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| Company Circular No: | LCH.Clearnet Ltd Circular No 3304 |
| Service Circular No: | SwapClear Circular No 84 |
| Date: | 16 May 2013 |
| To: | All SwapClear Clearing Members (including FCM Clearing Members) |
Real Time Trade Registration
LCH.Clearnet Ltd (LCH.Clearnet) has implemented changes to its Default Fund Rules to provide that the SwapClear Segregated Fund Amount incorporates a SwapClear Tolerance Amount. The SwapClear Tolerance Amount is an additional layer of the LCH.Clearnet default fund that is designed to cover the extension of SwapClear Tolerance.
SwapClear Tolerance Contribution Amounts (which have already been notified to SwapClear Clearing Members) will be called by LCH.Clearnet today for payment on 17 May 2013.
Additional changes to the Rulebook and the FCM Rulebook which cover further elements of the real time trade registration process will be effective from Monday 20 May 2013.
Under the Procedures and FCM Procedures, SwapClear Tolerance will be granted at LCH.Clearnet’s sole discretion. Please also note that SwapClear Tolerance will be reduced to zero prior to LCH.Clearnet’s last initial margin call on any business day (which will normally be at or around 8:00pm (London time) or at or around 2:30pm (London time) on a day which is not a business day in the US). LCH.Clearnet will commence extending SwapClear Tolerance again at 7:30am (London time) at the start of each following business day.