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| Company Circular No: | LCH.Clearnet Ltd Circular No 3301 |
| Service Circular No | LCH SwapClear No 083 |
| Date: | 13 May 2013 |
| To: | All LCH SwapClear Members |
SwapClear Member Notification
LCH.Clearnet Limited (LCH.Clearnet) will be upgrading from its current SwapClear trade registration process to a real-time trade registration process over the weekend of 18 May 2013, subject to final regulatory approval. All SwapClear Clearing Members and FCM Clearing Members should be aware of the impact of the planned upgrade on: (1) SwapClear service hours on 17 May 2013 and 20 May 2013 and (2) end-of-day reports for 17 May 2013.
Service Hours
The SwapClear service will close early on 17 May 2013. No new trades will be accepted for clearing after 19:30 BST (usual service closure 00:00 BST).
- Trade acceptance will close at 19:30 BST / 14:30 EST for new trades.
- Any trade not Clearing Broker Accepted by 19:45 BST / 14:45 EST will be rejected.
- The production service will close at 21:00 BST / 16:00 EST.
The SwapClear service will open late on 20 May 2013. No new trade acceptance until 10:00 BST (usual service open 07:30 BST).
- Production service will open at 07:30 BST.
- End of day settlement for Friday 17 May Margin Run by 09:00 BST.
- Trade acceptance will open at 10:00 BST for new trades.
End-of-Day Reports
Two sets of end-of-day reports for Friday 17 May 2013 will be produced as a result of the upgrade to real-time trade registration. Full end-of-day processing using the existing code base will be run on Friday 17 May 2013 and member reports will be generated (EOD 1). After deployment of the new real-time trade registration code base, LCH.Clearnet will re-run the Friday 17 May 2013 full end-of-day processing and generate a new set of member reports (EOD 2). The EOD 2 will provide the basis for all margin calls that result from Friday 17 May 2013 activity. Banking calls and banking reports will be postponed until 04:00 BST Monday 20 May 2013. The EOD 2 reports will be the official LCH.Clearnet EOD reports for 17 May 2013. The EOD1 should therefore be disregarded.
For queries please contact:
SwapClear Client Services| LCH.Clearnet | Tel + 44 20 7426 7651
Email: [email protected]
Website: www.lchclearnet.com
Owen Taylor [email protected]