1. LCH.Clearnet Ltd has set SPAN parameters, as highlighted in bold and italic in the attached document. The changes will take place with effect from close of business Monday 04th July 2005and will be reflected in margin calls made on Tuesday 05th July 2005.This circular supersedes LCH.Clearnet Ltd Circular No 1890; LCH IPE/306 dated 17th May 2005.
   
   
2. Changes have been made to IPE contracts.
   
   
3. 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.
   
   
4. For further information please contact the following:
   
   

   Risk Operations

   020 7426 7520

Andew White
Director, Risk Policy