| Originating department: | Risk Management |
| Company Circular No: | LCH.Clearnet Ltd Circular No 2203 |
| Service Circular No: | LCH EnClear 184 |
| Date: | 25 October 2007 |
| To: | All LCH EnClear Clearing Members |
Margin Rate Changes for EnClear Contracts
LCH.Clearnet Ltd has revised the London SPAN parameters as marked in bold and italic on the attached document. This circular supersedes circular LCH.Clearnet/ 2194; LCH EnClear / 183 dated 02 October 2007.
Changes have been made to Freight contracts. These changes will take place with effect from close of business Wednesday 31 October 2007 and will be reflected in margin calls made on Thursday 01 October 2007.
Changes have also been made to ICE Physical Natural Gas and OTC UK NBP Forward contracts. These changes will take place with effect from close of business Monday 29 October 2007 and will be reflected in margin calls made on Tuesday 30 October 2007.
Details of the current London SPAN Parameters, for all EnClear contracts, can be found on the LCH.Clearnet website (www.lchclearnet.com) under Risk Management > Ltd > Margin rate circulars.
For further information please contact the following:
| Risk Operations | 020 7426 7520 |
Christopher Jones
Director, and Head of Risk Management