Derivative traders open session to reduce Lehman risk
Sun Sep 14, 2008 3:05pm EDT
NEW YORK (Reuters) - An emergency trading session has been opened between Wall Street dealers with Lehman Brothers counterparty risk, the International Swaps and Derivatives Association said Sunday.
The session will run from 2 p.m. to 4 p.m. and will involve credit, equity, rates, foreign exchange and commodity derivatives, the ISDA said in a statement.
The aim is to reduce risk associated with a potential bankruptcy filing by Lehman Brothers Holdings Inc.
"Trades are contingent on a bankruptcy filing at or before 11.59 p.m. New York time Sunday," said the statement. "If there is no filing, the trades cease to exist."
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