LCH Ltd - EquityClear new clearing platform
Circular No. LCH Circular No: 4060
Date: 14 November 2019
To: All LCH Ltd EquityClear Clearing Members
Dear EquityClear Member
LCH Limited (LCH) is finalising testing of its new technology platform for EquityClear. As part of this, we are pleased to offer our EquityClear members (ECMs) the opportunity to participate in member testing of the new MCCP clearing platform at any time from Monday 6 January 2020 to Friday 7 February 2020 (each such session of member testing, a Member Test Session).
A go live date for the platform will be announced in due course, following member testing.
LCH will be hosting a conference call on 28 November 2019 at 2pm (UK) to discuss the testing process. To register to attend, please contact: prelaunchMCCP@lch.com.
Member Test Session – Impact for ECMs
- The full scope of a Member Test Session is to enable an ECM to receive its usual reports and, where applicable, its real time trade confirmations through its test back office systems.
- All ECMs are strongly encouraged to undertake a Member Test Session as early as possible during the testing period.
- If an ECM undertakes a Member Test Session, and to the extent its testing is successful, it must sign-off to that effect.
- If an ECM does not undertake a Member Test Session, LCH will take this as confirmation by the ECM that the MCCP Platform and its functionality performs correctly and to the satisfaction of the ECM.
Member Test Session – Description
A Member Test Session will replicate the live EquityClear environment and “business as usual” scenarios. The EquityClear reporting portal (the Portal) will be populated with data that will be familiar to all ECMs, as described below:
- LCH will populate the test environment with each ECM’s existing production reference data.
- LCH will use trade, position and settlement data of an ECM across rolling 5 day periods.
- EquityClear trades will be submitted to the test environment daily, settlements will be simulated daily and updated positions will be recorded to the applicable clearing account of each relevant ECM.
- All EquityClear reports for ECMs will be generated by, and sent from, the new MCCP Platform.
- All ECMs will be expected to retrieve and process their daily reports and, where applicable, their real time trade confirmations in the usual manner via the Portal test environment. LCH will be unable to send such reports and real time trade confirmations via email.
- If you receive and process your EquityClear reports via SFTP, please ensure you have a working SFTP connection to the Portal test environment, at: https://test-clearingservices.lchclearnet.com
- If you do not receive and process your EquityClear reports via SFTP, please ensure your test team has access, via the applicable URL, https://test-clearingservices.lchclearnet.com to the Portal test environment.
For more information, please contact: prelaunchMCCP@lch.com
Alex Krunic, Head of Equities LCH Limited