| Market: | All |
| Products: | All |
| Date: | 08 February 2008 |
TARGET 2 Project and LCH.Clearnet
TARGET 2 launch confirmation
All Central Banks linked to LCH.Clearnet did confirm their GO decision. LCH.Clearnet is also pleased, to confirm its readiness for the launch, by Monday 18 February 2008.
LCH.Clearnet reminds that Paying Agents for other members (party that holds an account in a Central bank to settle margin calls, fees & premiums for other Clearing Members) can benefit to split its client flows, by providing LCH.Clearnet, if not already done, with its clients production BIC codes, that must be published in the SWIFT BIC directory.
In addition, LCH.Clearnet would like to remind you the margin call and bank guarantee timeframe:
Current timeframe margin calls and bank guarantees
| Type of AS | DNB | BDF | BNB | BOP | All CB for IDMC |
| Central Bank Guarantee | 07h30-08h00
11h00-11h15[1] | N/A | 10h00 - 10h30 | N/A | 11h0511h35
14h0514h35 15h0515h35 |
| Cash payment agreement | N/A | 09h3010h00 | N/A | N/A | 11h0511h35
14h0514h35 15h0515h35 |
| Cash payment settlement | 08h0008h30 | 08h0008h30 | 10h0010h30 | 10h0010h30 |
[1] Collateral Release
TARGET2 Harmonized timeframe, as from Monday 18 February 2008
| Type of AS | DNB/BNB | BDF/BOP[2] | All CB for IDMC |
| Central Bank Guarantee | 08h30-09h00 | N/A | 11h05 11h35
14h05 14h35 15h05 15h35 |
| Cash payment Agreement | 08h00-08h30 | 11h05 11h35
14h05 14h35 15h05 15h35 | |
| Cash payment Settlement | 08h30-09h00 | ||
[2] Clearing Members centralising CCP margin calls collection in BoP will benefit from a Grandfather clause until the full
migration of the BoP into the SSP platform in Q1 2009. For these members, LCH.Clearnet will initiate the margin calls
(agreement and payment periods) between 8:00 am and 9:00 am GMT (instead of CET for the 3 other segments).
For further information, please contact:
your LCH.Clearnet SA product implementation manager:
Julian Booker: +33 (0) 1 70 37 65 72 julian.booker@lchclearnet.com
or
your local relationship manager