Changes to the SwapClear Margining Times and Backload Registration Cycles Times

Report date
Summary

Circular No.

LCH Circular No 3777

Service Circular No.

SwapClear Circular No 152

Date:

25th August 2016

To:

All SwapClear Clearing Members

Body

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.