| Originating department: | Treasury Operations |
| Company Circular No: | LCH.Clearnet Ltd Circular No 2285 |
| Date: | 04 April 2008 |
| To: | All prospective RepoClear EuroGC Members |
USD PPS Deadline Changes
Dear Members,
The launch of EuroGC on Monday 28 April 2008 requires a change in our operating processes. In order to risk manage the exposures at the end of day, following the allocation process, LCH.Clearnet Limited is formalising the extension of the deadline for USD PPS from the current deadline of 6.30pm to 9.00pm UK time.
The consequence of an extension to the USD PPS arrangements is that those members active in EuroGC who are allocated collateral deemed to be of relatively higher risk may be required to meet calls at the end of day.
For those members due to partake in EuroGC we require that late hours contact details are provided. Please find attached a contact details form which you should complete and return to Clare Bradnock, Treasury Operations Manager, no later than Friday 18 April.
We would like to remind members that it is their responsibility to ensure that adequate credit 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: Nick Maggs – nick.maggs@lchclearnet.com - + 44 (0) 20 7426 7442.
Yours sincerely,
Siobhan White
Director, Treasury Operations