EquityClear Regulations

Dear Member,

As specified in Circular 2521, on 28 September 2009 LCH.Clearnet Ltd will change the way in which it clears SIX Swiss Exchange:

• LCH will commence the clearing of SWX Swiss Exchange Small and Mid-caps.

• All of the SIX Swiss Exchange markets will be cleared by LCH and x-clear as inter-operating clearing houses;

As a result, LCH’s Regulations will be amended:

• To remove Regulations V1-V8 (which were based on x-clear acting as a sub-CCP);

• To add a new Regulation 62B, which provides for novation of transactions, to cover SWX Swiss Exchange off-orderbook trades, and which will permit the clearing of markets which trade on the basis of novation, such as Turquoise; and

• To extend all provisions to interact with Co-operating Clearing Houses.

Please click here to see the amendments, which will come into force on Monday 28 September 2009.

For any questions on the Regulations, please contact Paul Watkins on 020 7426 7018, paul.watkins@lchclearnet.com