Lehman Brothers Holdings Inc. (fka LEHMQ)

[cautiouslyoptimistic]

Derivative traders open session to reduce Lehman risk
Sunday September 14, 3:01 pm ET

NEW YORK (Reuters) - An emergency trading session has been opened between Wall Street dealers with Lehman Brothers (NYSE:LEH - News) counterparty risk, the International Swaps and Derivatives Association said Sunday.

The session will run from 2 p.m. to 4 p.m. and will involve credit, equity, rates, foreign exchange and commodity derivatives, the ISDA said in a statement.

The aim is to reduce risk associated with a potential bankruptcy filing by Lehman Brothers Holdings Inc.

"Trades are contingent on a bankruptcy filing at or before 11.59 p.m. New York time Sunday," said the statement. "If there is no filing, the trades cease to exist."