Legal Documentation

As set out in paragraph 1.20.2(a) of Procedure 2C, the Clearing House may from time to time make available on its website template documents that a SwapClear Clearing Member and a SwapClear Clearing Client may find useful when agreeing the terms between them for the provision of clearing services by such SwapClear Clearing Member to such SwapClear Clearing Client.

SwapClear Participants and SwapClear Clearing Clients should note that the Clearing House makes no recommendation in respect of the commercial terms set out in the documents.  Parties entering into these documents are free to engage in bilateral negotiations in respect of the terms of these documents.

The Clearing House makes no representations in respect of any documentation, including without limitation, those provided by the Clearing House or otherwise.

SwapClear Clearing Clients should, of course, make their own independent decisions in relation to the SwapClear Client Clearing Service based upon their own judgment and upon such advice from such advisers as those clients deem necessary.

Links to the current template documentation are set out below:

Between each Executing Broker and Client:

Execution Standard Terms (ISDA agreements) for Client Clearing Version 2.0 dated 25 September 2013.

Execution Standard Terms (FBF agreements) for Client Clearing Version 1.0 dated 6 January 2014. A French language version is available here: Conditions Générales d'Exécution liées à la Compensation Client (droit français)/Version 1.0 du 16 avril 2014.

Execution Addendum to the German Master Agreement for Financial Derivatives Transactions Version 1.0 dated 30 January 2014

Between Clearing Member and Client, dependent on jurisdiction:

ISDA related documentation: (1) SwapClear Client Clearing Agreement Version 4.0 dated 20 June 2014 incorporating the SwapClear Client Clearing Standard Terms Version 3.0 dated 20 June 2014. This documentation is intended to be compatible with the Clearing House’s revised Rules and Regulations following authorisation under EMIR. (2) The SwapClear Client Clearing Amendment Agreement Version 2.0 dated 20 June 2014 (incorporating the SwapClear Client Clearing Amendment Terms Version 2.0 dated 20 June 2014) may be used to amend a SwapClear Client Clearing Agreement incorporating any of version 2.1, 2.2 or 2.3 of the SwapClear Client Clearing Standard Terms so that they are compatible with the Clearing House’s revised Rules and Regulations following authorisation under EMIR.

Deutscher Rahmenvertrag für Finanztermingeschäfte (DRV) related documentation: SwapClear Client Clearing Agreement (German Law) Version 4.0 dated 27 August 2014 incorporating the SwapClear Client Clearing Standard Terms (German Law) Version 4.0 dated 27 August 2014. This documentation has been updated in light of the Clearing House’s revised Rules and Regulations following authorisation under EMIR.

Convention-cadre FBF relative aux opérations sur instruments financiers à terme (FBF) related documentation: SwapClear Client Clearing Agreement (French Law) Version 3.0 dated 27 August 2014 incorporating the SwapClear Client Clearing Standard Terms (French Law) Version 3.0 dated 27 August 2014. This documentation has been updated in light of the Clearing House’s revised Rules and Regulations following authorisation under EMIR.

The Bundersverband deutscher Banken Clearing-Rahmenvereinbarung can be accessed in German here and in English here. An LCH-specific Annex which may be used with this document can be accessed in German here and in English here.

Further details on SwapClear Client Clearing and additional documentation (including the Security Deed) are available in paragraph 1.20 of Procedure 2C.

The Security Deed for SwapClear Clearing Members that provide SwapClear Client Clearing Services and are incorporated in a jurisdiction that is not an exempting client clearing jurisdiction is available here. An overview of relevant jurisdictions can be found in Schedule 2 of this document.