Update: Easter 2021 Arrangements

Report date
Summary

Circular No.

LCH Circular No 4148

Date:

30 March 2021

To:

All LCH Clearing Members

Body

Please be advised of the following clarification/updates to the Easter 2021 Arrangements Circular

 

SwapClear and ForexClear will be open on Good Friday 2 April 2021 and will be subject to the normal business day processes including intraday margin calls and deadlines as detailed in the LCH Rulebooks, except as provided otherwise herein:

 

SwapClear Margin Calls:

LCH will value all open SwapClear Contracts at around 14:15 (UK time) in accordance with its usual processes (‘MDR 2’).

However, this will be the last valuation for that Business Day. MDR 2 will be the final margin cycle of the day.

 

Margin Management

LCH requests that any USD denominated Collateral (cash or securities) in excess of Clearing Members' Initial Margin requirement be advised prior to 14:00 (New York time) on Thursday 1 April and that as such any cash deliveries after this time, up until the open of the SwapClear service on Monday 5 April, will be managed on an exception basis. Clearing Members may continue to provide cash collateral in response to a margin call or deliver non-cash collateral. The Collateral Management System (CMS) cash deposit limits will reflect the above schedule.

 

FCM Clearing Members' excess cash balances will not be available for withdrawal on Friday 2 April.

 

LCH will not be processing any Backload Trades on Friday 2 April and Bulk Events will not be processed after MDR2 on Friday 2 April.

 

Terms used herein shall have the meaning assigned to them in the Rulebook or FCM Rulebook, as applicable. References to a ‘SwapClear Contract’ and a ‘SwapClear Clearing Member’ include an ‘FCM SwapClear Contract’ and an FCM Clearing Member.

 

For further information, please contact:
Collateral.ClientServices@lch.com

Nick McMillan
nick.mcmillan@lseg.com
UK Head of Collateral Operations and Client Services

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