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FSA issues Lehman Brothers statement
15 September, 2008
Today, Lehman Brothers Holding Inc ("LBHI"), a U.S. investment bank, announced that it intends to file a petition under Chapter 11 of the U.S. Bankruptcy Code.
Lehman Brothers is a U.S. institution regulated by the SEC, so the FSA is working closely with the US authorities to ensure an orderly wind down of its principal UK trading subsidiary, Lehman Brothers International (Europe), which was placed into administration earlier this morning.
The FSA is working with market practitioners, including the London Clearing House (LCH), to ensure the process connected with the winding down of this wholesale business is completed in an orderly manner to minimise any market disruption.