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| Originating department: | Operations and Client Servicing Repos & Exchanges |
| Company Circular No: | LCH.Clearnet Ltd Circular No 3226 |
| Date: | 26 November 2012 |
| To: | All Members |
Christmas and New Year Opening Times 2012
1.Introduction
The purpose of this circular is to inform members of the opening and closing times of the Exchange and LCH.Clearnet Ltd services over the Christmas and New Year Period. It is also intended to provide members with information relating to clearing processes over this period. Please note that all times quoted in this circular are in GMT.
2.Exchange Opening Hours
The table below details the closing times of the various exchanges:
| NYSE Liffe | LME | Turquoise | Nodal | HKMEx | |
| 24 Dec 12 | Please refer to NYSE
| Open
| Closed for NOK contracts
| Closed | Open
Normal Business Day |
| 26 Dec 12 | Closed | Closed | Closed | Open
Normal Business Day | Closed |
| 27 Dec 12 | Open
| Open
Normal Business Day | Open
Normal Business Day | Open
Normal Business Day | Open
Normal Business Day |
| 28 Dec 12 | Open
Normal Business Day | Open
Normal Business Day | Open
Normal Business Day | Open
Normal Business Day | Open
Normal Business Day |
| 31 Dec 12 | Please refer to NYSE
| Open
| Closed for NOK contracts
| Open
Early Close | Open
Normal Business Day |
| 02 Jan 13 | Please refer to NYSE
| Open
Normal Business Day | Open
Normal Business Day | Open
Normal Business Day | Open
Normal Business Day |
For the opening and trading hours of any EquityClear Exchanges or Multilateral Trading Facilities (MTF’s), please refer to the relevant Exchange or MTF for further details.
3.Clearing Hours
The table below details the operating times of the various LCH.Clearnet Ltd services
| EquityClear | RepoClear | EnClear
| |
| 24 Dec 12 | Open
Normal Business Day | Open
Normal Business Day | Open
Normal Business Day |
| 26 Dec 12 | Closed | Closed | Closed
|
| 27 Dec 12 | Open
| Open
Normal Business Day | Open
Normal Business Day |
| 28 Dec 12 | Open
Normal Business Day | Open
Normal Business Day | Open
Normal Business Day |
| 31 Dec 12 | Open
Normal Business Day | Open
Normal Business Day | Open
Normal Business Day |
| 02 Jan 13 | Open
Normal Business Day | Open
Normal Business Day | Open
Normal Business Day |
4. Deliveries/Expiries
4.1 NYSE LIFFE
4.1.1 Financial Contracts
27 December 2012
Last Trading Day for the December 2012 Gilt contracts.
28 December 2012
Last Notice Day for the December 2012 Gilt contracts. Delivery notices must be submitted by 10:00 AM.
31 December 2012
Final settlement day for the December 2012 Gilt contracts.
4.1.2 Equity Contracts
4.1.2.1 Equity Option Exercise/Assignments
The table below details trade and settlement dates in respect of deliveries resulting from exercise and assignments on Individual Equity Options and Universal Stock Futures settling in CREST:
| Exercise / Trade Date | Settlement Date |
| 19 December 2012 | 27 December 2012 |
| 20 December 2012 | 28 December 2012 |
| 21 December 2012 | 31 December 2012 |
| 24 December 2012 | 2 January 2013 |
| 27 December 2012 | 3 January 2013 |
| 28 December 2012 | 4 January 2013 |
| 31 December 2012 | 7 January 2013 |
The table below details trade and settlement dates in respect of deliveries resulting from exercise and assignments on Individual Equity Options and Universal Stock Futures settling in EUROCLEAR:
| Trade Date | Settlement Date |
| 19 December 2012 | 26 December 2012 |
| 20 December 2012 | 27 December 2012 |
| 21 December 2012 | 28 December 2012 |
| 24 December 2012 | 31 December 2012 |
| 27 December 2012 | 3 January 2013 |
| 28 December 2012 | 4 January 2013 |
| 31 December 2012 | 7 January 2013 |
4.1.2.2 Stock Contingent Trades
The table below details trade and settlement dates in respect of deliveries resulting from Stock Contingent Trades settling in CREST:
| Exercise / Trade Date | Settlement Date |
| 19 December 2012 | 24 December 2012 |
| 20 December 2012 | 27 December 2012 |
| 21 December 2012 | 28 December 2012 |
| 24 December 2012 | 31 December 2012 |
| 27 December 2012 | 2 January 2013 |
| 28 December 2012 | 3 January 2013 |
| 31 December 2012 | 4 January 2013 |
The table below details trade and settlement dates in respect of deliveries resulting from Stock Contingent Trades settling EUROCLEAR:
| Trade Date | Settlement Date |
| 19 December 2012 | 24 December 2012 |
| 20 December 2012 | 26 December 2012 |
| 21 December 2012 | 27 December 2012 |
| 24 December 2012 | 28 December 2012 |
| 27 December 2012 | 2 January 2013 |
| 28 December 2012 | 3 January 2013 |
| 31 December 2012 | 4 January 2013 |
4.1.3 Commodity Contracts
28 December 2012
First Notice Day for the January 2013 Wheat contract.
31 December 2012
Settlement Day for the December 2012 Cocoa contract.
4.2 Turquoise Derivatives
Equity Option Exercise/Assignments
The table below details trade and settlement dates in respect of deliveries resulting from exercise and assignments on Turquoise Norwegian Equity Options settling in Norway:
| Exercise/Trade Date | Settlement Date |
| 19 December 2012 | 27 December 2012 |
| 20 December 2012 | 28 December 2012 |
| 21 December 2012 | 2 January 2013 |
| 27 December 2012 | 3 January 2013 |
| 28 December 2012 | 4 January 2013 |
| 2 January 2012 | 7 January 2013 |
The table below details trade and settlement dates in respect of deliveries resulting from exercise and assignments on Turquoise Russian Equity Options settling in Euroclear:
| Exercise/Trade Date | Settlement Date |
| 20 December 2012 | 26 December 2012 |
| 21 December 2012 | 27 December 2012 |
| 24 December 2012 | 28 December 2012 |
| 27 December 2012 | 2 January 2013 |
| 28 December 2012 | 3 January 2013 |
| 31 December 2012 | 4 January 2013 |
4.3 EnClear OTC Services
24 December 2012
The Expiry Day for, Freight Forward and Freight Option December 2012 contracts. Registration and clearing ceases at the normal business day times for these contracts.
31 December 2012
The Expiry Day for Steel, Iron Ore and Coal December 2012 contracts. Registration and clearing ceases at the normal business day times for these contracts.
4.4 LME
All LME and OTC Bullion delivery instructions will be processed at the normal times.
5 Treasury Operations
Cut off times for 24 and 31 December 2012 are as follows:
| Overnight PPS calls to be confirmed by: | 09:00hrs |
| Cash movement requests: | 09:30hrs |
| Intra-day margin calls made until: | 16:00hrs – London PPS |
| 21:00hrs – US PPS |
Collateral: Dependent on each market, for clarification call Treasury Operations 0207 426 7593
All other dates over the period will operate a normal business day.
6 Further Information
Members should contact the relevant Exchange for opening hours on individual contracts.
For further information in relation to this circular please contact one of the following:
| NYSE LIFFE | Gerry Mundy / Kevin Watts | 020 7426 7391/7699 |
| EquityClear | Ben Hall / Mike Knowles | 020 7426 7932 / 7498 |
| Turquoise Derivatives | Gerry Mundy / Kevin Watts | 020 7426 7391/7699 |
| LME / Nodal | Tim Gutteridge / Kevin Watts | 020 7426 7992/7699 |
| EnClear OTC Services | Tim Gutteridge / Kevin Watts | 020 7426 7992/7699 |
| Treasury Operations | Treasury Operations | 020 7426 7504 |
| RepoClear | Mark Baker / Mark Shaw | 020 7426 7660 |
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