1. Ahead of the May Bank holidays, LCH.Clearnet Lafter consultation with the IPE, decided to increase the London SPAN parameters for the Gas Oil td has, and Brent Crude Oil contracts as highlighted in the attached document.
   
   
2. These changes will take place with effect from close of business Thursday 28 April 2005 and will be reflected in margin calls made on Friday 29 April 2005. This circular supersedes circular number LCH.Clearnet Ltd / 1880; LCH IPE/ 303 dated 21 January 2005.
   
   • The scanning range for Brent Crude Oil will be raised to $5,740 per lot from $3,950.
   • The scanning range for Gas Oil will be raised to $5,550per lot from $3,950 per lot.
     
     
3. These scanning ranges will revert back to those shown on LCH.Clearnet Ltd Circular No/ 1880: LCH IPE/ 303 dated 12 April 2005 at the close of business Tuesday 03 May 2005 and will be reflected in margin calls made on Wednesday 04 May 2005.
   
   
4. Details of the current London SPAN Parameters, for all IPE contracts, can be found on the LCH.Clearnet Ltd website (www.lchclearnet.com) by selecting ‘Limited’. Details can be found under the ‘Risk & Margining’ section. Alternatively using TRS select menu option #3 and input $MARGIN.
   
   
5. For further information please contact the following:
   
   

   Risk Operations

   020 7426 7520

Andew White
Director, Risk Policy