1. LCH.Clearnet Ltd has, after consultation with LIFFE, revised the London SPAN parameters as marked in bold and italic on the attached document. These changes will be made effective from the close of business on Thursday 18th May 2006 and will be reflected in margin calls on Friday 19th May 2006.
   
   
2. Amendments have been made to LIFFE Financials and LIFFE Commodities contracts.
   
   
3. This circular supersedes circular number LCH.Clearnet Ltd/ 2014: LIFFE/ 590 dated 10 April 2006.
   
   
4. Details of the current London SPAN Parameters, for all LIFFE 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 using TRS select menu option #3 and input $MARGIN.
   
   
5. Members seeking further information in relation to this Circular should contact one of the following:
   
   

   LCH.Clearnet Ltd	Risk Operations	020 7426 7520
   LIFFE	Market Operations	020 7379 2824

Andrew White

Director, Risk Policy

LIFFE Margin Rate Spreadsheet