1. LCH.Clearnet Ltd has set SPAN parameters, as highlighted in bold and italic in the attached document for the new OTC Emissions Allowances contract.
   
   
2. The changes will take place with effect from close of business Wednesday 1st February 2006 and will be reflected in margin calls made on Thursday 2nd February 2006. This circular supersedes circular LCH.Clearnet/ 1979; LCH EnClear / 115 dated 20 January 06.
   
   
3. Changes have been made to EnClear contracts.
   
   
4. Details of the current London SPAN Parameters, for all 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 of margin rates are available on TRS under option 3 by inputting $Margin.
   
   
5. For further information please contact the following:
6. 
   
   

   Risk Operations

   020 7426 7520

Christopher Jones
Director, and Head of Risk Management

EnClear Margin Rate Spreadsheet