LCH.Clearnet Ltd - Christmas and New Year 2014/15 Margin Calls and Margin Management
LCH Circular No 3558
03 December 2014
The purpose of this circular is to provide detailed information on payment and margin management arrangements over the Christmas and New Year Period.
As a reminder, the below table shows the opening schedule for each of LCH.Clearnet Limited's services –
LCH.Clearnet LLC will be closed on Thursday 25th December 2014 and Thursday 1st January 2015. No margin calls will be processed on these dates.
Margin calls from close of business Wednesday 24th December 2014 services will be called from your PPS bank for value on Friday 26th December 2014 (except for those currencies where local holidays apply).
Friday 26th December 2014 will be subject to the normal business day processes including intraday margin calls and deadlines as detailed in our Rules & Regulations.
Margin calls from close of business on Wednesday 31st December 2014 will be processed and called from your PPS bank for value on Friday 2nd January 2015 (except for those currencies where local holidays apply).
LCH.Clearnet Limited will not accept USD cash Collateral in excess of Clearing Member's Initial Margin requirement after 10:00am New York time for Wednesday 24th, Friday 26th, Wednesday 31st December 2014 and Friday 2nd January 2015 . Clearing Members may continue to provide cash Collateral in response to a margin call.
LCH.Clearnet LLC will not accept any USD backload transactions on Wednesday 24th, Friday 26th, Wednesday 31st December 2014 and Friday 2nd of January 2015.
From start of day Friday 19th December 2014 through to close of business Friday 2nd January 2015 the 2 days notice for substitution of collateral will be increased to 5 day notice time for all currencies.
The above applies to both Clearing Member's Proprietary and Client business.
Banking reports from close of business on Wednesday 24th December 2014 will be available for all Members on Thursday 25th December 2014 from 06:00 (GMT).
Banking reports from close of business on Wednesday 31st December 2014 will be available for all Members on Thursday 1st January 2015 from 06:00 (GMT).
Terms used herein shall have the meaning assigned to them in the Rulebook or FCM Rulebook, as applicable.
For further information, please contact the below:
Head of CaLM LCH.Clearnet LLC
Head of CaLM LCH.Clearnet Limited
US Collateral Operations