Their customer service is non existent. Not only when you send an email they reply to you after 7+ days but also their answers are fixed and dry without even taking the time to provide any info.
To be more specific:
- I asked in case of Degiro goes Bankrupt and someone has a CUSTODY account (SPV LONG ONLY) since the financial instruments are not lent to third parties (Asset Segregation) if you can recover 100%-FULLY your assets instead of the ICS (Investor Compensating Scheme) of 20 K (which is a joke) !
- NOTHING is under your NAME (OMNIBUS accounts in SPV) since they use a complex system of Custody Chain that you are the Final Investor-Ultimate Beneficiary in a Chain of Rights (only a note from the side of DEGIRO as to who owns what exist). My second question was HOW you can recover-claim back your financial instruments since NOTHING is under your name after a bankruptcy. Which is the procedure that applies in that case ? In other words is it possible to transfer your portfolio to another broker after the bankruptcy of Degiro ?
- Basic account > Third parties borrowing > If the third party-the Borrower sells your stocks at 50 EUR/share and the stock goes to 300 EUR/share (more than the 104%- used as a collateral) Does Degiro covers you to the FULL extent -100% ? Or…there are Max figures-Limits ?
They haven’t replied to any of these questions !
Can someone here respond in case he/she knows ? Thanks !