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Company Circular No:

LCH.Clearnet Ltd Circular No 3439

Service Circular No:

Nodal Circular No 27

Date:5 March 2014
To:All LCH.Clearnet Ltd Members

Implementation of Liquidity Add-on for cleared Nodal Exchange contracts 10 March 2014

Further to LCH.Clearnet Ltd Circular 3409 - LCH.Clearnet Ltd Liquidity Add-on for cleared Nodal Exchange contracts (http://www.lchclearnet.com/member_notices/circulars/2014-01-21.asp), Members are informed that LCH.Clearnet Ltd will be introducing Liquidity charge in addition to current initial margin calculations for Nodal Exchange on 10 March 2014. The Liquidity charge is designed to cover the costs associated with portfolio liquidation and will be called as part of the initial margin call at the start of day.

Members can find further information, including comprehensive details on how the liquidity add-on will be calculated, on the secure area of the LCH.Clearnet website.

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Should you have any questions please contact Daniel Berger at daniel.berger@lchclearnet.com or at +1 (212) 513-8260