LCH Ltd – Easter 2017 Arrangements

Clearing Members are advised that LCH Ltd (LCH) will have service specific operating hours for Good Friday (14th April 2017) and Easter Monday (17th April 2017). Please refer to the Service Opening Table for additional details.

Margin Calls

Margin calls from close of business on Thursday 13th April:

ForexClear – Margin calls will be processed and called from Clearing Members’ PPS bank for value on Friday 14th April 2017.1
All other Clearing Services – Margin calls will be processed and called from your PPS bank for value on Monday 17th April 2017.1
ForexClear will be open for business as usual on Friday 14th April 2017 and Monday 17th April 2017 and will be subject to the normal business day processes, including intraday margin calls and deadlines as detailed in the LCH Rulebook.
SwapClear and EquityClear will be open for business as usual on Monday 17th April 2017 and will be subject to the normal business day processes, including intra-day margin calls and deadlines as detailed in the LCH Rulebook.

Margin Management

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 (15:00 London time) on Thursday 13th April 2017. Any lodgements after this time, up until the start of day on Monday 17th April 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.

On 12th, 13th and 17th April 2017, LCH will only accept securities to fund any Backloading or Portfolio Transfer activity which has a liability greater that GBP 50,000,000.

Between Monday 10th April and Monday 17th April 2017, LCH may require more than 2 days notice for substitution of collateral (cash versus non-cash collateral and vice versa as well as cash versus cash) for any currency.

The above applies to both Clearing Member’s Proprietary and Client business.

Reporting

Banking reports from close of business on Thursday 13th April 2017:

ForexClear
Banking reports will be available to Clearing Members on Friday 14th April 2017 from 07:00 (London time). Clearing Members are advised that reports will be available on the LCH Portal website dated 14th April 2017.
 
All other Clearing Services
For technical reasons, Banking reports will still be produced on Friday 14th April 2017; 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 15th April 2017 from 07:00 (London time) via the LCH Portal dated 17th April 2017.   
Reports are available on the LCH Portal for five business days.

Nick McMillan
nick.mcmillan@lch.com
Senior Manager: Collateral Operations and Client Services

Elissa Holme
elissa.holme@lch.com
Head of CaLM LCH Limited

N.B. Please note that the content of this Circular is subject to regulatory review.
1 Except for those currencies where holidays apply and day 2 currencies.

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).