Morgan Stanley has sold a $1.2bn claim in the liquidation of the Lehman Brothers estate this week, in a move highlighting the booming market for trading claims and bonds linked to the hundreds of different Lehman entities.

The Morgan Stanley claim was linked to about 10,000 derivatives transactions to which Lehman was a counterparty. It was sold on to about 10 different investors, according to people with knowledge of the trade, at a price of 38.5 per cent of face value, or $462m. Morgan Stanley declined to comment.