“A small percentage of trades were rescinded and that largely depended on what individual arrangements institutions had within their Isda agreements,” Close says. “The vast majority of Lehman trades were processed smoothly and some of these were for very large amounts. Citi was the entity that authorized Lehman’s instructions and it can’t have been an easy decision for it to make, but it stood behind the deals and they went through. CLS worked exactly as it should do.
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