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Originating department:Operations Department
Company Circular No:LCH.Clearnet Ltd Circular No 2221
Date:29 November 2007
To:All Members

Christmas and New Year Opening Times

  1. 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.

  2. Exchange Clearing Information

    2.1 Exchange Operating Times

    The table below details the closing times of the various exchanges:

    Liffe - NYSE EuronextICE/ICE FuturesLMELSEEDXVirt-x
    24 Dec 07Open (Trading hours aligned to underlying and related markets)1

    Early Close
    19:00

    		ClosedCloses 12:302Closed (half day trading day 12.30 in the Russian IOB market)Closed
    25 Dec 07ClosedClosedClosedClosedClosedClosed
    26 Dec 07ClosedOpen Normal Business DayClosedClosedClosedClosed
    27 Dec 07Open Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business Day
    28 Dec 07Open Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business Day
    31 Dec 07Open (Trading hours aligned to underlying and related markets)1Early Close
    20:00    		Open Normal Business DayCloses 12:302Closed (half trading day 12.30 in the Russian market)Closed
    01 Jan 08ClosedClosedClosedClosedClosedClosed
    02 Jan 08Open Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business Day

    1Contract opening hours as per Liffe-NYSE Euronext London Notice No.2958

    2Due to potential changes in Market Structure following the implementation of MiFID, further information regarding service arrangements may be sent out during November

    2.2 Clearing Information

    2.2.1 Liffe-NYSE Euronext

    2.2.1.1. Financial Contracts

    24 & 31 December 2007

    Financial TRS/CPS will close approximately 1 hour after the cessation of trading.

    27 December 2007

    Last trading day for the December 2007 Long Gilt contract. Trading ceases at 11:00.

    2.2.1.2 Equity Contracts

    24 & 31 December 2007

    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 Liffe-NYSE Euronext London Notice No. 2958

    2.2.1.3. Commodity Contracts

    24 & 31 December 2007

    Commodities TRS/CPS will close approximately 1 hour after the cessation of trading.

  3. Clearing Hours

    The table below details the closing hours of the various LCH.Clearnet services.

    EquityClear®SwapClear®RepoClear®EnClear
    OTC Energy/ Freight Services
    24 Dec 07Open Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business Day
    25 Dec 07ClosedClosedClosedClosed
    26 Dec 07ClosedClosedClosedClosed
    27 Dec 07Open Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business Day
    28 Dec 07Open Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business Day
    31 Dec 07Open Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business Day
    01 Jan 08ClosedClosedClosedClosed
    02 Jan 08Open Normal Business DayOpen Normal Business DayOpen Normal Business DayOpen Normal Business Day

  4. Deliveries

    4.1 Liffe-NYSE Euronext

    4.1.1 Financial Contracts

    24 December 2007

    Notice day for the December 2007 Long Gilt contract. The time for submission of Delivery Notices will remain unchanged. Matching and Settlement deadlines for the December 2007 Long Gilt contact remain unchanged.

    28 December 2007

    Last Notice Day for the December 2007 Long Gilt contract. Delivery notices must be submitted by 10:00.

    31 December 2007

    Final settlement day for the December 2007 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 and Stock Futures:

    Exercise / Trade DateSettlement Date
    19 December 200727 December 2007
    20 December 200728 December 2007
    21 December 200731 December 2007
    24 December 200702 January 2008
     27 December 200703 January 2008
    28 December 2007 04 January 2008
     31 December 200707 January 2008

    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 DateSettlement Date
    20 December 200727 December 2007
    21 December 200728 December 2007
    24 December 200731 December 2007
    27 December 200702 January 2008
     28 December 2007 03 January 2008
     31 December 2007 04 January 2008

    4.1.3 Commodity Contracts

    28 December 2007

    First notice day for the January 2008 Wheat contract.

    31 December 2007

    Settlement Day for the December 2007 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.

    4.3.3 Freight

    24 December 2007

    The Last Trading Day and Expiry Day for December 2007 contracts. Trading ceases at 17:00hrs.

  5. Treasury Operations

    PPS calls relating to trade date 24 December 2007 will be sent to your PPS Banks on 26 December 2007 (Boxing Day).  Members should therefore ensure that sufficient funds are available at their PPS bank to meet their PPS calls.  Although it will only be possible for PPS banks to process USD PPS 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 PPS 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 24 & 26 December 2007 are as follows:

    Overnight PPS calls to be confirmed by09:00hrs
    Cash movement requests10:30hrs
    Intra-day margin calls16:00hrs – London PPS
    21:00hrs – US PPS
    Collateral16:30hrs

    Bond prices and exchange rates will be available at 17:30hrs.

  6. 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 every day.

    Additional information for LME Members ONLY:

    Due to the LME closure on 24 December 2007, LME members will only have “Settlement” cash postings on their Cover Account Postings report (MACSL) on 24 December, and no cash postings on 26 December.  Members will be required to ensure that they cover their Initial and Contingent Variation Margin requirements on both of these dates.  All other cash postings (“Prompt”, “Prompts” and “Rent-Weight ”) from trade date 21 December 2007 will be posted to members cover accounts for value 27 December 2007.

    Additional information for Swapclear Members ONLY:

    Swapclear Coupons will be posted onto members cover accounts as follows:

    Forward dated currencies (e.g. AUD, CHF): Coupons for value 27 December 2007 will appear on your Report 22 on 26 December and PPS calls and pays for these coupons will be processed on 26 December for value date 27 December.

    Same day value currencies (e.g. GBP, USD): Coupons for value 27 December 2007 will appear on your Report 22 on 27 December and PPS calls and pays for these coupons will be processed on 27 December for value date 27 December.

  7. 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:

    Liffe-NYSE EuronextFil De Vivo / Cliff Staden020 7426 7111/7629
    EquityClear® (LSE and virt-x)Mike Jones020 7426 7012
    EDXFil De Vivo / Martin Jenkins020 7426 7111/7697
    LMEIan Cawson / Kevin Watts020 7426 7465/7699
    ICE FuturesIan Cawson / Kevin Watts020 7426 7465/7699
    EnClearIan Cawson / Kevin Watts020 7426 7465/7699
    Treasury OperationsSiobhan White / Clare Bradnock020 7426 7044/7504
    SwapClear® / RepoClear®Martin Jenkins / Mark Shaw020 7426 7660

Fil De Vivo
Director, Business Operations