1. LCH.Clearnet Ltd Opening Days 2009

LCH.Clearnet Ltd will be open for business on the UK Bank Holidays in 2009 as detailed in the table under section 4 of this circular.

This circular does not provide an exhaustive list of the individual markets/exchanges opening dates – please refer to the market/exchange notices for this information. LCH.Clearnet Ltd will be open on all weekdays not specifically mentioned in the below table.

2. Cash Movements on UK Bank Holidays

On any day on which LCH.Clearnet Ltd is open, all members will be required to meet PPS calls, as required to cover the previous day’s end-of-day positions. Furthermore, members with open positions on an exchange/market that is open for business will be obliged to meet intra day margin calls as required. Members must therefore ensure that their PPS accounts are funded accordingly.

If PPS calls are generated in a currency for which it is a bank holiday when LCH.Clearnet Ltd is open for business, the value date will be deferred until the next business day for that currency.

For example, 4 May 2009 is a UK Bank Holiday and a member is called £100,000.00 relating to variation margin from the previous day’s business. The member’s PPS Bank will be required to irrevocably confirm payment on 4 May 2009 but the amount will not be debited from the clearing member’s bank account until 5 May 2009.

3. Easter

LCH.Clearnet Ltd will be closed on Good Friday 10 April 2009 and Easter Monday 13 April 2009, and will not register business on any exchanges on those dates.

4. Table of Bank Holidays

The red columns denote days on which LCH.Clearnet Ltd is closed. These dates are subject to change - members will be advised accordingly.

Further information

If you have any queries, please contact the Treasury Operations department by phone on 020 7426 7505 or by email at lchoperations-treasury@lchclearnet.com.

Siobhán White
Director, Treasury Operations