LCH.Clearnet Ltd – Easter 2016 Arrangements

Clearing Members are advised that LCH.Clearnet Ltd (LCH) will have service specific operating hours for Good Friday (25th March 2016) and Easter Monday (28th March 2016). Please refer to the Service Opening Table below for additional details.

Clearing Service Opening Table 2016

Margin Calls

Margin calls from close of business on Thursday 24th March 2016:

• ForexClear – Margin calls will be processed and called from Clearing Members’ PPS bank for value on Friday 25th March 2016.1
• All other Clearing Services – Margin calls will be processed and called from your PPS bank for value on Monday 28th March 2016.1
• ForexClear will be open for business as usual on Friday 25th March 2016 and Monday 28th March 2016 and will be subject to the normal business day processes, including intraday margin calls and deadlines as detailed in the LCH Rulebook.
• SwapClear and EquityClear will be open for business as usual on Monday 28th March 2016 and will be subject to the normal business day processes, including intra-day margin calls and deadlines as detailed in the LCH Rulebook.

Margin Management

LCH requests that any USD cash collateral or securities lodgements in excess of a Clearing Member’s Initial Margin requirement are advised prior to 10:00 New York time (15:00 London time) on Thursday 24th March 2016. Any lodgements after this time, up until the start of day on Monday 28th March will be managed on a case by case basis. Clearing Members may continue to provide cash collateral in response to a margin call or lodge non-cash collateral in accordance with standard processes. The Collateral Management System (CMS) cash deposit limits will reflect the above.

LCH will not schedule a Backloading run Wednesday 23rd, Thursday 24th or Monday 28th March 2016.

Between Monday 21st March and Monday 28th March 2016, LCH may require more than 2 days notice for substitution of collateral (cash versus non-cash collateral and vice versa as well as cash versus cash) for any currency.

The above applies to both Clearing Member’s Proprietary and Client business.

Reporting

Banking reports from close of business on Thursday 24th March 2016:

• ForexClear
  Banking reports will be available to Clearing Members on Friday 25th March 2016 from 07:00 (London time). Clearing Members are advised that reports will be available on the LCH Portal website dated 25th March 2016.

• All other Clearing Services
  For technical reasons, Banking reports will still be produced on Friday 25th March 2016, however these will not be complete with regard to business data and should be ignored. Complete Banking reports will be available to clearing members on Saturday 26th March 2016 from 07:00 (London time) via the LCH Portal dated 28th March 2016.  

Reports are available on the LCH Portal for five business days.

Elissa Holme
elissa.holme@lchclearnet.com
Head of CaLM LCH.Clearnet Limited

Anneliese Schwyter
anneliese.schwyter@lchclearnet.com
Head of CaLM LCH.Clearnet LLC

Laurence Jones
laurence.jones@lchclearnet.com
Head of Collateral Operations, Limited and LLC

N.B. Please note that the content of this Circular is subject to regulatory review.


1 Except for those currencies where holidays apply and day 2 currencies.

Terms used in this circular and not defined in this circular shall have the meaning assigned in the LCH Rulebook (available at www.lchclearnet.com).