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How Is The Netting Session Going?

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As we first learned from our commenters, banks and brokers today are hold a special session for netting derivatives transactions with Lehman. The idea is to cancel trades that offset each other, reducing the number of trades that would have to be settled if Lehman files for bankruptcy tonight.
So far we haven't heard how the session, which was supposed to last from 2 PM to 6 PM, is going. There should be about an hour left in the session. Can anyone lend us a hand in helping us understand this? Feel free to leave a comment below, email us at tips@dealbreaker, or text us at 646-526-FEAR. Thanks.


(Vincent Diamante, Flickr)

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