Easter 2023 Arrangements

Clearing Members are reminded that LCH Ltd (“LCH”) is open on Good Friday 7 April 2023 and Easter Monday 10 April 2023. The purpose of this circular is to provide detailed information on payment arrangements over this period.

Please refer to the Service Opening Table for details on Clearing Service open days in 2023.

Margin Calls

Margin calls from close of business on Thursday 6 April relating to all Clearing Services will be processed and called from Clearing Members’ PPS bank for value Good Friday 7 April 2023. (1)

Margin calls from close of business on Friday 7 April relating to all Clearing Services will be processed and called from Clearing Members’ PPS bank for value Easter Monday 10 April 2023. (1)

Intraday margin calls will be applicable for SwapClear and ForexClear on Good Friday, 7 April 2023, and Easter Monday, 10 April 2023, and will be subject to the normal business day processes, including intraday margin calls and deadlines as detailed in the LCH Rulebook.

Intraday margin calls will be applicable for EquityClear on Easter Monday, 10 April 2023, and will be subject to the normal business day processes, including intraday margin calls and deadlines as detailed in the LCH Rulebook.

LCH reserves the right to call Clearing Members on both Good Friday and Easter Monday even if a Clearing Service is closed.

Margin Management

LCH requests that any USD denominated collateral (cash or securities) in excess of Clearing Members’ Initial Margin requirement be advised prior to 14:00 (New York time) on Thursday 6 April and that as such any cash deliveries after this time, up until the open of the SwapClear service on Monday 10 April, will be managed on an exception basis. Clearing Members may continue to provide cash collateral in response to a margin call or deliver non-cash collateral. The Collateral Management System (“CMS”) cash deposit limits will reflect the above schedule. 

FCM Clearing Members' excess cash balances will not be available for withdrawal on Friday 7 April.

Terms used herein shall have the meaning assigned to them in the Rulebook or FCM Rulebook, as applicable. References to a ‘SwapClear Contract’ and a ‘SwapClear Clearing Member’ include an ‘FCM SwapClear Contract’ and an FCM Clearing Member.

Reporting

Banking reports over the period will be published as per normal schedule. They can be found in the applicable dated folders.

Banking reports are available on the LCH Portal for one month.

For further information, please contact:
Collateral.ClientServices@lch.com

Ashley Miles
Ashley.Miles@lseg.com
Manager Cash Collateral Operations

Andrew Warren
Andrew.Warren@lseg.com
Director, Collateral and Liquidity Management

N.B. Please note that the content of this Circular is subject to regulatory review.
(1) Except for those currencies where holidays apply and day 2 currencies.

Terms used in this circular and not defined in this circular shall have the meaning assigned in the LCH Rulebook (available at www.lch.com).