LCH Limited (“LCH”) ForexClear Service – EMTA Template – USD-RUB ForexClear NDF Contracts

Dear ForexClear Clearing Member,

We refer to LCH’s recent consultation with its ForexClear Clearing Members, regarding the EMTA Template applicable to USD-RUB ForexClear NDF Contracts and USD-RUB FCM ForexClear NDF Contracts (each, a “ForexClear Contract”).

Trade Date - 6 June 2022 or later 

LCH notifies you pursuant to the definition of ‘EMTA Template’ under Section 1 of Procedure 2I and Section 2.2.1 of the FCM Procedures that, for each USD-RUB ForexClear NDF Transaction and USD-RUB FCM ForexClear NDF Transaction with a Trade Date of 6 June 2022 or later, the EMTA Template that will apply for the purposes of the:

• ForexClear Contracts arising from the clearing of such transactions and their associated ForexClear NDF Contract Terms or FCM ForexClear NDF Contract Terms; and
• LCH rulebook (“LCH Rulebook”), Product Specific Contract Terms and Eligibility Criteria Manual and FCM Product Specific Contract Terms and Eligibility Criteria Manual, as they relate to the ForexClear Contracts described in bullet point 1 above,

is the EMTA template terms attached in the schedule of this member notice (and not, for the avoidance of doubt, the EMTA template terms for USD-RUB Non-Deliverable FX Forward Transactions that are in effect and published by EMTA on its website as of 6 June 2022).  

Trade Date - 5 June 2022 or earlier 

For each ForexClear Contract with a Trade Date of 5 June 2022 or earlier, the EMTA Template (as defined in Section 1 of Procedure 2I and Section 2.2.1 of the FCM Procedures) that applies for the purposes of:

• each such ForexClear Contract and its associated ForexClear NDF Contract Terms or FCM ForexClear NDF Contract Terms; and
• the LCH Rulebook, Product Specific Contract Terms and Eligibility Criteria Manual and FCM Product Specific Contract Terms and Eligibility Criteria Manual, as they relate to each such Contract,

remains unchanged and unaffected by this member notice, and is the template terms for a USD-RUB Non-Deliverable FX Forward Transaction that were in effect and published by EMTA on its website on the Trade Date applicable to the ForexClear Contract.

Words that begin with a capital letter, but are not defined, in this member notice shall have the meaning specified in the LCH Rulebook. References herein to a ‘ForexClear Clearing Member’ include an ‘FCM ForexClear Clearing Member’.

If you have any questions, please contact the ForexClear client services team (ForexClearClientServices@lch.com).

Kind regards,

Loic Moreau, Head of ForexClear Risk

Schedule

EMTA Template Terms for USD-RUB Non-Deliverable FX Forward Transactions (January 1, 2018)