1. LCH.Clearnet Ltd has, after consultation with EDX London Limited (EDX), revised the margin parameters as marked in bold and italic on the attached document. The new rates will be effective as of Monday 21 February 2005, and consequently reflected in the first intra-day margin run on that day.
   
   
2. LCH.Clearnet Ltd has set new OMS - II parameters, as highlighted in bold and italic in the attached document due to the introduction of the Nibor 3-Month FRA contract.
   
   
3. This circular supersedes LCH.Clearnet Ltd Circular No 1851: EquityClear/EDX 046 dated 28 January 2005.
   
   
4. Details of the current OMS - II Parameters, for all EDX contracts, can be found on the LCH.Clearnet Ltd website (www.lchclearnet.com) by selecting ‘Limited’. Details can then be found under the ‘Risk & Margining’ section. Alternatively details can also be found using the BOPC system.
   
   
5. Members seeking further information in relation to this circular should contact the following:
   

   LCH.Clearnet Ltd

   Risk Operations

   020 7426 7520

Andrew White
Director, Risk Policy