Eurex Clearing, the clearing subsidiary of European derivatives exchange Eurex, said it has successfully transferred all customer positions and wound down all proprietary positions of Lehman Brothers International (Europe) in an orderly and timely manner. According to the clearing house, exposure was at all times fully covered by collateral placed by Lehman Europe at Eurex Clearing, and all clearing house processes worked according to the firm’s standards.
Ninety-nine percent of all customer positions were successfully transferred by the close of business on 19 September, with the balance completed on 22 September. Open proprietary positions were also unwound in close cooperation with Lehman Europe. Eurex Clearing said there was no need at any time to draw on any lines of defence, such as the clearing fund.
“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,” said Thomas Book, member of the Eurex executive board and head of clearing, in a statement.
Lehman Brothers International (Europe) was placed into
administration on 15 September, after which Eurex Clearing suspended its clearing licences.