EquityClear Service for T+2

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Company Circular No:

LCH.Clearnet Ltd Circular No 3520  / EquityClear Circular No 12


22 September 2014


EquityClear and Equity Derivative members


Dear Member

In line with exchange/market announcements, from Monday 6th October 2014 all EquityClear trades which would have previously been settled on a T+3 basis will move to being settled on a T+2 basis.

That is, trades executed on Friday 3rd October will have an intended settlement date (ISD) of Wednesday 8th October and trades executed on Monday 6th October will also have an ISD of Wednesday 8th October, resulting in 2 net settlements in a single ISIN on Wednesday 8th October.

Trades executed on Tuesday 7th October will have an ISD of Thursday 9th October and so on.

The same holiday rules for calculating ISD apply following the switch from T+3 to T+2.

Trades received from Traiana may have settlement dates other than T+2. EquityClear will process these trades based on the Settlement Date instruction received on the trade.

From 6th October LCH.Clearnet will instruct settlements into (I)CSDs with the ISD set on the new basis. Where counterparts are instructing (I)CSDs they must ensure they correctly set the ISD to achieve a match against LCH.Clearnet.

No changes are being made to the EquityClear reports or messages, just the reported ISD will reflect the new T+2 calculation.

If you require further information please contact Ian Mackenzie Tel: +44 (0) 207 426 7265 Email: ian.mackenzie@lchclearnet.com

Your Sincerely

Roland Chai, Head of Equities, LCH.Clearnet Ltd