In addition, even thoughLehmanswas nota largeinfrastructurelender, theirfailure had an impact onliquidityasmanylenderslost money ondepositsandcounterparty derivativepositions.
These CDS contracts might be triggered for payouts soon and hopefully the new exchange-clearing operations will protect CDS buyers from counterpartyfailure.
This experience has led me to believe that one of the best ways to protect the financial system against future systemic shocks, including the possible failure of a major counterparty, is by strengthening the financial infrastructure, including both the "hardware" and the "software" components.