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Advisory

Regulatory response to the Financial Crisis. Lehmans UK. 19 January 2009. Advisory. Lehman UK’s position in the group. LB Holdings Inc. Intermediate Holdcos. LBHI2L (England). LBL (England). 99%. 1%. LBIE (England). LBI (USA). LBASIA (Hong Kong). LBJ (Japan). LBF

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Advisory

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  1. Regulatory response to the Financial Crisis Lehmans UK 19 January 2009 Advisory

  2. Lehman UK’s position in the group LB Holdings Inc Intermediate Holdcos LBHI2L (England) LBL (England) 99% 1% LBIE (England) LBI (USA) LBASIA (Hong Kong) LBJ (Japan) LBF (Switzerland) LBCC (USA) LB Lux (Luxembourg) LBSF (USA) (Stock loan borrows) (Credit & Interest rates) (Equity) (FX)

  3. Lehman – what the client can see LBI LBIE • FED and SEC oversight • Five day window to settle trades and negotiate client transfers • SIPA trustee and rules • SIPC Compensation Scheme • BoE and FSA oversight • Administrator with Rules • Immediate seizure • Failure of trades • Freezing of assets • Suspension of services • Absence of information • Uncertain value and timing • Diminishing confidence

  4. Lehman UK: Intervention v Market Solutions • Sounding board • Facilitator • Clients • Other regulators • Government • Regulation ongoing • Observer and discussant

  5. Lehman UK: Some lessons learned • Retention of trust assets • Contingency Plan • Off-exchange default rules • Liquid reserves in London • Multi-lateral account reconciliation • Good bank/Bank bank separation

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