Easter Banking Arrangements

Easter Banking Arrangements

Further to LCH.Clearnet Ltd Circular No 2571, please be advised that LCH.Clearnet Ltd will be closed on Good Friday, 2 April 2010 and then open for trade registration for contracts executed on Nodal Exchange on Easter Monday, 5 April 2010.  However, members will not have margin calls or pays on either date. 

Nodal Exchange Postings

Nodal Exchange will be closed on Friday 2 April 2010 but will be open for trading on Monday 5 April 2010, which means that Variation Margin will be generated for all open positions. These Variation Margin postings will not appear on the CAP reports (REP00022) on Tuesday 6 April 2010.  Treasury Operations will post one entry on the members’ cover accounts on Tuesday 6 April 2010 to reflect the total net debit or credit Variation Margin movement for all contracts.  Members will be able to retrieve the full breakdown of the postings from the Nodal TRS/CPS Clearing Member Report (CMR) on Tuesday 6 April 2010.

If a member has a net debit Variation Margin posting, which is not covered with excess cash, they will be called by PPS on Tuesday 6 April 2010.  Members will be advised of any PPS calls by telephone but should also refer to report PPS (REP00033), which is updated throughout the day.

 
If a member has a net credit Variation Margin posting, they will be re-paid excess cash automatically on Tuesday 6 April 2010 if the account is set to ‘auto-repay’.  Excess balances derived from the credit postings will accrue interest overnight on Tuesday 6 April and will be included in the opening cash balance on Wednesday 7 April 2010. 

 
The Variation Margin postings will appear in “Postings 1” on the CAP report (REP00022) on Wednesday 7 April 2010.

 
Yours sincerely
Siobhán White
Director, Treasury Operations