This guidance is for counterparties who believe they have an unsettled on-Exchange transaction with Lehman Brothers International (Europe).
7 November 2008 Update
The Exchange has contacted every member firm asking it to complete and return a spreadsheet setting out the full details of all unsettled on-Exchange non-central counterparty (“CCP”) transactions.
It is important for member firms to make the Exchange aware of these transactions. The law provides that the Exchange’s Default Rules take precedence over the insolvency rules applied by Lehman’s administrators. Failure to notify the Exchange of relevant trades may result in a calculation of members firms’ net positions with Lehman which is less favourable than it might otherwise be.
Any member firm which believes it was counterparty to any unsettled, non-CCP, on-Exchange transactions with Lehman must notify the details to the Exchange as soon as possible and certainly no later than 5pm on Friday 21 November 2008. Member firms not responding by this time will be treated by the Exchange as having submitted nil returns.
Notifications should be made to the Default Official at: firstname.lastname@example.org
Counterparty details - instructions
Member firms that believe that they are a counterparty to any unsettled on Exchange transactions where Lehman Brothers International (Europe) is a counterparty, should complete the excel spreadsheet in the downloads below and return this to email@example.com. Each member firm's Member ID should be included against each trade and also in the name of the spreadsheet returned to the Exchange.
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