Changes to the SwapClear Margining Times and Backload Registration Cycles Times
|
Circular No. |
LCH Circular No 3777 |
|
Service Circular No. |
SwapClear Circular No 152 |
|
Date: |
25th August 2016 |
|
To: |
All SwapClear Clearing Members |
On each Business Day and in accordance with SwapClear Procedure 1.9.4 the Clearing House is entitled to call for Collateral intra-day. With effect from 12th September 2016 the Clearing House will be changing the times at which it assesses the value of all SwapClear Contracts (referred to as Market Data Refresh or ‘MDR’) and subsequently calls for Collateral. The table below shows the current times and the revised times.
| Day | Current | Revised |
| 1st MDR | 08:20 London Time | 09:00 London time |
| 2nd MDR | 14:15 London Time | 14:15 London time (No change) |
| 3rd MDR | 14:05 EST | 17:00 London time |
With effect from 12th September 2016 the Clearing House will be changing the times at which it runs Backload Registration Cycles. The table below shows the current times and the revised times.
| Day | Current | Revised |
| Monday – Wednesday | 17:00 London Time | 12:00 London time |
| Thursday | 17:00 London Time | 19:30 London time |
| Friday | No Cycle | No Cycle. |
If you have any questions please contact: SwapClear Client Services at swapclear.clientservices@lch.com
All times are approximate. The Clearing House’s rights to require Collateral are governed by the Rulebook. Nothing contained in this circular shall limit the Clearing House’s rights to require Collateral at times other than as described herein. Clearing Members will be notified of any changes in these timings via Clearing Member Circular or Service Notifications. Terms used herein and not defined herein shall have the meaning assigned in the Clearing House Rulebook.