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Andrea Schlaepfer / Rachael Harper Corporate Communications
Tel: +44 20 7426 7463/ 7175

LCH.Clearnet successfully manages Lehman default

London, 23 September 2008

LCH.Clearnet, central counterparty to a significant proportion of Lehman trades, is pleased to announce that the default is being successfully managed; risk exposure has fallen by over 90% since the default and any remaining exposure is well within margin held.  Furthermore, LCH.Clearnet is working closely with market participants to ensure the orderly transition and management of positions with minimum impact on the market.

LCH.Clearnet is consequently confident that it will not be necessary to use the default funds in the management of the Lehman default.

Roger Liddell, Chief Executive, LCH.Clearnet said: “This is the most complex and challenging default in our history.  We have worked with market participants to ensure market orderliness.  Our success in managing the default demonstrates the robustness of our risk management procedures and the strength of our relationships with key market participants.”

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