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Originating department:Commercial Services
Company Circular No:LCH.Clearnet Ltd Circular No 2698
 Service Circular No: LCH EnClear No 306
Date:11 October 2010
To:All LCH.Clearnet EnClear Clearing Members

Adoption of IOSDA forward curve for margining iron ore swaps in the LCH.Clearnet OTC Service: Freight Division

LCH.Clearnet is pleased to announce it will be using the IOSDA (Iron Ore & Steel Derivatives Association) forward curve to calculate variation margin for the iron ore swap contracts (TSI) as of Monday 18 October 2010.

For further information regarding IOSDA, please see www.iosda.com.
If you have any questions please do not hesitate to contact Holly Shaw on +44 20 7426 7027 or Holly.Shaw@lchclearnet.com.


Yours sincerely

Isabella Kurek-Smith
Director, Head of Energy and Freight Markets
Commercial Services