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 Friday 23rd September 2005 and will be reflected in margin calls made on Monday 26th September 2005. This circular supersedes circular LCH.Clearnet/ 1915; LCH IPE/ 310 dated 20th July 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 then be found under the ‘Risk & Margining’ section. Alternatively, details of margin rates are available on TRS under option 3 by inputting $Margin.
   
   
4. For further information please contact the following:
   
   

   Risk Operations

   020 7426 7520

Andrew White
Director, Risk Policy