Easter 2022 Arrangements
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Circular No. |
LCH Circular No 4203 |
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Date: |
25 March 2022 |
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To: |
All LCH Ltd Members |
Clearing Members are advised that LCH Ltd (LCH) will have service specific operating hours for Good Friday (15 April 2022) and Easter Monday (18 April 2022). Please refer to the Service Opening Table for additional details.
Margin Calls
Margin calls from close of business on Thursday 14 April 2022:
ForexClear
Margin calls will be processed and called from Clearing Members’ PPS bank for value on Friday 15 April 2022 1.
ForexClear will be open for business as usual on Good Friday 15 April 2022 and Easter Monday 18 April 2022 and will be subject to the normal business day processes, including intraday margin calls and deadlines as detailed in the LCH Rulebook.
All other Clearing Services
Margin calls will be processed and called from Clearing Members’ PPS bank for value on Monday 18 April 2022 1.
Margin Management
The below applies to both Clearing Members’ Proprietary and Client business:
All Clearing Members
LCH requests that any USD cash collateral or securities lodgments in excess of a Clearing Member’s Initial Margin requirement are advised prior to 10:00 New York time (15:00 London time) on Thursday 14 April 2022. Any lodgments after this time, up until the start of day on Monday 18 April 2022 will be managed on a case by case basis. Clearing Members may continue to provide cash collateral in response to a margin call or lodge non-cash collateral in accordance with standard processes. The Collateral Management System (CMS) cash deposit limits will reflect the above.
On 14 April 2022 and 18 April 2022, LCH will only accept securities to fund any Backloading or Portfolio Transfer activity which has a liability greater that GBP 50,000,000
SwapClear and EquityClear
SwapClear and EquityClear will be open for business as usual on Monday 18 April 2022 and will be subject to the normal business day processes, including intraday margin calls and deadlines as detailed in the LCH Rulebook.
Reporting
Banking reports from close of business on Thursday 14 April 2022:
ForexClear
Banking reports will be available to Clearing Members on Friday 15 April 2022 from 07:00 (London time). Clearing Members are advised that reports will be available on the LCH Portal website dated 15 April 2022.
All other Clearing Services
For technical reasons, Banking reports will still be produced on Friday 15 April 2022; however these will not be complete with regard to business data and should be ignored. Complete Banking reports will be available to Clearing Members on Saturday 16 April 2022 from 07:00 (London time) via the LCH Portal in the dated folder 18 April 2022.
Banking reports are available on the LCH Portal for one month.
For further information:
Collateral.ClientServices@lch.com
Nick McMillan
nick.mcmillan@lseg.com
UK Head of Collateral Operations and Client Services
Andrew Warren
andrew.warren@lseg.com
Director, Collateral and Liquidity Management
N.B. Please note that the content of this Circular is subject to regulatory review.
Terms used in this circular and not defined in this circular shall have the meaning assigned in the LCH Rulebook (available at www.lch.com).
1 Except for those currencies where holidays apply and day 2 currencies.