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Company Circular No:

LCH.Clearnet Ltd Circular No 3293

Service Circular No:EquityClear Circular No 235
Date:23 April 2013
To:All EquityClear Clearing Members

EquityClear Trades

Dear Member

We would like to clarify our position regarding clearing of ‘Agency’ trades by changing the wording of rule 2D.2.7 to the following:


Submission of EquityClear Trades

In line with Regulation 4(c) of the Rulebook each Clearing Member shall be principal in respect of any Contract registered in its name with the Clearing House.

Submitting a trade with a dealing capacity of “A” does not alter this capacity.

On this basis, a member can submit trades to EquityClear with a dealing capacity of “A” and clear these trades through the same legal entity. In Q3 2013, we intend to offer the option to recharacterise trades with a dealing capacity of “A” to “P” for settlement netting purposes.

If you require further information please contact Ian Mackenzie on Tel: 020 7426 7265, Email: ian.mackenzie@lchclearnet.com

Yours sincerely

Roland Chai, Head of Equities, Limited