| Market: | All |
| Products: | Cash and Derivatives |
| Date: | 08 April 2008 |
BLUENEXT’s Risk Management and Clearing Fund
As previously announced, LCH.Clearnet will provide the environmental Exchange BLUENEXT with clearing services for EUA and CER Futures contracts as from Q2 2008.
Further to this implementation, still subject to the validation of the regulators, LCH.Clearnet would like to draw the attention of its current Clearing Members that from this date, BLUENEXT members will contribute to the existing dedicated clearing fund regarding markets cleared through CLEARING 21® (NYSE Euronext cash and derivatives markets, Bourse du Luxembourg and LSE/DTS) as described in Instruction I.6-1.
As a reminder, such clearing fund has for objective to cover the risks non-covered by the daily uncovered-risks on all the positions on Securities (equities, bonds,…) and Derivatives financial instruments, (options and futures on indexes, on equity, on currencies and on commodities). BLUENEXT Futures’ positions will add further to these positions. To that end, LCH.Clearnet SA will amend its Clearing Rules to reflect the broader scope of the contributors to the Clearing Fund (by adding “Admitted Person”) and the provisions regarding the financial resources available in case of default of a member (either a current Clearing Member or a BLUENEXT member).
The provisions governing the contribution by the BLUENEXT members to the Clearing Fund as referred to above (principles and modalities that are identical to those set out in Instruction I.6-1) will be set out in dedicated Operating Rules available on LCH.Clearnet SA web site.
In addition to the BLUENEXT dedicated General Member Meeting held in London on March 6th, 2008 members interested in gathering further information on the project and/or on the risk management mainframe, including clearing fund principles, are kindly invited to an information meeting:
Date: 14 April 2008
Time: from 2:00 to 4:00 pm
Place : 18 rue du Quatre-Septembre - 75 002 Paris
For further information, please contact:
your LCH.Clearnet SA Product Implementation manager:
François Cloutier: +33 (0) 1 70 37 66 05 – francois.cloutier@lchclearnet.com
or
your Relationship Manager:
Michel Bokobza: +33 (0) 1 70 37 65 55 – michel.bokobza@lchclearnet.com
Customer and Market Management LCH.Clearnet SA