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Company Circular No:

LCH.Clearnet LLC Circular No 16

Service Circular No:

LCH SwapClear US Circular No 105

Date:5 November 2013
To:All LLC SwapClear Members

SwapClear Tolerance changes - LLC

As part of its implementation of straight through processing, LCH.Clearnet LLC established individual SwapClear Tolerance for each member as described in section 2A.3 of the Clearing House Procedures.

LCH.Clearnet LLC currently does not make SwapClear Tolerance available after its final Initial Margin call on any Business Day which precedes a day which is not a Business Day. With effect from 8 November 2013, LCH.Clearnet LLC will make SwapClear Tolerance available up to 7:00 p.m. (New York time) on each Business Day. LCH.Clearnet LLC will commence extending SwapClear Tolerance again at 7:30 am (New York time) at the start of each following Business Day.

LCH.Clearnet LLC has submitted a self-certification to the CFTC to amend the Clearing House Procedures to remove the provision setting the SwapClear Tolerance for all Clearing Members to zero (0) after the final Initial Margin run on any Business Day which precedes a day which is not a Business Day.

The self-certification can be accessed through the following link: http://www.lchclearnet.com/rules_and_regulations/llc/proposed_rules.asp

This circular supersedes all prior circulars relating to the subject matter above.

For queries please contact:

SwapClear Client Services| LCH.Clearnet | Tel + 44 20 7426 7651
Email: swapclearclientservices@lchclearnet.com
Website: www.lchclearnet.com

Owen Taylor Owen.taylor@lchclearnet.com