| Market: | All |
| Products: | All |
| Date: | 20 February 2008 |
TARGET 2 Project and LCH.Clearnet
LCH.Clearnet new policy for margin calls settlement
LCH.Clearnet is pleased to announce that it will extend its service offer by allowing its margin call settlement within all Central Banks part of the Euro-zone (subject to agreement with the concerned Central bank and according to their TARGET 2 setting).
Currently Clearing Members or their Paying Agents are required to hold an account in Banque de France, De Nederlandsche Bank, Banque Nationale de Belgique or Banco de Portugal to settle their margin calls. From TARGET2 implementation, Clearing Members or their Paying Agents are allowed to choose another Central Bank in the Euro-zone to settle their margin calls.
This new service will be implemented in a phased approach as from the TARGET2 wave 2 and after 3 migrations, as follow:
As from 31 March 2008, Clearing Members or their Paying Agent will be able to use an RTGS account held in a Central Bank that has been migrated in wave 1 by 19 November 2007 or in wave 2 by 18 February 2008.
As from 31 May 2008, Members or their Paying Agent will be able to use an RTGS account held in a Central Bank that will migrate to TARGET2 in wave 3 by 19 May 2008.
For further information, please contact:
your LCH.Clearnet SA product implementation manager:
Bénédicte Fourrier: +33 (0) 1 70 37 65 36 – benedicte.fourrier@lchclearnet.com
or
your local relationship manager