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Company Circular No:

LCH.Clearnet LLC Circular No 27

Service Circular No:SwapClear Circular No 114
Date:9 December 2013
To:All LCH.Clearnet LLC Members

New Workflow for SEF Trades - LLC

LCH.Clearnet  LLC has amended its Rulebook to provide for a new workflow in respect of the registration of transactions that are executed on swap execution facilities or designated contract markets (“execution venues”) that have been approved by LCH.Clearnet LLC. Such amendments envisage that each Clearing Member will co-ordinate with LCH.Clearnet LLC to establish a list of eligible execution venues for such member. If a transaction submitted to LCH.Clearnet LLC for clearing on behalf of a Clearing Member is executed on an execution venue that:

(a) either has not been approved by LCH.Clearnet LLC or is not an eligible execution venue in respect of such Clearing Member, such transaction will be rejected by LCH.Clearnet LLC; and

(b) has been approved by LCH.Clearnet LLC and is an eligible execution venue in respect of such Clearing Member, such transaction will be accepted by LCH.Clearnet LLC on behalf of such member, and such member shall not receive a notice requesting acceptance of such transaction for registration (unlike the legacy workflow).

Notwithstanding the above, for the period up to December 22, 2013, each Clearing Member may, in accordance with the requirements of LCH.Clearnet LLC, designate one or more execution venues as “Selected US Trading Venues” in respect of such member. For the duration of such period, LCH.Clearnet LLC shall continue to apply the legacy workflow to transactions executed on an execution venue that is reflected in LCH.Clearnet LLC’s internal records as being a Selected US Trading Venue. This is solely to facilitate transition to the new workflow, and Clearing Members are reminded of their obligations under CFTC Rules 1.73 and 23.609.

The self-certification of the Rulebook amendments can be accessed through the following link:


For queries please contact:

SwapClear SEF Onboarding| LCH.Clearnet | Tel + 1 212 513 5604

Email: swapclearATSSonboarding@lchclearnet.com 

Website: www.lchclearnet.com 

Oscar Rodriguez oscar.rodriguez@lchclearnet.com