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Originating department:Treasury Operations
Company Circular No:LCH.Clearnet Ltd Circular No 2750
Date:10 December 2010
To:All Members and PPS Banks

LCH.Clearnet Ltd Opening Days 2011

LCH.Clearnet Ltd will be open for business on the UK Bank Holidays in 2011 as detailed in the table under section 2 of this circular.

This circular does not provide an exhaustive list of the individual markets/exchanges opening dates – please refer to the market/exchange notices for this information. LCH.Clearnet Ltd will be open on all weekdays not specifically mentioned in the below table.

1. Cash Movements on UK Bank Holidays

On any day on which LCH.Clearnet Ltd is open, all members will be required to meet PPS calls, as required to cover the previous day’s end-of-day positions. Furthermore, members with open positions on an exchange/market that is open for business will be obliged to meet intra day margin calls as required. Members must therefore ensure that their PPS accounts are funded accordingly.

If PPS calls are generated in a currency for which it is a Bank Holiday when LCH.Clearnet Ltd is open for business, the value date will be deferred until the next business day for that currency.

For example, 2 May 2011 is a UK Bank Holiday and a member is called £100,000.00 relating to variation margin from the previous day’s business. The member’s PPS Bank will be required to irrevocably confirm payment on 2 May 2011 but the amount will not be debited from the clearing member’s bank account until 3 May 2011.

2. Easter

3. Table of Bank Holidays

2010-12-10 Bank Holidays 2011

The red columns denote days on which LCH.Clearnet is closed.

Further information

If you have any queries, please contact the Treasury Operations department by phone on 020 7426 7505 or by email at [email protected].

Siobhán White
Director, Treasury Operations