SEC moves to protect Lehman customer assetsLehman 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.
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|Publication:||AFP Global Edition|
|Date:||Sep 15, 2008|
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