LCH Limited (“LCH”) Rule Change Committee of 31 October 2017 - Proposed Changes to the LCH Rulebook

Report date

Circular No.

LCH Circular No 3902


7th November 2017


All LCH Ltd members


Following the Rulebook Committee of 31 October 2017, LCH is proposing the following rulebook changes available on its secure website under the folder “Rulebook”.

Title Services Impacted

Auto-Repay Service


Currently, a Clearing Member may only request that LCH provide its "auto-repay" service (as more specifically described in section 1.3.1 (f) of the attached Section 3 of the Procedures) in respect of one or more of its Omnibus Segregated Accounts and/or its Proprietary Account.

At the request of some of its Clearing Members, LCH has agreed to extend this so that a Clearing Member may also make such a request in respect of one or more of its Individual Segregated Accounts and/or one or more of its Custodial Segregated Accounts.

The attached rule changes provide for such "auto-repay" service:

 - Section 1.3.1 (f) of Section 3 of the Procedures; and

 - Section 1.1.2 of Section 4 of the Procedures




LSE Derivatives Markets

Listed Interest Rates


Reference Rates


In the event a reference rate is, inter alia, unavailable or unfit for purpose, LCH may determine an alternative rate.



Listed Interest Rates

The following rulebook changes are being made available for a consultation period of 2 weeks

Title Services Impacted

SwapClear Delivery Methods


Per Clearing Member demand, LCH will permit clients to submit portfolio transfer and trade amendment requests via the SwapClear portal.



The following rulebook changes are being made available for member notification

Title Services Impacted

Non-deliverable Interest Rate Swaps (KRW, INR, CNY)


Provides ability for the clearing or KRW, INR, and CNY non-deliverable interest rate swaps.



Clearing members that wish to comment on the proposed rulebook changes should email If you have any general questions on rulebook changes, please contact your usual LCH contact. Please note that all rulebook changes remain subject to regulatory approval and internal LCH risk approval.