LCH.Clearnet Ltd Default Fund Interest Payments and Reporting

Report date
Summary
Company Circular No:

LCH.Clearnet Ltd Circular No 3491

Date: 02 July 2014
To: All LCH.Clearnet Ltd Clearing Members
Body

LCH.Clearnet Ltd Clearing Members are advised that SwapClear, RepoClear, Equities and Rates default fund contributions denominated in GBP and or EUR relating to this months period are due to end on Thursday 3 July 2014.  PPS calls or pays reflecting increases or decreases in contributions for the new default fund period will be instructed for value on Friday 4 July 2014.  New contribution amounts will be reflected on the Default Fund Report (REP00032) from Monday 7 July 2014 onwards.

Due to the USD holiday on 4 July 2014, ForexClear and Commodities default funds denominated in USD relating to this months period are due to end on Sunday 6 July 2014.  PPS Calls/Pays reflecting increases or decreases in contributions for the new default fund period will be instructed for value on Monday 7 July 2014.  New contribution amounts will be reflected on the Default Fund Report (REP00032) from Monday 7 July 2014 onwards.

The Default Fund Reports displaying USD contributions are currently showing an ‘End Date' and ‘Payment Due On' date that is inconsistent with the above.  Members are advised to disregard the dates displayed on the report.

Members are also reminded that PPS Calls/Pays reflecting increases or decreases in contributions can be obtained from Report 33a on the day following the default fund end date.  For example PPS calls/pays instructed for value on Friday 4 July for GBP and EUR will appear on the report dated 4 July.

Interest Payments

Interest relating to ForexClear and Commodities default funds denominated in USD for the current period will be paid on Tuesday 8 July 2014.  However, due to the USD holiday on Friday 4 July 2014 interest payments will not include accruals over the weekend of 4, 5 and 6 July 2014, which are based on contribution amounts for the current period.  Interest for these dates will be included in the next interest payment made following the end of the new default fund period, which will be at the beginning of August 2014.  

Interest relating to SwapClear, RepoClear, Equities and Rates default funds denominated in GBP and or EUR for the current period will be paid on Monday 7 July 2014. 

Please contact Collateral Operations on 020 7426 7505 or collateral.queries@lchclearnet.com if you require any further information