| LCH circular number | 4343 |
| Date: | March 26, 2025 |
| To: | All LCH Ltd Members |
Clearing Members and Clients are advised that LCH Ltd (LCH) will have service specific operating hours for Good Friday (18 April 2025) and Easter Monday (21 April 2025). Please refer to the Service Opening Table for additional details.
Margin Calls
Margin calls from close of business on Thursday 17 April 2025:
ForexClear
Margin calls will be processed and called from Clearing Members’ PPS bank for value on Friday 18 April 2025 [1].
ForexClear will be open for business on Good Friday 18 April 2025 and Easter Monday 21 April 2025 and will be subject to the normal business day processes, including intraday margin calls and deadlines as detailed in the LCH Rulebook.
All Other Clearing Services
Margin calls will be processed and called from Clearing Members’ PPS bank for value on Monday 21 April 2025 [1].
Margin Management
The below applies to both Clearing Members’ Proprietary and Client business:
ForexClear
On Friday 18 April 2025, CMS deposits and withdrawals will be reviewed, managed and processed on a best-efforts basis.
The Collateral Management System (CMS) cash deposit limits will reflect the above.
Auto-repay will remain on for Client VM (L) subaccounts only. Auto-repay will be disabled for all other subaccounts.
All Other Clearing Services
LCH requests that any USD cash or securities collateral in excess of a Clearing Member’s Initial Margin requirement be lodged prior to 10:00 New York time (15:00 London time) on Thursday 17 April 2025. Any lodgements after this time on Thursday 17 April 2025 will be managed on a case-by-case basis.
Clearing Members may continue to provide cash collateral in response to a margin call or lodge securities collateral in accordance with standard processes. The CMS cash deposit limits will reflect the above.
CMS will not be available for deposits and withdrawals for value Friday 18 April 2025.
Reporting
Banking reports from close of business on Thursday 17 April 2025:
ForexClear
Banking reports will be available to Clearing Members on Friday 18 April 2025 from 07:00 (London time). Clearing Members are advised that reports will be available on the LCH Portal dated 18 April 2025.
All Other Clearing Services
Banking reports will still be produced on Friday 18 April 2025, however these reports will not be complete with regard to business data and should therefore be disregarded. Complete Banking reports will be available to Clearing Members on Saturday 19 April 2025 from 07:00 (London time) via the LCH Portal in the folder dated 21 April 2025.
Banking reports are available on the LCH Portal for one month.
For further information:
Collateral Client Services
Collateral.ClientServices@lch.com
CaLM Front Office
N.B. Please note that the content of this Circular is subject to a regulatory notification
Terms used in this Circular and not defined in this Circular shall have the meaning assigned in the LCH Rulebook (available at www.lseg.com/en/post-trade/clearing).
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[1] Except for those currencies where holidays apply and day 2 currencies.