LCH.Clearnet LTD - PPS Aggregation
Company Circular No:
LCH Circular No 3527
02 October 2014
To all LCH.Clearnet Ltd Clearing members
LCH.Clearnet Ltd (LCH.Clearnet) is now offering PPS Aggregation for all Individually Segregated Accounts (ISA) and Omnibus Segregated Accounts (OSA) set up by LCH.Clearnet Ltd clearing members for their clients.
LCH.Clearnet has designed PPS Aggregation to minimise the PPS charge to clearing members in light of increased PPS volumes as a result of the new segregated account offerings. PPS Aggregation is an opt-in facility available per ISA or OSA that enables members to receive a single Call and/or a single Pay instruction across client accounts that share the same PPS Bank Account.
PPS Calls and PPS Pays are issued as standard procedure to each member per mnemonic, currency and sub-account.
Clearing members should be aware of the following changes being introduced to support PPS Aggregation:
- PPS Preferences changes: How to choose PPS Aggregation;
- Email Notification changes;
- Changes to report REP00033a ITD PPS Movement Detail;
- New report: REP00033b ITD PPS Aggregation Detail; and
- PPS Aggregation for Member Directed Cash Deposits and Withdrawals in CMS.