LCH Ltd - EquityClear - Sanctions and Euroclear Bank settlement update

Dear Member
 
Following LCH Ltd Circular No’ 3943  regarding the process of the Euroclear Bank settlements in EN+, we hereby provide an update of the procedures following amendments made by the US Department of the Treasury’s Office of Foreign Assets and an update to the required MT599 to support the settlement of the security.

Open positions will still be subject to the 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 revised notice by Euroclear Bank issued 2 May 2018 (2018-N-025) in order to facilitate settlement.  LCH continues to request that notice is given that settlement will take place and the MT599 is scanned and emailed to the LCH Operations team (Equityclear.Ops.UK@lch.com).

LCH will monitor the open positions over the coming days, and will revert back to members on cash settlement procedures if settlement does not take place.
 
If you require further information, please contact either:

Ian Mackenzie Tel + 44 (0) 207 426 7265 / Email ian.mackenzie@lch.com
Tim Beckwith Tel + 44 (0) 207 426 7276 / Email tim.beckwith@lch.com