FXCM Securities v Digby

FXCM Securities v Digby

The defendant has no real prospect of defending the claim or succeeding on a counterclaim. The claimant was entitled to close out the positions after the margin call was not met, and there was no obligation to disclose the change of ownership. No breach of regulatory or contractual duty was established.

Parties
Claimant: FXCM Securities; Defendant: Digby
Jurisdiction
England and Wales
Judgment Date
15 February 2013
Procedural Posture
Civil (commercial) / Summary Judgment Application
Outcome
Summary judgment granted for the claimant
Legal Topics
Summary Judgment, Margin Calls, Contract Variation, Disclosure Obligations, Consumer Protection
Contract Law Financial Services Regulation Summary Judgment Margin Calls Contract Variation Disclosure Obligations Consumer Protection

Case Brief

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Parties

FXCM Securities

Claimant

Digby

Defendant

Procedural Posture

Civil (commercial) / Summary Judgment Application

Legal Issues

  1. 1 Whether the claimant is entitled to summary judgment for the sum claimed
  2. 2 Whether the 2004, 2007, or 2011 terms govern the contract
  3. 3 Whether the claimant was obliged to disclose the change of ownership to the defendant

Ratio Decidendi

The defendant has no real prospect of defending the claim or succeeding on a counterclaim. The claimant was entitled to close out the positions after the margin call was not met, and there was no obligation to disclose the change of ownership. No breach of regulatory or contractual duty was established.

Court Disposition

Summary judgment granted for the claimant

Orders

  • Defendant to pay £544,029.12 to the claimant
  • Statutory interest awarded at 2% above base rate