LCH Ltd EquityClear Default Fund resizing

Dear Member

We would like to advise our LCH Limited (LCH) EquityClear clearing members that the EquityClear default fund cap, which is periodically reviewed by the LCH Risk Committee and is the “Fund Cap” under Rule E1 of the LCH Default Rules* (Default Fund Cap), will increase on 1 May 2020.

On and from this date, the Default Fund Cap will increase from its current amount of GBP 225 million to the new amount of GBP 275 million. This is in line with the increased level of exposures observed in the EquityClear service over the past 18 months.

If you have any questions, please contact:

Ian Mackenzie at ian.mackenzie@lch.com or on +44 (0) 20 7426 7265.

Yours sincerely,

Alex Krunic

Head of Equities LCH Limited

* Rule E1 of the LCH Default Rules - www.lch.com/system/files/media_root/200326_Default%20Rules_FI%20DMG%20quorum.pdf