LCH Limited Rule Change Committee of 10 January 2020 - Proposed Changes to the LCH Limited Rulebook

Report date
Circular No. LCH Circular No 4075
Date: 27 January 2020
To: All SwapClear Participants



Further to our notice of 20 December 2019, LCH Limited is commencing a rulebook consultation process regarding the inclusion of an automatic trigger into fallback arrangements where a relevant regulatory authority determines an existing benchmark to be non-representative. The draft rulebook change proposes the same approach that is planned to be used in respect of permanent cessation triggers. That is, to use the adjusted RFR as formulated in the relevant ISDA supplemented IBOR definition together with a credit spread adjustment.

The consultation period ends on 23 March 2020 and the rulebook change remains subject to regulatory approval or review. The rulebook changes are available at the links below. SwapClear participants should provide consultation feedback to We look forward to continuing to engage on this important topic.

Section 2C (SwapClear Procedures)

FCM Procedures

Nothing contained in this notice or the associated proposed rulebook changes should be interpreted or construed as a statement that an existing benchmark is or will become non-representative.


Rulebook Changes – Eight Weeks’ Consultation 




 Services Impacted


Pre-cessation Trigger



SwapClear Service


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.