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| Originating department: | Treasury Operations |
| Company Circular No: | LCH.Clearnet Ltd Circular No 3055 |
| Date: | 03 January 2012 |
| To: | All Members and PPS Banks |
LCH.Clearnet Ltd Opening Days 2012
LCH.Clearnet Ltd (LCH.Clearnet) will be open for business on the UK Bank Holidays in 2012 as detailed in the Service Opening Table below.
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 will be open on all weekdays not specifically mentioned in the Service Opening table.
Cash Movements on UK Bank Holidays
On any day where LCH.Clearnet is open, Clearing Members will be required to meet PPS calls, to cover the previous day’s end of day positions. Furthermore, Clearing Members with open positions on an exchange/market that is open for business will be obliged to meet intra-day margin calls as required. Clearing Members must therefore ensure that their PPS accounts are funded accordingly.
For example 7 May 2012 is a UK Bank Holiday and a Clearing 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 7 May 2012, however, the amount will not be debited from the Clearing Members bank account until the following business day (i.e. 8 May 2012).
Easter
LCH.Clearnet will be closed on Good Friday and Easter Monday but will register trades for those services that will be open for business as per normal.
No margin calls will be processed on Good Friday or Easter Monday
Margin Calls from close of business 5 April 2012 will be processed and called from your PPS Bank for confirmation by 9am on Tuesday 10 April 2012 (except for those currencies where holidays apply).
Risk Management will assess member exposures up until 5 April 2012 and may call for additional margin to cover forward exposures.
Reports will be available on Tuesday 10 April 2012 at approximately 7am.
Service Opening Table 2012
The red columns denote days on which LCH.Clearnet Ltd 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