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| Company Circular No: | LCH.Clearnet Ltd Circular No 3293 |
| Service Circular No: | EquityClear Circular No 235 |
| Date: | 23 April 2013 |
| To: | All EquityClear Clearing Members |
EquityClear Trades
Dear Member
We would like to clarify our position regarding clearing of ‘Agency’ trades by changing the wording of rule 2D.2.7 to the following:
2D.2.7 | Submission of EquityClear Trades In line with Regulation 4(c) of the Rulebook each Clearing Member shall be principal in respect of any Contract registered in its name with the Clearing House. Submitting a trade with a dealing capacity of “A” does not alter this capacity. |
On this basis, a member can submit trades to EquityClear with a dealing capacity of “A” and clear these trades through the same legal entity. In Q3 2013, we intend to offer the option to recharacterise trades with a dealing capacity of “A” to “P” for settlement netting purposes.
If you require further information please contact Ian Mackenzie on Tel: 020 7426 7265, Email: [email protected]
Yours sincerely
Roland Chai, Head of Equities, Limited