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BBY Client Monies Investigation Report: 22 December 2015

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BBY Client Monies Investigation Report: 22 December 2015 + BBY Limited (Receivers and Managers Appointed) (In Liquidation) ACN 006 707 777 Client monies investigations Liquidators’ Report Stephen Vaughan and Ian Hall Joint and Several Liquidators KPMG 10 Shelley Street Sydney 22 December 2015 2 © 2015 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. Glossary ABN ABN Amro, Futures clearing house AC Account Number ACN Australian Company Number Act Corporations Act 2001 (Cth) ACH ASX Clearing House ADM ADM Investor Services International Administrators Stephen Vaughan and Ian Hall of KPMG AFSL Australian Financial Services Licence AIMS AIMS Financial Group Agility Agility Applications Pty Ltd ANZ Australia and New Zealand Banking Group APX Asia Pacific Stock Exchange AQA Aquila Resources Limited ARITA Australian Restructuring, Insolvency and Turnaround Association ARCC Audit, Risk and Compliance Committee ASIC Australian Securities and Investments Commission ASX Australia Stock Exchange ATO Australian Taxation Office BAU Business as Usual BBO Business Banking Online BBYAS BBY Advisory Services Pty Ltd BBYH BBY Holdings BBYHT BBY Hometrader Pty Ltd BBYN BBY Nominees Pty Ltd BBYPN BBY Protection Nominees Pty Ltd BBY Companies BBY Limited and each of the 9 BBY entities as listed in Appendix 1 BBY Group BBY Limited and each other BBY entities (related or otherwise) as listed in Appendix 1 BBYL BBY Limited (In Liquidation) (Receivers and Managers Appointed) BBYN BBY Nominees Pty Ltd (in Liquidation) BNZ Bank of New Zealand BSA Broker Services Australia Pty Ltd (In Liquidation) (the employment company) CAD Canadian Dollars Carbon Carbon trading product line Capital Based Position Limit – a limit on the clearing participant to ensure that there is no exposure CBPL generated beyond the clearing participant’s financial capacity CEO Chief Executive Officer CFD Contract for Difference CFO Chief Financial Officer CHESS Clearing House Electronic Subregister System CHF Swiss Franc Chi-X Chi-X Australia Pty Ltd CMA Client Management Account Cash Market Margin – a call on the clearing participant to ensure that in the event of a default of the CMM clearing participant the clearing house can close out the clearing participants net novated obligations with minimal impact on the market Counterparty External third party who BBYL used in order to facilitate transactions across various product lines CSA Client Segregated Account, an account maintained for the purposes of section 981B of the Act 3 © 2015 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. Directors Glenn Rosewall, Ken Rosewall and David Perkins DOCA Deed of Company Arrangement Equities BBYL Product, the trading of shares on ASX ETOs BBYL product, Exchange Traded Option EUR Euro Firestone Energy Firestone Energy Limited Ficema Ficema Pty Ltd ATF Ficema Trust FJD Fijian Dollar FX Foreign Exchange BBYL product, the buying or selling of a contract at an agreed price, with future delivery of the commodity Futures or instrument GARF Glenn Rosewall Superannuation Fund GBP Great British Pound GBST GBST Holdings Limited GBST DCA Proprietary system for ETOs GBST Shares Proprietary system for Equities and ETOs GFC Global Financial Crisis (economic downturn in 2007-2008) GMI SunGard GMI, proprietary system for Futures GST Goods and Services Tax HIN Holder Identification Number HKD Hong Kong Dollars IB Interactive Brokers LLC, an online trading platform Iress Iress Market Technology Limited IT Information technology Lazorne Lazorne Group Pty Ltd, compliance consulting firm specialising in financial services Liquidators Stephen Vaughan and Ian Hall of KPMG MFX Pallion MFX, proprietary system for FX NAB National Australia Bank NLV Net Liquidation Value NZD New Zealand Dollar OR Option Research Pty Ltd PC Personal Computer PDS Product Disclosure Statement PHP Philippine Peso PPB PPB Advisory Proceedings Proceeding Number 237028 of the Supreme Court of NSW RATA Report as to Affairs Receivers & Managers, Stephen Parbery and Brett Lord of PPB Advisory (appointed by STG over the Receivers secured property of BBY) SAP Accounting software used by the BBY Companies Saxo BBYL product, an online trading platform SCMA Saxo Capital Markets (Australia) Pty Ltd SEG Segregated STG St George Bank, a secured creditor STL Smartrader Limited Stonebridge StoneBridge Securities Limited THB Thai Baht TN Tilbia Nominees Pty Ltd USD United States Dollar 4 © 2015 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. Waterburg Coal Waterburg Coal Company Limited ZAR South African Rand 5 © 2015 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. Contents Glossary ....................................................................................................................................................................... 3 Contents ....................................................................................................................................................................... 6 Executive Summary .................................................................................................................................................. 12 1. Introduction ........................................................................................................................................................... 14 1.1 Background 14 1.2 Objective of the CSA investigation 14 1.3 Approach and sources of information 15 1.4 Purpose of this report 16 1.5 Structure of this report 17 2. BBY management team and trading history ...................................................................................................... 18 2.1 Officers 18 2.2 Management Structure team and other key roles 18 2.3 Financial performance and position 19 2.4 Key events 19 3. BBY Products and counterparties ...................................................................................................................... 25 3.1 Overview of products 25 3.2 Equities / ETOs 26 3.3 Futures 28 3.4 Foreign Exchange (FX) 32 3.5 Saxo 35 3.6 Interactive Brokers 37 3.7 Carbon Trading 37 4. Client monies ......................................................................................................................................................... 38 4.1 Client monies introduction 38 4.2 Client claims for the purpose of this report 39 4.3 Summary of client monies position by product line 47 4.4 Post appointment transactions 50 4.5 Post appointment client withdrawals and ASX returned collateral 53 4.6 Pooling scenarios 55 5. Investigation approach ......................................................................................................................................... 57 5.1 Scope of work 57 5.2 Procedures undertaken 58 5.3 Assumptions 62 6. Findings ................................................................................................................................................................. 63 6.1 Introduction 63 6.2 Operation of the BBY bank accounts 63 6.3 Funds transfer matrix findings 71 6 © 2015 KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. The KPMG name, logo and "cutting through complexity" are registered trademarks or trademarks of KPMG International. Liability limited by a scheme approved under Professional Standards Legislation. 6.4 Vertical funds movements identified 72 6.5 Horizontal funds movements identified 74 6.6 CSA to House / House to CSA funds movements identified 80 6.7 Other / Related Party funds movements identified 91 6.8 The Aquila transaction 92 6.9 SAXO 1:1 funding arrangement 101 6.10 Other matters arising from our investigations 106 7. Summary of findings .......................................................................................................................................... 109 7.1 Summary of findings to date in respect of each product line 109 8. Disclaimers and limitations ............................................................................................................................... 112 8.1 Disclaimers 112 8.2 Limitations of client monies analysis
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