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Company Circular No:

LCH.Clearnet Limited Circular No 3362

Service Circular No:

SwapClear No 104

Date:29 October 2013
To:All SwapClear Members

Bilateral Termination

As of October 29, 2013, LCH.Clearnet Ltd will offer SwapClear Clearing Members the ability to terminate a series of cleared SwapClear Contracts entered into with the Clearing House. Termination will be subject to the original counterparties to a SwapClear Transaction submitting matched details to the Clearing House and completing applicable documentation.

Bilateral termination is only available on SwapClear Transactions executed between two SwapClear Clearing Members and is subject to the following (per SwapClear Clearing member) volume parameters:

Number of Termination cycle a day1
Members in a Termination cycle2
Max Terminations a day1,000 trades
Max Termination package size200 trades
No Cash flows within Settlement window

Further information and applicable documentation is available by emailing: [email protected]  with message prefix <Bilateral Termination>

*Terms used and not defined herein shall have the meaning assigned to them in the Rulebook of LCH.Clearnet Limited.

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]