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 Wednesday 20th July 2005and will be reflected in margin calls made on Thursday 21st July 2005.This circular supersedes LCH.Clearnet Ltd Circular No 1906; LCH IPE/308 dated 28th June 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