The London Metal Exchange is permitting Lehman Brothers to continue trading base metals through its telephone broking department, even though the main trading companies in Europe are in administration.
Administrators PricewaterhouseCoopers took control of Lehman Brothers International Europe, the principal Lehman trading company in Europe, on the morning of Monday September 15.
Late on Sunday Lehman Brothers Holdings, the ultimate parent in the US, had sought bankruptcy protection under Chapter 11. Overseas subsidiaries were told they would receive no further support from the parent, and since all cash in the group is swept...