CDS Clearing Rules

The purpose of the Rules and Regulation Department is to formalise the relationship between LCH.Clearnet SA and its Clearing Members by describing each other's rights and obligations.

CDS Clearing Rule Book

These rules that are governed by French law consist in:

• The CDS Clearing Rule Book

FCM CDS Clearing Regulations

These rules that are governed by the laws of the State of New York and the laws of United States of America consist in:

• The FCM CDS Clearing Regulations

CDS Clearing Supplement

These rules that are governed by English law consist in:

• The CDS Clearing Supplement

CDS Clearing Procedures 

• Section 1: Membership

• Section 2: Margin and Price Alignment Interest

• Section 3: Collateral and Cash Payment

• Section 4: Eligibility Requirements, Eligible Index Versions and Eligible Reference Entities

• Section 5: CDS Clearing Operations

• Section 6: Default Fund

• Section 7: Business Continuity

• Section 8: Disciplinary Proceedings

• Section 9: Complaint Resolution

All these rules are updated on a regular basis in order to track the evolution of our activity.

Notices

To access the full suite of LCH.Clearnet SA legal notices, including CDSClear's, please click here.