Asterioder, you said:"To be clear: all of the shares that Opes...

Asterioder, you said:

"To be clear: all of the shares that Opes Prime’s margin loan clients think they own, and owned before they dealt with Opes, are now owned by ANZ – no matter how small their loan is.""

I don't know whether this is correct or not? I would have thought the relationship between the M/L client and Opes is one legal contract and that between Opes and ANZ another.

The most Opes can do is to request the M/L clients to pay-out their loans. I wouldn't have thought that Opes have any legal right or ability to sign over a client's collateral to a third party.

Put another way, any shortfall in the loan security held by ANZ could not be claimed from a third party.