Easter 2024 Arrangements
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Circular No. |
LCH Circular No 4298 |
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Date: |
7 March 2024 |
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To: |
All LCH Ltd Members |
Clearing Members are advised that LCH Ltd (LCH) will have service specific operating hours for Good Friday (29 March 2024) and Easter Monday (1 April 2024). Please refer to the Service Opening Table for additional details.
Margin Calls
Margin calls from close of business on Thursday 28 March 2024:
ForexClear
Margin calls will be processed and called from Clearing Members’ PPS bank for value on Friday 29 March 2024 1
ForexClear will be open for business on Good Friday 29 March 2024 and Easter Monday 1 April 2024 and will be subject to the normal business day processes, including intraday margin calls and deadlines as detailed in the LCH Rulebook.
All Other Clearing Services
Margin calls will be processed and called from Clearing Members’ PPS bank for value on Monday 1 April 2024 1
Margin Management
The below applies to both Clearing Members’ Proprietary and Client business:
ForexClear
On Friday 29 March, CMS deposits and withdrawals will be reviewed, managed and processed on a best efforts basis.
The Collateral Management System (CMS) cash deposit limits will reflect the above.
Auto-repay will remain on for Client VM (L) subaccounts only. Auto-repay will be disabled for all other subaccounts.
All Other Clearing Services
LCH requests that any USD cash collateral or securities lodgements in excess of a Clearing Member’s Initial Margin requirement are advised prior to 10:00 New York time (14:00 London time) on Thursday 28 March 2024. Any lodgements after this time on Thursday 28 March 2024 will be managed on a case by case basis.
Clearing Members may continue to provide cash collateral in response to a margin call or lodge non-cash collateral in accordance with standard processes. The Collateral Management System (CMS) cash deposit limits will reflect the above.
CMS will not be available for deposits and withdrawals for value Friday 29 March.
Reporting
Banking reports from close of business on Thursday 28 March 2024:
ForexClear
Banking reports will be available to Clearing Members on Friday 29 March 2024 from 07:00 (London time). Clearing Members are advised that reports will be available on the LCH Portal website dated 29 March 2024.
All Other Clearing Services
For technical reasons, Banking reports will still be produced on Friday 29 March 2024; however these will not be complete with regard to business data and should be ignored. Complete Banking reports will be available to Clearing Members on Saturday 30 March 2024 from 07:00 (London time) via the LCH Portal in the dated folder 1 April 2024.
Banking reports are available on the LCH Portal for one month.
For further information:
Collateral Client Services
Collateral.ClientServices@lch.com
CaLM Front Office
CaLMFrontOffice@lch.com
N.B. Please note that the content of this Circular is subject to regulatory review.
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).
1 Except for those currencies where holidays apply and day 2 currencies.