CL-2018-000297, CL-2018-000404, CL-2018-000590, - [2025] EWHC 2364 (Comm)

on the initial trade date of 22 March 2012, debits of £651.37 and £30.00 for “Commission on execution” and “Clearing & Settlement Charges”;

on the initial settlement date of 28 March 2012, an “Equity Settlement” debit of £52,109,966.15 and a “Stock Loan Settlement” credit of the same amount (being the GBP equivalent on that date of the matching equity trade price and stock loan collateral of DKK465,000,000);

also on that initial settlement date, the “Dividend” credit of £453,004.28;

from that date until the settlement date of the unwind phase, accruing daily, a “Stock Lending Fee” credit and an “Interest on Stock Loan Cash Pool” debit, based on the terms of the stock loan transaction confirmation. As of the unwind settlement date, when the stock loan terminated, ending those accruals, they came to £4,197.75 and £14,731.20, respectively;

on the unwind trade date, a “Clearing & Settlement Charge” debit of £29.40;

on the unwind settlement date, an “Equity Settlement” credit of £52,191,831 (being the GBP equivalent then of the unwind sale price, DKK475,500,000) and a “Stock Loan Settlement” debit of £52,109,966.15, which is at first blush an oddity that Mr Klar was unable to explain as a matter of recollection (the oddity being that it equalled the GBP credit treated as cash collateral at the start of the stock loan, but although the transaction amounts were the same (DKK465,000,000), the exchange rate had changed – at the exchange rate used for the unwind settlement, a notional return of cash collateral of DKK465,000,000 should have ‘cost’ Europa less, namely £51,039,330);

that is to say, a trading profit (in this instance) for Europa, on paper, of £523,624.91 (which would have been £1,594,261.06 if the correct exchange rate had been used for the stock loan cash collateral return).