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Gruppe Deutsche Börse AG Neue Börsenstr. 1 60487 Frankfurt am Main, Germany http://www.deutsche-boerse.com
Contact Gruppe Deutsche Börse AG +49 69 21111500
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Gruppe Deutsche Börse AG

Eurex Clearing completes handling of Lehman Brothers International (Europe) open positions

All customer positions transferred and proprietary positions closed/ Risk at all times covered by Lehman collateral

(PresseBox) (Frankfurt am Main, )
Eurex Clearing today announced that it successfully transferred all customer positions and wound down all proprietary positions of Lehman Brothers International (Europe) in an orderly and timely manner. The exposure was at all times fully covered by collateral placed by Lehman Brothers International(Europe) at Eurex Clearing and all clearing house processes worked according to Eurex Clearing's industry leading standards.

Lehman Brothers International (Europe) was placed into administration on Monday, 15 September, followed by a suspension of its clearing licenses by Eurex Clearing. The process was handled in close coordination with PriceWaterhouseCoopers LLP as administrators, Lehman Brothers International(Europe), as well as the affected General Clearing Members taking over Lehman Brothers International (Europe) customer positions and all affected Non-Clearing Members. The outcome of this combined effort saw 99 percent of all customer positions successfully transferred by the close of business on 19 September, with the balance completed on 22 September. Open proprietary positions were also smoothly unwound in close cooperation with Lehman Brothers International (Europe). There was no need at any time to draw on any of the lines of defense of the Clearing House, e. g. the Clearing Fund.

Thomas Book, member of the Eurex Executive Board and in charge of clearing,said "The professional assistance of Lehman Brothers International (Europe)
staff and all third parties involved in conjunction with Eurex Clearing ensured a speedy, controlled and auditable transfer in the interest of all customers and the marketplace. This was a unique situation, one that required tried and tested clearing processes combined with robust risk management systems, further underlining the benefits that state-of-the-art clearing houses offer to the financial markets."

Gruppe Deutsche Börse AG

Eurex Clearing AG is one the world's leading clearinghouses offering central counterparty services for instruments traded on the Eurex exchange, Eurex Bonds and Eurex Repo as well as the Frankfurt Stock Exchange (Xetra® and floor trading) and the Irish Stock Exchange. Central counterparty clearing services provide effective risk management and strengthen financial market integrity.

Eurex Clearing AG is a full subsidiary of Eurex.

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The publisher indicated in each case (see company info by clicking on image/title or company info in the right-hand column) is solely responsible for the stories above, the event or job offer shown and for the image and audio material displayed. As a rule, the publisher is also the author of the texts and the attached image, audio and information material. The use of information published here is generally free of charge for personal information and editorial processing. Please clarify any copyright issues with the stated publisher before further use. In case of publication, please send a specimen copy to service@pressebox.de.