| Originating department: | Treasury Operations |
| Company Circular No: | LCH.Clearnet Ltd Circular No: 2195 |
| Date: | 08 October 2007 |
| To: | All LCH.Clearnet Limited Members active on ICE, ICE Futures, Liffe Commodities, Liffe Financials and LME |
LCH.Clearnet Limited USD PPS deadline changes
Dear Members,
Further to our recent circular, number 2186 issued on 14 September 2007, and the feedback received from members, we would like to advise that we plan to implement the change, to the deadline for USD PPS, on Monday 26 November 2007.
This means that LCH.Clearnet Limited is extending the deadline for USD PPS from the current deadline of 6.30pm to 9.00pm London time.
This change will allow LCH.Clearnet Ltd to more actively risk manage those markets that are open into the London evening and on US trading hours. The potential consequence of an extension to the US PPS arrangements would be for members active in the open markets above to receive PPS Calls should trading activity or price movements be significant. We would stress that members active in markets that are closed during these later hours would not be impacted by this change.
Please find attached a contact details form, which you should complete and return to Clare Bradnock, Treasury Operations Manager, no later than Friday 9 November.
We would like to remind members that it is their responsibility to ensure that adequate credit facilities and banking arrangements are in place to ensure USD PPS Calls can be processed within the one hour confirmation deadline outlined in the PPS Agreement.
Further details of the PPS Call process can be found under Section 3 Financial Transactions – 3.2 Protected Payments System (PPS) (http://www.lchclearnet.com/rules_and_regulations/ltd/default.asp).
If you have any questions with regards to this, please contact
Martin West – martin.west@lchclearnet.com - +(44) 207 7426 7089
Yours sincerely,
Siobhan White Director, Treasury Operations