Derivatives market trades on Sunday to cut Lehman Brothers counter-party risk
Unprecedented, this must be a signal that things are worse than most people think. Opening a Sunday session for Smart money to unwind their derivative position. This week should be a rollercoaster ride.
News Release:
Major players in the $455 trillion global derivatives market rushed Sunday to scale back exposure to a potential bankruptcy filing by investment bank Lehman Brothers in a rare emergency trading session. Trading took place as U.S. regulators and bankers were making last-ditch efforts to prevent toxic assets from ailing Lehman Brothers spilling into global markets and rupturing investor faith in the international financial system.
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