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| Originating department: | Treasury Operations |
| Company Circular No: | LCH.Clearnet Ltd Circular No 2750 |
| Date: | 10 December 2010 |
| To: | All Members and PPS Banks |
LCH.Clearnet Ltd Opening Days 2011
LCH.Clearnet Ltd will be open for business on the UK Bank Holidays in 2011 as detailed in the table under section 2 of this circular.
This circular does not provide an exhaustive list of the individual markets/exchanges opening dates – please refer to the market/exchange notices for this information. LCH.Clearnet Ltd will be open on all weekdays not specifically mentioned in the below table.
1. Cash Movements on UK Bank Holidays
On any day on which LCH.Clearnet Ltd is open, all members will be required to meet PPS calls, as required to cover the previous day’s end-of-day positions. Furthermore, members with open positions on an exchange/market that is open for business will be obliged to meet intra day margin calls as required. Members must therefore ensure that their PPS accounts are funded accordingly.
If PPS calls are generated in a currency for which it is a Bank Holiday when LCH.Clearnet Ltd is open for business, the value date will be deferred until the next business day for that currency.
For example, 2 May 2011 is a UK Bank Holiday and a member is called £100,000.00 relating to variation margin from the previous day’s business. The member’s PPS Bank will be required to irrevocably confirm payment on 2 May 2011 but the amount will not be debited from the clearing member’s bank account until 3 May 2011.
2. Easter
- LCH.Clearnet will be closed on Good Friday and Easter Monday but will register trades for the following markets that will be open for business as per normal:
- Nodal on Easter Monday only
- Chi-East on Good Friday and Easter Monday
- LMAX on Easter Monday
- No margin calls will be processed on Good Friday and Easter Monday.
- Margin calls from close of business Thursday 21 April 2011 will be processed and called from your PPS Bank on Tuesday 26 April 2011.
- Risk Management will assess member exposures up until the Easter Bank Holiday and may call for additional margin for those markets that are open on Thursday 21 April 2011 to cover forward exposures.
Reports will be available on Thursday 26 April 2011 and available from 7:am
3. Table of Bank Holidays
The red columns denote days on which LCH.Clearnet is closed.
Further information
If you have any queries, please contact the Treasury Operations department by phone on 020 7426 7505 or by email at [email protected].
Siobhán White
Director, Treasury Operations