THIS NOTICE IS OF PARTICULAR IMPORTANCE TO ANY LSE NON-MEMBERS WHO WERE COUNTERPARTIES TO TRADES MADE ON EXCHANGE WITH LEHMAN BROTHERS INTERNATIONAL (EUROPE) PRIOR TO ITS DEFAULT IN SEPTEMBER 2008.
London Stock Exchange Notice N19/08 issued on 25th September 2008 provided guidance for LSE non-members who were counterparties to Lehman Brothers International (Europe) (in administration) ("LBIE"). This information was also made available on the LSE's dedicated default pages on the website at http://www.londonstockexchange.com/traders-and-brokers/rules-regulations/default-information/lehman-brothers/non-members/non-members.htm
The LSE is moving towards the closing stages of its default process in relation to its member firms and is now concentrating particularly on any remaining unsettled on Exchange, non-CCP transactions ("market contracts") between LBIE and non-member counterparties. The LSE's ability to reconcile these remaining unsettled market contracts relies heavily on submissions made by LSE non-members to the LSE identifying such transactions; to date, the LSE has received few such submissions.
To assist the LSE in its reconciliations of these remaining unsettled market contracts, any LSE non-members who have unsettled market contracts with LBIE should contact the LSE's Deputy Default Official, John Newbury, on 0207 797 1615 or via email at jnewbury@londonstockexchange.com together with appropriate confirmatory material, no later than 21 days from today's date. After this period, the LSE will move to make its final reconciliations on the basis of the information available and finally close out the LBIE default process.
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Lehman Brothers filed for bankruptcy in the US courts on 15 September 2008. PwC were appointed as administrators, on the largest insolvency in history.
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