LCH.Clearnet Ltd Receives EMIR Authorisation

Report date
Company Circular No:

LCH.Clearnet Ltd Circular No 3483

Date: 12 June 2014
To: All LCH.Clearnet Ltd Clearing Members

LCH.Clearnet Ltd is now authorised as a central counterparty under the European Market Infrastructure Regulation (EMIR).  LCH.Clearnet Ltd's application was approved by the Bank of England on Thursday, June 12, 2014.

LCH.Clearnet Ltd’s EMIR Rulebook is now available on the LCH.Clearnet website.

Clearing Members and FCM Clearing Members of LCH.Clearnet Ltd who are party to an “Amendment Agreement to the Clearing Membership Agreement” and/or an “Amendment Agreement to the FCM Default Fund Agreement” should note that 12 June 2014 will be the “Effective Date” under those documents, with the result that provisions relating to default fund ballots will no longer apply.

LCH.Clearnet Ltd also gives notice to those Clearing Members and entities who are party to a “Deed of Release, Reassignment and Termination”, which releases a Deed of Assignment and/or a Security Trustee Deed of Assignment, that 12 June 2014 is the “New Authorisation Date”, and those documents therefore take effect on that date.   

For more information please contact your usual relationship manager.