| Market: | Paris |
| Products: | Derivatives |
| Date: | 05 June 2007 |
Project: Mutual Clearing Fund for Powernext® Futures
Announcement - Reminder
LCH.Clearnet is pleased to confirm the implementation of the Clearing Fund for Powernext® Futures. The cut-off calculation will occur on 31 May and the first contribution call on 6 June.
The aim of this fund remains the same as for the existing implementations on the other markets (Euronext and OTC):
- Provide higher financial provisions in case of member default.
- Ensure monthly assessment of each member’s contribution based on the uncovered risk versus the total sum of all members’ uncovered risk.
We also remind you that by implementing the Clearing Fund on the Powernext Futures Market, LCH.Clearnet complies with the Commission Bancaire’s recommendation.
The related documents are available on LCH.Clearnet’s website:
http://www.lchclearnet.com/customer_notices/flash_infos/derivatives/
2007-04-26.asp
By signing the Admission Agreement the members have agreed to comply with the provisions of the Operating Rules. On June 6th, 2007 The Admission Agreement and the Operations Rules (referred to as the Terms of Business) will supersede the Master Agreement and Service Level Description currently governing the relationship between LCH.Clearnet SA and each member on Powernext® Futures. The enforceable version of the Terms of Business is the version available on LCH.Clearnet ‘s website:
The enforceable version of the Operating Rules integrates the following modifications :
| Purpose of Modification | Articles of the Operating Rules Impacted |
| The Operating Rules will be enforceable on June 6th , 2007. | Cover Page |
| Correction of the alphabetical order | Definitions impacted :
|
| Deletion references to the “Service Level Description” replaced by references to the “Operating Rules” | Articles 3.1.3-3 and 4.2.2-1 |
| Replacement of reference to “Clearing Day” by references to “Trading Day” pursuant to the Master Agreement and the SLD | Articles 3.1.2-4 a) and b) |
| Replacement of references to “Business Day(s)” by references to “Clearing Day(s)” pursuant to the definitions of the Operating Rules | Definition of Financial balance
Articles 2.2.3.1-2; 4.1.2-1; 4.1.2-2; 4.2.1-3 4.2.2-1; 4.3.2-3 |
LCH.Clearnet SA also informs that the Powernext® Futures SPAN® file is now available on the LCH.Clearnet’s website:
http://www.lchclearnet.com/data_downloads/sa/powernext_span.asp
For further information, please contact, your LCH.Clearnet SA Product Implementation & Powernext® Relationship manager:
Michel Bokobza: +33 1 70 37 65 55, michel.bokobza@lchclearnet.com
Customer and Market Management LCH.Clearnet SA