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Company Circular No:

LCH.Clearnet Ltd Circular No 3420

Date:6 February 2014
To:All EnClear, LME, LSE Derivatives Market and NASDAQ OMX NLX clearing members

LCH.Clearnet Ltd: Migration of "Non-Segregated" Client Business by 31 March 2014 - EnClear, LSE Derivatives Market and NASDAQ OMX NLX services

Clearing Members will be aware that LCH.Clearnet Ltd’s authorisation under EMIR and their own compliance is dependent on all client business being segregated from proprietary business. LCH.Clearnet Ltd was deemed ‘complete’ by the Bank of England on 12 December 2013 and according to the official ESMA timeline may be authorised at any time in the following six months.

In order to support members' migration and LCH.Clearnet Ltd’s authorisation, LCH.Clearnet Ltd has made available multiple client accounts for the EnClear*, LME, LSE Derivatives Market and NADSAQ OMX NLX services. In addition we have made changes to the relevant Clearing House Procedures to cover the interim period between migration and EMIR authorisation in order to remove the right of offset of margin across Client accounts. Over the next few days, we will contact each impacted member in the EnClear, LSE Derivatives Market and Nasdaq OMX NLX services to confirm the timetable for the migration of accounts, which we expect to be completed by no later than 31 March 2014.

In the meantime, should you have any queries, or should you anticipate any difficulties in achieving the migration within the timeframe, please contact your Business line representatives listed below.


Isabella Kurek-Smith | Director | Tel. + 44 (0) 20 7426 7460 | isabella.kurek-smith@lchclearnet.com
David Barnes | Manager, Energy and Freight | Tel. + 44 (0) 20 3197 4572 | david.barnes@lchclearnet.com

LSE Derivatives Market, Nasdaq OMX NLX

Marc Huglin | Executive Director, Commodities & Listed Derivatives | Tel. + 44 (0) 20 7426 7168 | marc.huglin@lchclearnet.com
Jennifer Vuong | Client Relations Manager | LCH.Clearnet | Tel. + 44 (0) 20 7392 8429| jennifer.vuong@lchclearnet.com

*Enclear rulebook changes will be live from 20 February 2014