Withdrawal of Sterling GC Product

Report date


Circular No.

LCH Circular No 3638

Service Circular No.              

RepoClear Circular No 219


30th July 2015

To: All RepoClear Clearing Members

Dear RepoClear Member,

As communicated to Members in the Fixed Income Bulletin TSGC-8 dated 3 February 2015, please be advised that from close of business on 5 August 2015 RepoClear will no longer accept new trades in the Sterling GC product for registration. The withdrawal of this product forms a key element in the transition of trading liquidity into the new Term £GC product.
The ISIN for the Sterling GC product which is to be withdrawn is:  GB00B1347K44
Sterling GC trades already registered for clearing will continue to be processed in the usual manner except where the final end leg settlement occurs after 4 December 2015. Sterling GC trades settling after this date must be reversed to reduce each Member’s outstanding position to zero and replaced with an equivalent Term £GC trade.  This process is anticipated to impact only a small number of Clearing Members and trades. The Fixed Income Member Sales & Relationship Management team will shortly contact the affected Members.

The RepoClear Term £GC service, launched in August 2014, will continue to support the registration of new business.

For further information please contact:
Fixed Income Member Sales & Relationship Management