Thursday 8 December 2016

'Project Chrysalis' is indeed transformative – but not for Bloxham

Published 15/04/2014 | 02:30

Deirdre Somers, chief executive of the Irish Stock Exchange
Deirdre Somers, chief executive of the Irish Stock Exchange

The Irish Stock Exchange dubbed its shift to a plc as 'Project Chrysalis', but there was to be no transformation of Bloxham Stockbrokers' fortunes by the move.

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Earlier this year, Bloxham liquidator Kieran Wallace lost a High Court case where he argued that the termination of the stockbroking firm's membership of the exchange had not been made for proper purposes and that it would, as a result, lose out on the impending demutualisation windfall.

But Mr Justice Peter Charleton ruled there was "no reliable evidence" that the December 2012 decision to terminate Bloxham's membership of the Irish Stock Exchange arose from a conspiracy or was engineered so as to financially benefit other member firms of the ISE as opposed to being made for the benefit of the ISE as a whole.

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