:
    3rd Dec, 2007
    Posts:
    190
    Location:
    Central Coast NSW
    Lift called in the receivers today.

    Wonder if Chimaera will be next??