Change to RepoClear Cut-Off Time for 19/03/08

1. Members are advised that the cut-off time for the receipt of new business into the RepoClear service with a settlement date of T+1 will be brought forward to 13:00 (London time) on 19/03/08.  The revised cut-off time will apply to all RepoClear products.

2. The accumulation of trades residing within RepoClear that are scheduled to be netted on 19/03/08 for settlement on 20/03/08 is already large and it is expected that it will reach a similar level to that netted on previous quarter netting dates. LCH.Clearnet, having previously taken advice from the ESCC Formation Committee and the ESCC Operations Committee in December 2001, once again consider it prudent to bring the netting deadline forward for this specific date because it provides additional contingency to LCH.Clearnet, to member firms and to the settlement depositories.

3. The change is for one day only and LCH.Clearnet will revert to the usual cut-off time of 14:00 on 20/03/08 and thereafter. If you have any questions regarding this change please contact your usual LCH.Clearnet contact.

Mark Baker
Manager, LCH.Clearnet Operations