LCH.Clearnet Ltd & LLC – 3rd July period Service Opening, Margin Calls and Margin Management

Report date

Circular No.

LCH Circular No 3629


24 June 2015


All LCH.Clearnet Ltd Members


Clearing Members are reminded that LCH.Clearnet Ltd (LCH.Clearnet) is open on 3rd July 2015 whereas LCH.Clearnet LLC is closed. 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 3rd of July period 2015

Margin Calls

Those clearing services that are open on Friday 3rd July 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 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 Thursday 2st July and that as such any cash lodgements after this time, up until start of day Monday 6th July will be managed on an exception basis. Securities lodgement is preferred and can be accepted until 2pm Thursday 2nd of July. 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.

FCM Clearing Members excess cash balances will be returned on Monday 6th July.

LCH.Clearnet will not accept any USD backload transactions after close of business on Friday 26th June 2015 until start of day on 6th of July 2015.

LCH.Clearnet will require five business days’ notice for collateral substitutions between Friday 26th of June until Wednesday 1st of July.

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


Banking reporting from close of business on Thursday 2nd July 2015 will not be impacted  and will be available for all Clearing Members from 06:00 (GMT) on Friday 3rd July 2015.

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
Head of CaLM LCH.Clearnet Limited

Anneliese Schwyter
US Head of CaLM

Laurence Jones
UK Head of Collateral Operations

Collateral Queries