LCH Ltd, LSEDM withdrawal date extension for Norwegian contracts
Circular No. |
LCH Circular No 4023 |
Date: |
25th April 2019 |
To: |
All LCH Ltd EquityClear Clearing Members |
Dear Member
Further to circular 3992 issued on 5 December 2018 (Circular 3992), we would like to inform our London Stock Exchange Derivatives Market (LSEDM) clearing members of an announcement by the London Stock Exchange to extend the date for the withdrawal of trading of Norwegian equity derivatives on the LSEDM from 21 June 2019 to 29 November 2019.
LCH Limited (LCH) will therefore extend its clearing of such products until the close of the LCH clearing day (COB) on 29 November 2019 (i.e. any such product presented to LCH for clearing after such point will be rejected). LCH will continue to manage the closure or transfer of open LSEDM cleared contracts, in respect of Norwegian equity derivatives, until the COB on 6 December 2019 (such revised date, the Service Withdrawal Date). This extension follows feedback from LSEDM clearing members and will allow more time for Oslo Børs ASA and SIX X-Clear to ensure market readiness.
The Service Withdrawal Date, in respect of the LSEDM service for IOB equity derivatives, remains unchanged (as notified in Circular 3992).
LCH will continue to work closely with LSEDM clearing members to manage the transfer or closure of all open interest.
Yours sincerely,
Bruce Kellaway, Global Head of RepoClear & Collateral, Head of Ltd EquityClear