| LCH circular number: | 4336 |
| Date: | December 03, 2024 |
| To: | All LCH Ltd Members |
The purpose of this circular is to provide detailed information on payment and margin management arrangements over the Christmas and New Year Period.
As a reminder, the below tables show the opening schedule applicable to all LCH Limited’s clearing services:
2024 End of Year Service Opening and Major Margin Currency Tables
Margin Calls
LCH Limited will be closed on Wednesday 25 December 2024. No margin calls will be issued on this date as all LCH Limited clearing services are closed.
Margin calls from close of business Tuesday 24 December 2024 relating to all clearing services will be called from clearing members’ PPS banks with a deadline of 9am London Time on Thursday 26 December 2024.
Members should refer to REP00033a for the value date of any margin call or payment.
Margin Management
From close of business Friday 13 December through to close of business on Thursday 2 January, LCH Limited may require up to 10 business days’ notice for substitutions of collateral (cash collateral versus non-cash collateral and cash versus cash collateral) in excess of £100m. Any substitutions involving cash collateral with value date between 20 December 2024 and 2 January 2025 will be subject to the approval of LCH Limited.
The above applies to both Clearing Members’ Proprietary and Client business.
LCH Limited may not accept cash collateral in excess of a Clearing Members’ Margin requirement after 10:00am GMT (EST for FCMs) with value date between 20 December 2024 and 2 January 2025. Clearing Members can continue to provide cash collateral in response to a margin call.
SwapClear Specific Margin Management
Please find details below regarding LCH Limited’s capacity to take in pre-funding from 23 December to 2 January.
| Date | Opening Hours |
Bulk Events+ | Bulk Event Prefunding | Other Special Arrangements |
| 23-Dec-24 | Normal | Prefunding Only | Max 100M* / unlimited securities | |
| 24-Dec-24 | Normal | Prefunding Only | Max 100M* / unlimited securities | |
| 25-Dec-24 | Closed | |||
| 26-Dec-24 | Normal | Prefunded Only | Max 100M* / unlimited securities | PPS Reform: EUR & GBP Holiday |
| 27-Dec-24 | Normal | Prefunded Only | Max 100M* / unlimited securities | |
| 30-Dec-24 | Normal | Prefunded Only | Max 100M* / unlimited securities | |
| 31-Dec-24 | Normal | Prefunding Only | Max 100M* / unlimited securities | |
| 01-Jan-25 | Closed | |||
| 02-Jan-25 | Normal | BAU | BAU | BAU |
* or USD/ EUR equivalent, subject to pre-approval by LCH Limited.
Reporting
Banking reports from close of business Tuesday 24 December 2024 will be available for all Members in the Banking Report folder dated 26 December by 07:00 GMT on 25 December.
Terms used herein shall have the meaning assigned to them in the Rulebook or FCM Rulebook, as applicable. References to Clearing Members used herein shall include FCM Clearing Members.
For further information, please contact:
Collateral Client Services
Collateral.ClientServices@lch.com