DTCC closes out $500 billion of Lehman exposure
The Depository Trust & Clearing Corporation, which provides post-trade clearing and settlement services in the US capital markets, has completed the largest close-out in its history, clearing over $500 billion of market participants' exposure to failed investment bank Lehman Brothers.
Lehman Brothers, which filed for Chapter 11 bankruptcy on September 15, was described by the DTCC as a "leading participant" in its depository, clearing corporations and over-the-counter (OTC) derivatives business.
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