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Originating department:Commercial Services
Company Circular No:LCH.Clearnet Ltd Circular No 2894
Service Circular No:LCH EnClear No 341
Date:04 July 2011
To:All LCH.Clearnet EnClear Members

Changes to the LCH EnClear European Hot Rolled Coil contracts 

Members are advised that following The Steel Index’s (TSI) move to publish a daily index, the European Hot Rolled Coil contracts will now expire on the last business day of each month, with effect from the July 2011 contract.

Please see the amended contract spec below

European Hot Rolled Coil

Cash settled steel swaps – settled against The Steel Index:

Hot Rolled Coil – Northern Europe, domestic (SCN)

Hot Rolled Coil – Southern Europe, domestic (SCS)

Lot size20 mt
Pricing€ per metric tonne
Minimum tick€0.0001 to account for final settlement
Fixed priceThe traded price or the previous day’s settlement price as supplied end of day by FIS, or any other such source as LCH may determine
Floating price

In respect of daily settlement, the floating price will be the end of day price as supplied by FIS, or any other such source as LCH may determine

In respect of final settlement, the floating price will be the mean of the daily prices for the contract route as published by The Steel Index during the contract month

Contract seriesFront 1 or 2 months (remaining from front quarter), 5 whole quarters, 2 whole calendar years
Expiry / Last Trading DayLast UK business day of the contract month
DeliveryCash settled monthly against the arithmetic average of all the indices in the contract month
Final paymentThe first business day following the expiry day
Business daysUK business days

Full contract specifications for all other Steel contracts and EnClear products are available on our website www.lchclearnet.com.

If you have any questions related to this circular, please do not hesitate to contact Holly Shaw on +44 20 7426 7027 or holly.shaw@lchclearnet.com


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