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Current Status


The London Stock Exchange has now completed its default procedures with respect to Lehman Brothers International (Europe), including all four phases outlined below. The Default Completion Report sent to the Financial Conduct Authority is attached below (with Annex 1 removed for confidentiality purposes).

Lehman Brothers International (Europe) Default Completion Report - (pdffile pdf - 709 KB)

Phase 1 - Declaration

  • Declare Default
  • Fix Hammer Prices
  • Stop Settlement
  • Request Data

Phase 2 - Data Collection and Reconcilation of on-Exchange market contracts

  • LSE trade report data collection
  • EUI data collection
  • Euroclear Bank data collection
  • DTCC data collection
  • Defaulter's data collection
  • Member firm counterparties data collection
  • Non member firm counterparties data collection
  • Conduct reconciliation

Phase 3 - Consultation on Initial Determination

  • Issue initial determination emails and data extracts to counterparties & defaulter
  • Opportunity for counterparties and defaulter to provide further evidence in support of submissions 

Phase 4 - Assessment of Further Evidence, Confirmation of Net Amount Certificates ("NACs")

  • Assess any further evidence received from counterparties and defaulter and reach final determination
  • Confirm net amounts and issue NACs to member firms and non member firm counterparties

 

 

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