Below you will find some information that can be used by member firms in their queries in relation to the default of Lehman Brothers International (Europe) Limited ("Lehmans") which was declared at 11:00 on Monday 15 September 2008. The Exchange will continue to update this information.
Administrator information - PricewaterhouseCoopers LLP ("PWC")
Here is a link to PWC's website which provides information in relation to the administration of Lehman Brothers International (Europe).
Trading on Monday 15 September 2008
The Exchange confirms that Lehmans has not effected any on-Exchange transactions on 15 September, including any transactions on the International Order Book.
Default Procedures
The operation of the Exchange's default procedures, in accordance with the provisions of the companies act 1989, is designed to produce a net sum calculation of the liabilities owed to and by the defaulter with respect to each of its counterparties to unsettled non CCP on-exchange trades. Under the rules of the London Stock Exchange the Exchange will determine the net amount payable between Lehman and each of its counterparties in respect of unsettled on Exchange trades as at the time of default (11:00 hrs on Monday 15 September 2008).
In accordance with paragraph D121 of the rules, this net amount will be certified by the Exchange and may be proved as a debt by the defaulter or counterparty as applicable. Following this certification, it is for the defaulter and it's counterparties to organise the associated payments. The Exchange is not authorised to engage in the payment process and its role in the default will cease once it certifies the net amount payable.
Monday, February 23, 2009
Current Status
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The Exchange is currently in Phase 2 of its default process. Data collection and data verification between the numerous parties concerned is complex and highlights a number of inconsistencies.
As soon as reconciliations are complete on a counterparty by counterparty basis the Exchange will issue clarification and / or confirmation emails to both the counterparties in question and to the Defaulter.
Phase 1 - Declaration
Declare DefaultFix Hammer PricesStop SettlementRequest Data
Phase 2 - Data Collection and Reconciliation of on-Exchange market contracts
LSE trade report data collectionEUI data collectionEuroclear Bank data collectionDTCC data collectionDefaulter's data collectionMember firm counterparties data collectionNon member firm counterparties data collectionConduct reconciliationIssue clarification emails and data extracts to counterparties & defaulterIssue confirmation emails and data extracts to counterparties & defaulter
Phase 3 - Issue of Net amount certificates ("NACs")
LSE to issue NACs to member firms and non member firm counterparties.
-------------------------------------------------------------------------------------------------
The Exchange is currently in Phase 2 of its default process. Data collection and data verification between the numerous parties concerned is complex and highlights a number of inconsistencies.
As soon as reconciliations are complete on a counterparty by counterparty basis the Exchange will issue clarification and / or confirmation emails to both the counterparties in question and to the Defaulter.
Phase 1 - Declaration
Declare DefaultFix Hammer PricesStop SettlementRequest Data
Phase 2 - Data Collection and Reconciliation of on-Exchange market contracts
LSE trade report data collectionEUI data collectionEuroclear Bank data collectionDTCC data collectionDefaulter's data collectionMember firm counterparties data collectionNon member firm counterparties data collectionConduct reconciliationIssue clarification emails and data extracts to counterparties & defaulterIssue confirmation emails and data extracts to counterparties & defaulter
Phase 3 - Issue of Net amount certificates ("NACs")
LSE to issue NACs to member firms and non member firm counterparties.
Market Data Services - Infolect™
Every second of the trading day the London Stock Exchange generates invaluable market information: from real-time data on individual trades and share price movements, to company announcements. This data is delivered via our real-time information delivery system, Infolect.
Infolect is the enhanced successor to LMIL (London Market Information Link) and is one of the fastest real-time information delivery system of any Exchange in the world.
The reduced latency of data delivery gives our customers a competitive edge in markets where every millisecond can make a difference.In recognition of our unrivalled breadth, quality and depth of market data the Exchange has been voted ‘Data Provider of the Year’ for two consecutive years at the Inside Market Data awards – representing our continued ability to provide world-leading exchange data services to the global market.
This section of the website provides full information on:
Every second of the trading day the London Stock Exchange generates invaluable market information: from real-time data on individual trades and share price movements, to company announcements. This data is delivered via our real-time information delivery system, Infolect.
Infolect is the enhanced successor to LMIL (London Market Information Link) and is one of the fastest real-time information delivery system of any Exchange in the world.
The reduced latency of data delivery gives our customers a competitive edge in markets where every millisecond can make a difference.In recognition of our unrivalled breadth, quality and depth of market data the Exchange has been voted ‘Data Provider of the Year’ for two consecutive years at the Inside Market Data awards – representing our continued ability to provide world-leading exchange data services to the global market.
This section of the website provides full information on:
Our Information Products, including all real-time data services as well as our analytical and historical product suite.
How to Connect to Infolect, whether as a direct customer or an indirect customer
How to Contact Us in order to obtain more information to discuss your real-time data requirements
A full guide to all Technical Information, explaining how to receive the Exchange’s market data, whether you are connecting as a direct customer or a distributor.
All Prices & Policies for subscribing to Infolect and receiving real-time market data.
The Terminal Returns section may be used by customers for detailing the number of devices capable of viewing London Stock Exchange Data.
All distributors and direct customers must report the number of devices capable of viewing London Stock Exchange data directly to the London Stock Exchange.
Thursday, February 19, 2009
How to find us
The London Stock Exchange is in the heart of the City of London.
Address: 10 Paternoster Square, London, EC4M 7LS
Telephone: +44 (0) 20 7797 1000
Address: 10 Paternoster Square, London, EC4M 7LS
Telephone: +44 (0) 20 7797 1000
Nearest tube station
St Paul's (Central line)
Blackfriars (District and Circle line)
Farringdon and Barbican (Metropolitan, Hammersmith and City and Circle lines).
Nearest train station:
Blackfriars and City Thames link
Nearest airport:
London City Airport
Transport for London travel information:
Online journey planner
For up to the minute service information click here or telephone +44 (0)20 7222 1234
Market information
Information is the lifeblood of the stock markets. The fast provision of reliable information helps create the transparency and liquidity that is the hallmark of the London Stock Exchange. Today we provide high-quality, real-time prices, news and other information to 90,000 installed terminals in over 100 countries worldwide.
Real-time data
We supply real-time data, generated by the trading activity on our markets, to investors and market participants, both directly and through market data distributors. Private investors can also receive real-time prices from any one of our licensed vendors. Share prices are available for free, delayed by 15 minutes, through our online prices service.
Information products
We provide historical and reference data services that help investors and financial professionals check the official trading record and analyse the activity on our markets. Our information products offer corporate event information, historical price data plus statistical and trading reports.
Proquote
Proquote is our new generation supplier of real-time market data and trading systems. It provides financial data and trading functionality direct over the internet, and so offers substantial cost reductions to market participants.
RNS
RNS is the Exchange's company news service, and is a market leader in providing effective corporate and investor communications and solutions. We handle regulatory announcements for 90 companies in the FTSE 100 and deliver to a global audience of dealer terminals, key financial websites and databases. You can access delayed company news for free on RNS.
FTSE indices
The Exchange is the joint owner of FTSE, the company that calculates stock market indices for markets around the world. FTSE compiles the official indices that track our equity and bond markets. If you need a benchmark, tradable or custom index in any currency, market, region or sector, you can be sure there is a FTSE index to cover it.
Real-time data
We supply real-time data, generated by the trading activity on our markets, to investors and market participants, both directly and through market data distributors. Private investors can also receive real-time prices from any one of our licensed vendors. Share prices are available for free, delayed by 15 minutes, through our online prices service.
Information products
We provide historical and reference data services that help investors and financial professionals check the official trading record and analyse the activity on our markets. Our information products offer corporate event information, historical price data plus statistical and trading reports.
Proquote
Proquote is our new generation supplier of real-time market data and trading systems. It provides financial data and trading functionality direct over the internet, and so offers substantial cost reductions to market participants.
RNS
RNS is the Exchange's company news service, and is a market leader in providing effective corporate and investor communications and solutions. We handle regulatory announcements for 90 companies in the FTSE 100 and deliver to a global audience of dealer terminals, key financial websites and databases. You can access delayed company news for free on RNS.
FTSE indices
The Exchange is the joint owner of FTSE, the company that calculates stock market indices for markets around the world. FTSE compiles the official indices that track our equity and bond markets. If you need a benchmark, tradable or custom index in any currency, market, region or sector, you can be sure there is a FTSE index to cover it.
Equity markets
Companies across the world come to the London Stock Exchange looking to raise money to develop and grow their businesses. Listing on our markets gives companies the opportunity to tap into one of the world's deepest and most liquid pools of capital.
There are more than 2,800 companies listed on our markets, worth over £3,500bn. In 2004 there were 293 IPOs on our markets raising £7,100m new capital. Our markets cater for companies large and small, from start-ups to global brands. We supervise our markets rigorously to ensure their integrity and fairness for all market participants.
The Main Market
The Main Market is Europe’s most prestigious and effective listings venue for established companies, a proven way to raise capital and gain profile. The Main Market has around 1,800 companies with a total market capitalisation of more than £3,500bn.
AIM
AIM is the world’s leading small-cap growth market - in 2004 AIM alone accounted for 65% of all IPOs in Western Europe. Currently there are more than 1,060 issuers listed on AIM with a combined market capitalisation of £37bn.
International companies
The London Stock Exchange is a global marketplace. Around 350 companies in 54 different countries use a London listing to gain the profile and access to capital they need to grow into truly global companies. They are drawn by the quality of our markets, their depth of liquidity and the sophistication and long-term approach of the institutional investor community in London.
There are more than 2,800 companies listed on our markets, worth over £3,500bn. In 2004 there were 293 IPOs on our markets raising £7,100m new capital. Our markets cater for companies large and small, from start-ups to global brands. We supervise our markets rigorously to ensure their integrity and fairness for all market participants.
The Main Market
The Main Market is Europe’s most prestigious and effective listings venue for established companies, a proven way to raise capital and gain profile. The Main Market has around 1,800 companies with a total market capitalisation of more than £3,500bn.
AIM
AIM is the world’s leading small-cap growth market - in 2004 AIM alone accounted for 65% of all IPOs in Western Europe. Currently there are more than 1,060 issuers listed on AIM with a combined market capitalisation of £37bn.
International companies
The London Stock Exchange is a global marketplace. Around 350 companies in 54 different countries use a London listing to gain the profile and access to capital they need to grow into truly global companies. They are drawn by the quality of our markets, their depth of liquidity and the sophistication and long-term approach of the institutional investor community in London.
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