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WASHINGTON: US regulators have moved to protect customer assets held by Lehman Brothers, as the ailing Wall Street giant appeared headed for collapse.
The Securities and Exchange Commission said it was "taking actions to ensure that customers of Lehman Brothers Inc., the US regulated broker-dealer subsidiary of Lehman Brothers Holdings Inc., which holds the accounts of Lehman's US securities customers, will not be adversely affected by recent market events."
The SEC said it would enforce rules requiring "segregation of customer securities and cash," as well as insurance protection by the Securities Investor Protection Corporation (SIPC).
The SEC moves came amid an expected bankruptcy filing by Lehman, the fourth largest US investment bank.
The SEC said it was "coordinating with overseas regulators to protect Lehman's customers and to maintain orderly markets." It was in contact with regulators in Britain, Germany, Japan and elsewhere.
- AFP/yb
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