Collateral Operations – Revised Go-Live Dates for Changes to Billing, Settlement and Reporting of Collateral Fees

Please be advised that this initiative has been rescheduled to support additional testing. The revised go-live dates are as follows:

1. From 1st November 2016, the interest accrual will be separated into the following accruals:

• Interest accrued against the respective currency base rate
• Interest accrued against the LCH spread

Clearing Members will only see the impact to interest accruals from 5th December 2016 (third business day of the month) when the physical settlement and reporting will take place.

Clearing Members reconciling interest/accommodation on a daily basis will, however, need to use the new suite of interest reports from 1st November 2016 as this is when the new interest calculation will begin.

2. From 1st December 2016, all fee-related postings will be processed as 'Non-Cover' and directly debited from Clearing Members PPS accounts.

LCH apologises for any inconvenience caused by these new dates and will continue to support members throughout the extended testing period.

Full details of this initiative can be found in the previous Circular – 3769 published on the 9th August 2016

If you require any further information or have any questions please contact:

Collateral Client Services
collateral.clientservices@lch.com

Membership Sales and Relationship Management
MembershipSales@lch.com