Printer Friendly

SEC moves to protect Lehman customer assets

US regulators have moved to protect customer assets held by Lehman Brothers Lehman Brothers Holdings Inc. (NYSE: LEH), founded in 1850, is a diversified, global financial services firm. It is a participant in investment banking, equity and fixed income sales, research and trading, investment management, private equity, and private banking. , as the ailing Wall Street giant appeared headed for collapse.

The Securities and Exchange Commission said it was "taking actions to ensure that customers of Lehman Brothers Inc., the US regulated broker-dealer subsidiary of Lehman Brothers Holdings Inc., which holds the accounts of Lehman's US securities customers, will not be adversely affected by recent market events."

The SEC said it would enforce rules requiring "segregation segregation: see apartheid; integration.  of customer securities and cash," as well as insurance protection by the Securities Investor Protection Corporation Securities Investor Protection Corporation (SIPC)

A nonprofit corporation that insures customers' securities and cash held by member brokerage firms against the failure of those firms.
 (SIPC (Simply Interactive PC) An earlier umbrella term from Microsoft and Intel for a PC that works like a home appliance. For example, it has a sealed case, uses external connectors for expansion and boots in just a couple of seconds. ).

The SEC moves came amid an expected bankruptcy filing by Lehman, the fourth largest US investment bank.

The SEC said it was "coordinating with overseas regulators to protect Lehman's customers and to maintain orderly markets Orderly Market

Any market in which the supply and demand are reasonably equal.

Orderly markets usually don't have volatile price swings and prices are competitive, reflecting the true value of the good or service.
." It was in contact with regulators in Britain, Germany, Japan and elsewhere.
Copyright 2008 AFP Global Edition
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright (c) Mochila, Inc.

 Reader Opinion




Article Details
Printer friendly Cite/link Email Feedback
Publication:AFP Global Edition
Date:Sep 15, 2008
Previous Article:Fed eases access to emergency credit
Next Article:Global banks pledge 70 billion dollars to ease credit crunch

Related Articles
Fed To Boost Lending Ahead of Lehman Bankruptcy.
SEC moves to protect Lehman customer assets
SEC moves to protect Lehman customer assets
Banking crisis: Giant firms scramble to set up $70bn rescue fund
Banking crisis: Lehman Brothers files for bankruptcy protection
US regulator cracks down on stocks short selling

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters