MiFID II Changes
|
Circular No. |
LCH Circular No 3904 |
|
Service Circular No |
EquityClear Circular No 72 |
|
Date: |
10th November 2017 |
|
To: |
All LCH Ltd LSEDM and EquityClear Members |
Dear Member
We would like to advise you of some changes relating to the EquityClear and LSE Derivatives Markets services, arising as a result of MiFID II, which include trading capacity changes and the introduction of Indirect Accounts which facilitate indirect clearing.
It is expected that, from mid-December 2017, LCH Ltd will convert the order capacities on trade receipt as follows:
|
Order Capacity |
Converted by |
Reported by |
|---|---|---|
|
Agent |
- |
Agent |
|
Principal |
- |
Principal |
|
Dealing on own account (DEAL) |
Principal |
Principal |
|
Any other trading capacity (AOTC) |
Agent |
Agent |
|
Matched Principal (MTCH) |
Principal |
Principal |
|
Riskless Principal |
Principal |
Principal |
LCH Ltd will not be changing any of its reports or the contents of its reports in relation to MiFID II.
LCH Ltd will offer Indirect Accounts from mid-December 2017.
For further information relating to MiFID II changes, including Indirect Accounts, please use this link
For further information please contact either:
Ian Mackenzie Tel: + 44 (0) 207 426 7265
Email: ian.mackenzie@lch.com or
Tim Beckwith Tel: + 44 (0) 207 426 7276
Email: tim.beckwith@lch.com
Yours sincerely
LCH Ltd