Euro*: Clearing Member must deposit via an account held within a central bank connected to the T2 system or be represented by a payment agent holding such an account.
The cash and collateral payments in T2 occurs daily in accordance with the following time slots:
| Initial Margin Calculation | Markets | T2 Transfer | Control | Settlement | Scope |
|---|---|---|---|---|---|
| Cash Euro | CDSClear | 08:00 AM CET | 8:00-8:30 AM CET | 08:30-09:00 AM CET | Re-evaluation of positions, prices and collateral |
| DigitalAssetClear | |||||
| RepoClear | |||||
| CDSClear | 9:30 AM CET | 9:30-9:40 AM CET | 9:40-9:45 AM CET | Cash pay only for CDSClear and DigitalAssetClear markets | |
| DigitalAssetClear |
| Intraday Margin Calculation | Markets | T2 Transfer | Control | Settlement | Scope |
|---|---|---|---|---|---|
| Cash Euro | DigitalAssetClear | 10:00 AM CET | 10:00-10:25 AM CET | 10:25-10:30 AM CET | Re-evaluation of positions and prices |
| Intraday Margin Calculation | Markets | T2 Transfer | Control | Settlement | Scope |
|---|---|---|---|---|---|
| Cash Euro | RepoClear | 11:00 AM CET | 11:00-11:25 AM CET | 11:25-11:30 AM CET | Re-evaluation of positions and prices |
| CDSClear | 11:30 AM CET | 11:30-11:55 AM CET | 11:55-12:00 AM CET | ||
| DigitalAssetClear |
| Additional Margin Calculation | Markets | T2 Transfer | Control | Settlement | Scope |
|---|---|---|---|---|---|
| Cash Euro | CDSClear | 12:30 PM CET | 12:30-12:55 PM CET | 12:55-1:00 PM CET | Recalculation of cover distribution after new deposits Excess cash return |
| DigitalAssetClear | |||||
| RepoClear |
| Intraday Margin Calculation | Markets | T2 Transfer | Control | Settlement | Scope |
|---|---|---|---|---|---|
| Cash Euro | DigitalAssetClear | 2:30 PM CET | 2:30-2:55 PM CET | 2:55-3:00 PM CET | Re-evaluation of positions, prices and collateral No Cash excess return |
| RepoClear | 3:00 PM CET | 3:00-3:25 PM CET | 3:25-3:30 PM CET |
| Intraday Margin Calculation | Markets | T2 Transfer | Control | Settlement | Scope |
|---|---|---|---|---|---|
| Cash Euro | CDSClear | 3:30 PM CET | 3:30-3:55 PM CET | 3:55-4:00 PM CET | Re-evaluation of positions and prices No Cash excess return |
| DigitalAssetClear |
Any change on the cap amount will be communicated in advance.
- US Dollar or Pound Sterling deposited via an account in the name of LCH within the commercial bank Euroclear Bank.
- US Dollar and Pound Sterling cash collateral are subjected to their specific Haircut which are indicated in the Haircut Notice.
Variation margin payments in non-euro currencies
On CDS markets, under specific circumstances, a clearing member has also to satisfy its Variation margin payment obligations in the non-euro contractual currencies. Following table gives the overview of PPS banks and time slots, used by LCH SA specifically for non-euro cash payments margin calls:
| Markets | PPS | Currencies | Control | Settlement | |
|---|---|---|---|---|---|
| CDSClear | BNY | USD | 8:00 AM CET | 9:00 AM CET | USD Cash calls only |
| 9:00 AM CET | 9:45 AM CET | USD Cash pays only |