| Originating department: | Treasury Operations |
| Company Circular No: | LCH.Clearnet Ltd Circular No 2119 |
| Date: | 15 February 2007 |
| To: | All Members |
LCH.Clearnet Ltd Opening Days 2007
LCH.Clearnet Ltd (Ltd) will be open for business on the UK Bank Holidays in 2007 as detailed in the table under section 4 of this circular.
Cash Movements on UK Bank Holidays
On any day on which LCH.Clearnet Ltd is open, all members will be required to meet PPS calls, as required to cover the previous day’s end-of-day positions. Furthermore, members with open positions on an exchange/market that is open for business will be obliged to meet intra day margin calls as required. Members must therefore ensure that their PPS accounts are funded accordingly.
If PPS calls are generated in a currency for which it is a bank holiday when Ltd is open for business, the value date will be deferred until the next business day for that currency.
For example, 7 May 2007 is a UK Bank Holiday and a member is called £100,000.00 relating to variation margin from the previous day’s business. The member’s PPS Bank will be required to irrevocably confirm payment on 7 May 2007 but the amount will not be debited from the clearing member’s bank account until 8 May 2007.
Easter
Ltd will be closed on Good Friday 6 April 2007, and will not register business on any exchanges on that date. However, on Easter Monday, 9 April 2007, certain business from ICE Futures and ICE will be registered (see relevant exchange notices for full details).
Table of Bank Holidays
The red columns denote days on which LCH.Clearnet Ltd is closed. These dates are subject to change - members will be advised accordingly.
Further Information
If you have any queries, please contact the Treasury Operations department on 020 7426 7505 or by email at lchoperations-treasury@lchclearnet.com.
Siobhán White
Director, Treasury Operations