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Originating department:Treasury Operations
Company Circular No:LCH.Clearnet Ltd Circular No 2822
Date:12 April 2011
To:All Nodal Exchange Members

Easter Banking Arrangements

Please be advised that LCH.Clearnet Ltd will be closed on Good Friday, 22 April 2011 and then open for trade registration for contracts traded on Nodal Exchange on Easter Monday, 25 April 2011.  However, members will not have margin calls or pays on either date.

Nodal Exchange Postings

Nodal Exchange will be closed on Friday 22 April but will be open for trading on USD contracts on Monday 25 April, which means that Variation Margin will be generated for all open positions. These Variation Margin postings will not appear on the CAP reports (REP00022) on Tuesday 26 April. Treasury Operations will post one entry per currency on the members’ cover accounts on 26 April to reflect the total net debit or credit Variation Margin movement for that currency across all contracts.  Members will be able to retrieve the full breakdown of the postings from the TRS SPAN report ($SPAN) on Tuesday 26 April.

If a member has a net debit variation margin posting in any currency, which is not covered with excess cash, they will be called in that currency by PPS on Tuesday 26 April.  Members will be advised of any PPS calls by telephone but should also refer to report PPS (REP00033), which is updated throughout the day.

If a member has a net credit variation margin posting in any currency, they will be re-paid excess cash automatically on Tuesday 26 April if that account is set to ‘auto-repay’.  Excess balances derived from the credit postings will accrue interest overnight on Tuesday 26 April and will be included in the opening cash balance on Wednesday 27 April.

The variation margin postings will appear in “Postings 1” on the CAP report (REP00022) on Wednesday 27 April.

This circular supersedes LCH.Clearnet Ltd Circular No 2816 

Yours sincerely

Siobhán White
Director, Treasury Operations