Ltd

LCH Limited operates a direct debit system, known as the Protected Payments System (PPS), for the transfer of funds to and from Clearing members. A Clearing member is required to maintain a PPS bank account (s) in London in GBP and for each currency in which it incurs settlements at one of the participating PPS banks. Different banks can be used for different currencies. Clearing Members are also required to maintain a USD account at one of the specified banks for PPS in the USA. Any bank charges arising from the operation of a PPS account are for the account of the Clearing member. A PPS mandate must be completed, the original of which is held at the PPS bank and a copy lodged with LCH  Limited.

Participating PPS banks are as follows:

London

  •     Bank of America
  •     Barclays Bank PLC
  •     JP Morgan Chase Bank
  •     Citibank NA
  •     Deutsche Bank AG
  •     Lloyds TSB Bank PLC
  •     HSBC Bank PLC
  •     National Westminster Bank PLC
  •     The Royal Bank of Scotland PLC
  •     The Bank of New York Mellon  
  •     Bank of China Limited, London Branch


US PPS Providers for LCH LTD

  •     Bank of America NA (New York)
  •     The Bank of New York Mellon (New York)
  •     Citibank NA (New York)  
  •     JP Morgan Chase Bank (New York)
  •     BMO Harris Bank NA (Chicago)
  •     HSBC Bank USA (New York)
  •     Bank of China Limited, London Branch
  •     Barclays Bank PLC (New York)
For further information, please contact Nick McMillan on +44 20 7426 7283 or Nick.McMillan@lch.com