| Originating department: | Operations Department |
| Company Circular No: | LCH.Clearnet Ltd Circular No 2096 |
| Date: | 30 November 2006 |
| To: | All Members |
Christmas and New Year Opening Times
Introduction
The purpose of this circular is to inform members of the opening and closing times of the Exchange and LCH.Clearnet Ltd services over the Christmas and New Year Period. It is also intended to provide members with information relating to clearing processes over this period. Please note that all times quoted in this circular are in GMT.
Exchange Opening and Clearing Information
2.1 Exchange Opening Hours
The table below details the closing times of the various exchanges:
Euronext.liffe ICE Futures LME LSE EDX Virt-x 22 Dec 06 Open (Trading hours aligned to underlying and related markets)1 Open Normal Business Day Open Normal Business Day Closes 12:30 Open Normal Business Day Open Normal Business Day 25 Dec 06 Closed Closed Closed Closed Closed Closed 26 Dec 06 Closed Open Normal Business Day Closed Closed Closed Closed 27 Dec 06 Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day 28 Dec 06 Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day 29 Dec 06 Open (Trading hours aligned to underlying and related markets)1 Open Normal Business Day Open Normal Business Day Closes 12:30 Open Normal Business Day Open Normal Business Day 01 Jan 07 Closed Closed Closed Closed Closed Closed 02 Jan 07 Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day 1Contract opening hours as per Euronext.liffe London Notice Number: LON2820
2.2 Important Clearing Information
2.2.2 Euronext.LIFFE
2.2.1.1. Financial Contracts
22 & 29 December 2006
Financial TRS/CPS will close approximately 1 hour after the cessation of trading.
27 December 2006
Last trading day for the December 2006 Long Gilt contract. Trading ceases at 11:00.
2.2.1.2 Equity Contracts
22 & 29 December 2006
Equity TRS/CPS will close approximately 1 hour after the cessation of trading.
Exercise Notices must be submitted by the deadlines as set out in Euronext.liffe London Notice No. LON2820
2.2.1.3. Commodity Contracts
22 & 29 December 2006
Commodities TRS/CPS will close approximately 1 hour after the cessation of trading.
Clearing Hours
The table below details the closing hours of the various LCH.Clearnet services.
EquityClear® SwapClear® RepoClear® EnClear ICE Endex OTC Energy/ Freight Services 22 Dec 06 Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day 25 Dec 06 Closed Closed Closed Closed Closed Closed 26 Dec 06 Closed Closed Closed Open Normal Business Day Closed Closed 27 Dec 06 Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day 28 Dec 06 Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day 29 Dec 06 Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day 01 Jan 07 Closed Closed Closed Closed Closed Closed 02 Jan 07 Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Open Normal Business Day Deliveries
4.1 Euronext.liffe
4.1.1 Financial Contracts
22 December 2006
Notice day for the December 2006 Long Gilt contract. The time for submission of Delivery Notices will remain unchanged. Matching and Settlement deadlines for the December 2006 Long Gilt contract remain unchanged.
28 December 2006
Last Notice Day for the December 2006 Long Gilt contract. Delivery notices must be submitted by 10:00.
29 December 2006
Final settlement day for the December 2006 Long Gilt contract.
4.1.2 Equity Contracts
4.1.2.1 Equity Option Exercise/Assignments
The table below details trade and settlement dates in respect of deliveries resulting from exercise and assignments on Equity Options:
Exercise / Trade Date Settlement Date 22 December 2006 2 January 2007 27 December 2006 3 January 2007 28 December 2006 4 January 2007 29 December 2006 5 January 2007 4.1.2.2 Stock Contingent Trades
The table below details trade and settlement dates in respect of deliveries resulting from Stock Contingent Trades:
Exercise / Trade Date Settlement Date 22 December 2006 29 December 2006 27 December 2006 2 January 2007 28 December 2006 3 January 2007 29 December 2006 4 January 2007 4.1.3 Commodity Contracts
28 December 2006
First notice day for the January 2007 Wheat contract.
29 December 2006
Settlement Day for the December 2006 Cocoa contract. The delivery deadlines remain unchanged.
4.2 ICE Futures
Deliveries for the Natural Gas NBP & UK EFA Electricity Baseload and Peak contracts, within Gemini and NETA, will be processed as normal over the Christmas and New Year period.
4.3 EnClear
4.3.1 Intercontinental Exchange (ICE)
Deliveries for the ICE European Natural Gas Firm Physical, Fixed Price – NBP contract, within Gemini, will be processed as normal over the Christmas and New Year period.
4.3.2 OTC Energy Services
Deliveries for the OTC UK Power Baseload, OTC UK Power Peak, and OTC UK NBP Gas contracts, within Gemini and NETA, will be processed as normal over the Christmas and New Year period.
Treasury Operations
Margin calls relating to trade date 22 December 2006 will be sent to your PPS Banks on 26 December 2006 (Boxing Day). Members should therefore ensure that sufficient funds are available at their PPS bank to meet their margin calls. Although it will only be possible for PPS banks to process USD margin calls for value 26 December, they will irrevocably commit on 26 December to process all other currencies with next (good) day value.
Intra-day margin calls will also be processed on 26 December as required for those members who clear ICE Futures and ICE markets.
Members must ensure that they have sufficient resources available to cover overnight and intra-day margin calls according to the schedule below. If any contact details will be different to normal, please advise Treasury Operations as soon as possible.
Cut off times for 22 & 26 December 2006 are as follows:
Overnight margin calls to be confirmed by 09:00hrs Cash movement requests 10:30hrs Intra-day margin calls 16:00hrs – London PPS
18:30hrs – US PPSCollateral 16:30hrs Bond prices and exchange rates will be available at 17:30hrs.
Reports
Members are advised that banking reports will be produced each night following an LCH.Clearnet Ltd business day, as per normal procedures. This means that reports in TRS/CPS will be overwritten each night. However, these reports can now be retrieved for any of the previous 3 days by entering ‘G=DD-MMM-YY’.Members who access their Banking reports through the LME report printing and browser facility or the LCH extranet will be able to retrieve them in the normal manner.
Further Information
Members should contact the relevant Exchange for opening hours on individual contracts.For further information in relation to this circular please contact one of the following:
Euronext LIFFE Fil De Vivo / Cliff Staden 020 7426 7111/7629 EquityClear® (LSE and virt-x) Fil De Vivo / Cliff Staden 020 7426 7111/7629 EDX Fil De Vivo / Cliff Staden 020 7426 7111/7629 LME Ian Cawson / Kevin Watts 020 7426 7465/7699 ICE Futures Ian Cawson / Kevin Watts 020 7426 7465/7699 EnClear Ian Cawson / Kevin Watts 020 7426 7465/7699 Treasury Operations Siobhan White / Clare Bradnock 020 7426 7044/7504 SwapClear® / RepoClear® Martin Jenkins / Mark Shaw 020 7426 7660
Stephen Lyle
Director, Business Operations