Lehman Brothers continues to trade natural gas swaps in the US ICE market, but ICE Europe has shut them out its market for crude oil futures, a person familiar with the matter said. The CME group continues to allow them to trade agricultural futures, currencies and interest rate swaps, and on the NYMEX (which is owned by the CME group) Lehman is still permitted to trade on the NYMEX, the person said.
No one is trading on the physical markets. While several trading floors were instructed by managers to cease trading on the spot market with Lehman late last week and over the weekend, part of the lack of physical trading could be due to the effects of hurricane Ike, which is believed to be diminishing physical trading in oil today. Many Houston trading desks are operating remotely today, with traders difficult to reach by emails and phones and some offices in Houston still closed.
Posted by guest , Sep 15, 2008 10:10AM
I've had all the fun I can handle in posting FIRST!
Posted by guest , Sep 15, 2008 10:24AM
From a major custodian:
Based on the filing of Chapter 11 bankruptcy by the holding company of Lehman Brothers, effective immediately and until further notice, Pershing is not accepting trades on your behalf with Lehman Brothers or its affiliates as counterparty or where Lehman acts as the prime broker for your clients.
We are working diligently to settle any trades that you have executed with Lehman Brothers prior to today, Monday, September 15, 2008. We will continue to monitor these settlements with the clearing houses and other settlement agents. If we encounter any settlement problems, we will contact you on a case-by-case basis.
If you have any questions, please contact your Account Manager.
Posted by guest , Sep 15, 2008 10:51AM
The fact that LEH still trades actively and openly at the CME and the NYMEX demonstrates, once again, why futures trading beats the hell out of OTC trading.
Posted by guest , Sep 15, 2008 11:57AM
"part of the lack of physical trading could be due to the effects of hurricane Ike, which is believed to be diminishing physical trading in oil today. Many Houston trading desks are operating remotely today, with traders difficult to reach by emails and phones and some offices in Houston still closed."
I guess JPM's oil speculation operation in Houston is a bit disheveled today. With all the windows blown out of JPM's tower in Houston, and with all those soaked JPM papers marked "Confidential" drifting around the streets, I would imagine that consumers are thankful to hurricane Ike.
After all, the price of oil is well below $100 this morning. One more speculator is out of the business, at least in the near term.
The Guy from Delaware
Posted by guest , Sep 15, 2008 1:32PM
$84 biillion 7x10b Inter-bank fund is to fund LEH "BAD BANK" assets (breakup).
Posted by guest , Sep 15, 2008 8:16PM
pershing's (BONY Mellon) taking lehman action again as of Monday afternoon.
-- Commodities Desk
Posted by Mark Fidrych , Sep 25, 2008 11:23AM
Does anyone know what's to become of TradePipe the lehman futures trading front end? I heard it has some good algorithms built in to trade futures. Did it also support gray box trading and FX trading?