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Company Circular No:

LCH.Clearnet Limited Circular No 3389

Service Circular No:EquityClear Circular No 1
Date:2 December 2013
To:All EquityClear Clearing members

EquityClear - trade flow

Dear Member

We would like to advise you of an enhancement to the EquityClear trade flow. A project has been launched to investigate and change post trade processing of London Stock Exchange (LSE) SETS and SETSqx cleared trades.

Currently these trades are sent by the LSE directly into Euroclear UK & Ireland (EUI), whereby EUI provide the relevant risk management data to LCH.

The project is being undertaken by The LSE, EUI, LCH.Clearnet Ltd & SIX x-clear to review the current process and analyse the options available to create a more efficient process.

The enhanced service will allow clearing members and their clients the ability to include SETS and SETSqx business in all cross trade venue netting.

We also expect this project to dovetail with the SDRT Assessment service on behalf of HMRC

We will provide further detail and project materials during December 2013, and the timeline for completion is expected to be end Q2 2014.

For further information please contact Ian Mackenzie email: ian.mackenzie@lchclearnet.com or Tel: +44 (0)20 7426 7265

Yours Sincerely
Roland Chai Head of Equities, Limited