LCH SA

The purpose of the Rules and Regulation is to formalise the relationship between LCH SA and its Clearing Members by describing each other's rights and obligations.

Cash, Derivatives, Fixed Income & Triparty Repos Over-the-counter Credit Default Swaps

The Rule Book

These rules that are governed by French law consist in:

Title : General Provisions and Legal framework

Titles II: Membership

Titles III: Clearing operations

Title IV: Risk Management

Title V : Triparty Repo clearing services

Download: English Version Download: French Version

The Instructions

describing the general provisions, specific issues at last technical.

New Numbering	Title (in English and in French)	Publication Date
TITLE I – GENERAL PROVISIONS AND LEGAL FRAMEWORK
CHAPTER 2 – GENERAL PROVISIONS
I.2-1	Consultation Process for material changes to the Rule Book and Instructions Processus de Consultation en cas de modification des Règles de la Compensation et des Instructions	Published December 27, 2019
CHAPTER 3 – LEGAL FRAMEWORK
I.3-4	List of MTF/Trading & Matching platforms/Regulated Markets for which LCH SA provides Clearing Services Liste des SMN/Plateformes de négociation et d'appariement /Marchés règlementés auxquels LCH SA fournit des services de compensation	Published January 22, 2021
I.3-6	Complaint Resolution Résolution des réclamations	Published April 19, 2013

TITLE II – MEMBERSHIP
CHAPTER 1 – GENERAL PROVISIONS
II.1-2	Specific provisions applicable to an allied Clearing House Dispositions particulières applicables à une Chambre de Compensation Associée	Published June 27, 2011
CHAPTER 2 – LEGAL OBLIGATIONS
II.2-1	Authorised Clearing Operators for Markets which Transactions are registered in the Cash and Derivatives Clearing System Les opérateurs habilités de la compensation pour les marchés dont les transactions sont enregistrées dans le Système de Compensation Cash & Dérivés (mise à jour le 12 décembre 2013)	Published April 14, 2009	I.4-5
II.2-2	Quality requirements for Clearing Members Normes de qualité applicables aux Adhérents Compensateurs (mise à jour le 12 décembre 2013)	Published May 27, 2010	I.4-2
II.2-3	Mandatory Client Clearing Provisions Dispositions Obligatoires de Compensation Client	Published December 12, 2013
CHAPTER 4 - INFORMATION OBLIGATIONS AND AUDIT
II.4-1	Information and audits Information et audits	Published December 27, 2019	I.4-6

TITLE III – CLEARING OPERATIONS
CHAPTER 1 – REGISTRATION
III.1-1	Available Clearing functionalities Cash & Derivatives Clearing System Fonctionnalités disponibles dans le Système de Compensation Cash & Dérivés	Published December 4, 2020	I.8-1
CHAPTER 3 – OPERATIONAL MANAGEMENT
CHAPTER 4 – SETTLEMENT AND DELIVERY
III.4-1	Terms and conditions of settlement for Transactions on Securities Termes et conditions de dénouement des Transactions sur Titres	Published December 4, 2020	I.3-1
III.4-2	Procedure for settling Net Fails on Transactions registered in the Cash and Derivatives Clearing System Procédure de régularisation des Suspens sur les Transactions enregistrées dans le Système de Compensation Cash et Dérivés	Published December 4, 2020	I.8-2
III.4-3	Penalties on Net Fails for Transactions registered in Cash & Derivatives Clearing System Pénalités sur Suspens sur Transactions enregistrées dans le système de Compensation Cash & Dérivés	Published July 11, 2018	I.8-3
III.4-4	Delivery of commodity future contracts Livraison des contrats à terme sur marchandises	Published November 10, 2016
III.4-7	Settlement of Transactions on Debt Securities Dénouement des Transactions sur Produits de Taux	Published January 15, 2021	V.3-2 III.4-16
III.4-8	Clearing and Settlement of transactions on Italian government debt securities executed on trading and matching platforms and MTS Italy with the use of Cassa di Compensazione e Garanzia ("CC&G") as an allied clearing house Compensation et dénouement des transactions sur la dette italienne exécutées sur les plateformes de négociation et appariement et MTS Italie avec utilisation de Cassa di Compensazione e Garanzia ("CC&G") comme chambre de compensation associée	Published August 28, 2015	III.4-17
III.4-10 a	Procedures for settling net fails on Debt Securities executed on or reported by a Trading and Matching Platform and MTS Italy Procédures de régularisation des suspens sur les Titres de Créances exécutés ou reportés sur une plateforme de négociation et d'appariement ou sur MTS Italie	Published December 27, 2019
III.4-10 b	Procedures specific to Special Clearing Members relating to net fails on cash on Debt Securities executed on or reported by a Trading and Matching Platform and MTS Italy Procédures particulières applicables aux Adhérents Compensateurs Spéciaux concernant les suspens sur espèces pour des Titres de Créances exécutés ou reportés sur une plateforme de négociation et d'appariement ou sur MTS Italie	Published December 27, 2019
III.4-11	Management of Corporate Events on Debt Securities traded or executed on or reported by a Trading and Matching Platform and MTS Italy Gestion des Opérations sur Titres de Créances négociées, exécutées, ou reportées par une plateforme de négociation et d'appariement et MTS Italie	Published January 14, 2019

TITLE IV – RISK MANAGEMENT
CHAPTER 1 – GENERAL PROVISIONS
IV.1-1	Position limit applicable on commodity future contracts Limite d'emprise sur les contrats à terme de marchandises	Published July 12, 2012	IV.4-10 A
IV.1-2	Positions limits applicable on financial listed derivatives Les limites d'emprise applicables aux dérivés financiers listés	Published May 6, 2021	IV.5-4
CHAPTER 2 – MARGIN REQUIREMENTS
IV.2-1	Basis for the calculation of the margin for transactions on Securities traded on a cash market operated by a Market Undertaking Base de calcul de la couverture des transactions sur catégorie d'instrument financier titres	Published December 4, 2020	I.5-2
IV.2-2	Margin requirements on Derivatives Markets Obligations de couvertures sur les marchés Dérivés	Published December 4, 2020	I.5-3
IV.2-4	Cross- margining for French clearing segment Jumelage des positions pour l'unité de compensation française	Published March 24, 2014	IV.5-1
IV.2-5	Margining of Transactions on debt securities executed on Trading and Matching Platforms and on the MTS Italy Market (Calculation Methodology) Couverture des Transactions sur titres de créance exécutées ou déclarées sur les Plateformes de Négociation et Appariement et sur MTS Italie (Méthode de calcul des couvertures)	Published December 27, 2019	V.3-3
CHAPTER 3 – DEFAULT FUND
IV.3-1	The Cash and Derivatives Default Fund for Securities or Derivatives product Groups (excepted MTS Italy Regulated Market) Le Fonds de Gestion de la défaillance Cash et Dérivés pour les Catégories d'Instruments Financiers Valeurs Mobilières et Dérivés (à l'exception de MTS Italie)	Published December 12, 2013	I.6-1
IV.3-2	The Fixed Income Default Fund for Trading and Matching Platforms and the MTS Italy Regulated Market Le Fonds de Gestion de la défaillance Produits de Taux pour les transactions exécutées sur les Plateformes de Négociation et Appariement et les transactions exécutées sur le marché réglementé MTS Italie	Published December 27, 2019	V.6-1
CHAPTER 4 – COLLATERAL
IV.4-1	Collateral accepted to meet Margin requirements Collatéral accepté au titre des exigences de couverture	Published December 11, 2020
IV.4-2	Cash Payments Paiement en espèces	Published December 4, 2020
CHAPTER 5 – EVENT OF DEFAULT
IV.5-2	Liquidation and transfer processes in case of an event of default of a Clearing Member Procédures de liquidation et de transfert en cas de défaillance d'un Adhérent Compensateur	Published December 11, 2020
IV.5-3	The Fixed Income Service Continuity and Service Closure Processes Procédure de Continuité du Service et de Fermeture du Service pour les Transactions sur Produits de Taux	Published December 27, 2019
IV.5-4 a	The Fixed Income Default Management Process for Triparty Repo Transactions and Transactions Executed on Trading and Matching Platforms and the MTS Italy Regulated Market Procédure de Gestion de la Défaillance Fixed Income pour les Transactions de Pension Livrée Tripartite et les Transactions exécutées sur les Plateformes de Négociation et Appariement ou sur le Marché Réglementé MTS Italie	Published December 27, 2019
IV.5-4 b	Management process of the termination of the Special Clearing Member's membership Procédure de gestion du retrait de la qualité d'Adhérent Compensateur Spécial	Published December 27, 2019
IV.5-5	The Cash and Derivatives Service Continuity and Service Closure Processes Procédures de Continuité du Service et de Fermeture du Service Cash et Dérivés	Published March 24, 2014

TITLE V – TRIPARTY REPO CLEARING SERVICES
V.4-1	Margining of Triparty Repo Transactions (Calculation Methodology) Couvertures des Transactions de Pensions Livrées Tripartites (Méthode de calcul des Couvertures)	Published December 27, 2019
V.4-2	The Triparty Repo Default Fund Le Fonds de Gestion de la Défaillance Pensions Livrées Tripartites	Published December 27, 2019
V.4-3	The Service Continuity and Service Closure processes for Triparty Repos Procédures de Continuité du Service et de Fermeture du Service pour les Transactions de Pensions Livrées Tripartites	Published June 12, 2014
V.4-4	Clearing & Settlement of Triparty Repos Compensation et Dénouement des Pensions Livrées Tripartites	Published June 12, 2014

Notices

Notices state operational details such as delivery process applied to commodities contracts and other information such as timeframes or prices. To access the full suite of LCH SA legal notices please click here.

CDS Clearing Rule Book

CDS Clearing Rule Book (last updated 26/10/2020)

CDS Clearing Rule Book (enters into force on 03/08/2021)

FCM CDS Clearing Regulations

The FCM CDS Clearing Regulations (last updated 23/12/2013)

The FCM/BD CDS Clearing Regulations (enters into force on 03/08/2021)

CDS Clearing Supplement

CDS Clearing Supplement (last updated 3 December 2020)

CDS Clearing Supplement (enters into force on 03/08/2021)

The Procedures

Section 1: Membership (last updated 18/07/2019)
Section 2: Margin, NPV Payment and Price Alignment (last updated 26/10/2020)
Section 2: Margin, NPV Payment and Price Alignment (enters into force on 03/08/2021)
Section 3: Collateral,Variation Margin and Cash Payment (last updated 18/07/2019)
Section 3: Collateral,Variation Margin and Cash Payment (enters into force on 03/08/2021)
Section 4: Eligibility Requirements (last updated 26/10/2020)
Section 4: Eligibility Requirements (enters into force on 03/08/2021)
Section 5: CDS Clearing Operations (last updated 03/12/2020)
Section 5: CDS Clearing Operations (enters into force on 03/08/2021)
Section 6: CDS Default Fund (last updated 26/10/2020)
Section 7: Business Continuity (last updated 16/12/2014)
Section 8: Disciplinary Proceedings (last updated 26/10/2020)
Section 9: Complaint Resolution (last updated 09/05/2012)

Legal Notices

To access the CDSClear Clearing Notices, please click here.