London equity market loses a big player Monday, September 15, 2008
Lehman had become a sizeable player in the London secondary market for equities after having made a big bet to build its' market share.
This will leave a big gap but one that will be quickly snapped up. The question now is by who?
Separately, a number of alliances will now need rethinking as Lehman had been very commercially aggressive in doing many partner deals. The LSE had announced it was going to link with Lehman's "dark pool" as part of its defensive strategy. Elsewhere, retail FX brokers had made flow deals with Lehman, which will need rehousing.
Main topic of conversation at breakfast tables in the City this morning was Lehman & Merrill and what it means for the next few days, weeks, months.