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Expo 2008 Program

Wednesday, November 12, 2008 at 10:45 AM
W10:45A Improving Markets: Lehman Lessons
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Regency A (West Tower)


Barings, Refco, Sentinel, and now Lehman...each market disruption is different. What has the industry learned from the Lehman default? Panelists will examine the issues raised domestically and internationally in winding down the Lehman business such as distinguishing between customer and proprietary positions, understanding exchange policies regarding liquidation and transferring accounts and collateral in various jurisdictions, definitional and operational difficulties with the concept of secured amounts and segregation, and the key role of custodial banks. What issues arise when an administrator steps in? How can prompt transfer of customer positions and assets be achieved? Can the industry move toward some standardization of procedures when a clearing member goes out of business?

Kenneth Raisler, Partner, Sullivan & Cromwell

Ronald Filler, Ronald H. Filler & Associates
Christopher Jones, Director, Head of Risk Management, LCH.Clearnet
Stefan Knoblauch, Head of Clearing Business Development, Eurex Clearing
Edward Rosen, Partner, Cleary, Gottlieb, Steen & Hamilton
Kimberly Taylor, Managing Director and President, Clearing House Division, CME Group
Ananda Radhakrishnan, Director, Division of Clearing and Intermediary Oversight, Commodity Futures Trading Commission

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