Trading With Lehman: A Commodities Update

Lehman Brothers continues to trade natural gas swaps in the US ICE market, but ICE Europe has shut them out its market for crude oil futures, a person familiar with the matter said. The CME group continues to allow them to trade agricultural futures, currencies and interest rate swaps, and on the NYMEX (which is owned by the CME group) Lehman is still permitted to trade on the NYMEX, the person said.

No one is trading on the physical markets. While several trading floors were instructed by managers to cease trading on the spot market with Lehman late last week and over the weekend, part of the lack of physical trading could be due to the effects of hurricane Ike, which is believed to be diminishing physical trading in oil today. Many Houston trading desks are operating remotely today, with traders difficult to reach by emails and phones and some offices in Houston still closed.

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