LCH.Clearnet Ltd – Easter period Service Opening, Margin Calls and Margin Management

Clearing members are reminded that LCH.Clearnet Ltd (LCH.Clearnet) is open on Good Friday 3rd April 2015 and Easter Monday 6th April 2015. The purpose of this circular is to provide detailed information on payment and margin management arrangements over this period.

The below service opening table shows the opening schedule for each of LCH.Clearnet services for the Easter period 2015 –
 

✓ 1    = Reduced Service hours for SwapClear are 6.30am New York Time to 2pm New York Time

Margin Calls

Margin calls from close of business Thursday 2nd April 2015 relating to ForexClear and SwapClear will be sent during the EOD processing on Thursday 2nd April 2015 and called from your PPS bank for value Friday 3rd April 2015 (except for those currencies where local holidays apply or for next day value currencies).

Margin calls from close of business Thursday 2nd April 2015 relating to all other clearing services will be sent during the EOD processing on Friday 3rd April 2015 and called from your PPS bank for value Monday 6th April 2015 (except for those currencies where local holidays apply or for next day value currencies).

Margin calls from close of business Friday 3rd April 2015 relating to ForexClear and SwapClear will be sent during the EOD processing on Friday 3rd April 2015 and called from your PPS bank for value Monday 6th April 2015 (except for those currencies where local holidays apply or for next day value currencies).

Those clearing services that are open on Friday 3rd April 2015 and Monday 6th April 2015 will be subject to the normal business day processes including intraday margin calls and deadlines as detailed in our Rules & Regulations, unless stated otherwise.
 

Margin Management

LCH.Clearnet Limited requests that any USD cash collateral or securities lodgements in excess of Clearing Member’s Initial Margin requirement are advised prior to 9am New York time on Wednesday 1st April. Any lodgements after this time, up until start of day Tuesday 7th April will be managed on an exception basis. Clearing Members may continue to provide cash collateral in response to a margin call or lodge non-cash collateral where ability permits. The Collateral Management System (CMS) cash deposit limits will reflect the above schedule.

LCH.Clearnet Limited will not accept any backload transactions after close of business on Monday 30th March 2015 until start of day on Tuesday 7th April 2015.

As outlined on the LCH.Clearnet website between Monday 30th March and Tuesday 7th April 2015, any collateral substitutions will require five business days’ notice.

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

Reporting

Banking reports from close of business on Thursday 2nd April 2015 will be available for all Members on Friday April 3rd 2015 from 06:00 (GMT).

Banking reports from close of business on Friday 3rd April will be available for all Members on Monday 6th April 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:

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

Anneliese Schwyter
anneliese.schwyter@lchclearnet.com
Head of CaLM

Laurence Jones
laurence.jones@lchclearnet.com
UK Head of Collateral Operations