| Originating Department: | Risk Management |
| Company Circular No: | LCH.Clearnet Ltd Circular No 2128 |
| Service Circular No: | LCH ICE Futures 341 |
| Date: | 13 March 2007 |
| To: | All LCH ICE Futures Clearing Members |
Margin Rate Changes for ICE Futures Contracts
As part of LCH Clearnet’s ongoing drive to improve our service to members, the following contracts will now benefit from tiered margining with regards to both inter-month spread charges and inter-commodity offsets, Brent Futures, WTI and Gas Oil. This will bring substantial margin reductions where appropriate.
LCH.Clearnet Ltd has set SPAN parameters, as highlighted in bold and italic in the attached document. These changes will take place with effect from close of business Tuesday 20th March 2007 and will be reflected in margin calls made on Wednesday 21st March 2007. This circular supersedes circular LCH.Clearnet/ 2121; LCH ICE Futures / 340 dated 23 February 2007.
Changes have been made to ICE Brent, WTI and Gas Oil Futures.
Details of the current London SPAN Parameters, for all ICE Futures contracts, can be found on the LCH.Clearnet website (www.lchclearnet.com) under Risk Management > Ltd > Margin rate circulars > ICE Futures.
For further information please contact the following:
Risk Operations 020 7426 7520
Christopher Jones
Director and Head of Risk Management