Punters outraged after some spreadbetters mark Quindell positions at 30p a share; fears move could trigger share price crash when suspension is lifted - part 2

Following my last post, Jonathan Hufford, the MD of Spreadex, has been in touch to explain why the spreadbetting firm has had to mark positions in Quindell at 30p.

Hufford, who I have to say seems like a reasonable chap, explained that his clearing bank, Commerzbank, had marked Quindell stock at 0p.

"Commerzbank have a policy of marking any stock at 0p once it has become de-listed," said Hufford.

As a result, Spreadex has decided to mark its clients' positions (some of which are extremely large) in Quindell at 30p a share, and in the process could end up absorbing some of the loss its clients will endure should Quindell shares fall when the suspension has been lifted. In fact, Hufford says Spreadex has already absorbed some "pain" because the spreadbetter has paid Commerzbank down to 0p.

Hufford also said "we are not forcing clients to close positions, we are giving about a week to sort out their positions and accounts".

Still, it does leave a sour taste in the mouth for some punters. Perhaps somebody should get onto Commerzbank and ask the German institution how it arrived at a 0p valuation for Quindell.