LCH Ltd - EquityClear - Sanctions and Euroclear Bank settlement information

Report date

Circular No.

LCH Circular No 3943


10th April 2018


All LCH Limited Clearing Members


Dear Member
Following LCH Ltd Circular No’ 3942 designations distributed 9th April (link below), we hereby provide an update of the procedures for the impacted securities.
1. United Company Rusal Plc (“Rusal”) was made ineligible clearing effective 9th April.  LCH Ltd (“LCH”) can confirm there are no outstanding positions with members.
2. EN+ Group Plc (“EN+”) has been made ineligible for clearing effective 10th April.  Open positions will be subject to a non standard settlement process at Euroclear Bank, to enable settlement to occur.  LCH requires all members with outstanding positions in this security to follow the guidelines as outlined in the attached notice by Euroclear.

LCH will monitor the open positions over the coming days, whilst the Euroclear Bank procedures are implemented and will revert back to members on buy-in and cash settlement procedures.
Members should also be made aware that Euroclear Bank have yet to process the LCH settlement instructions under Power of Attorney from the security EN+ that were executed on 6th April & 9th April
LCH will be reinstructing the settlements 10th April and settlement will be concluded when the Euroclear Bank procedures have been adhered too.
If you require further information, please contact either:

Ian Mackenzie Tel + 44 (0) 207 426 7265 / Email
Tim Beckwith Tel + 44 (0) 207 426 7276 / Email