Clone of LCH.Ltd - EquityClear - Sanctions and Euroclear Bank settlement update
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Circular No. |
LCH Circular No 3948 |
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Date: |
26th April 2018 |
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To: |
All LCH Ltd EquityClear Clearing Members |
Dear Member
Following LCH Ltd (“LCH”) Circulars No’ 3942 & 3943, regarding the settlement of EN+ in Euroclear Bank, this Circular provides information regarding to the corporate action election, with a deadline of 1ST May 2018 and also the management of open positions.
Voluntary Event : Cancellation of Depositary Receipts for Shares
As per the EquityClear Rulebook (2D), Section 1.14.3 (c), LCH will not be accepting elections relating to the above corporate action. Default option of “No Action” will be applied to any remaining open positions
Open Positions
LCH continues to cooperate with members and Euroclear Bank to settle outstanding positions, however in light of (i) settlement of the security being suspended for settlement effective 7th May 2018 and (ii) the manual procedures and deadlines being imposed by Euroclear Bank, LCH will proceed with cash settlement procedures effective close of business 2nd May 2018.
Further details of the cash settlement procedure will be communicated to those impacted members in due course.
If you require further information, please contact operations who can be contacted on +44 207 426 7601 and by choosing option 1, alternatively email the group on equityclear.ops.uk@lch.com
Alternative information can be requested from the LCH Relationship Management team:
Tim Beckwith / + 44 (0) 207 426 7276 / tim.beckwith@lch.com
Ian Mackenzie / + 44 (0) 207 426 7265 / ian.mackenzie@lch.com