Introduction

The purpose of the Rules and Regulation Department is to formalise the relationship between LCH.Clearnet SA and its Clearing Members by describing each other's rights and obligations.

These rules that are governed by French law consist in:

• The Rule Book

  • Title I : Common Provisions

  • Titles II, III, IV and VI : Local provisions for Clearing Members acting on each Local Clearing Segments

  • Title V : Clearing of Transactions executed on or reported by Designated LCH.Clearnet SA Gateways

• The Instructions describing the general provisions, specific issues at last technical

• The Operating Rules for Powernext and BlueNext markets

• the Notices stating operational details and other information such as timeframes, prices....

The rules are regularly up-dated in order to stick with the evolution of our activity.

Due to local legal provisions, LCH.Clearnet SA is submitted to French, Dutch, Belgium and Portuguese regulators as follows:

• Banque de France, Autorité des Marchés Financiers, Comité des Etablissements de Crédit et des Entreprises d'Investissement, Commission Bancaire

• Commission Bancaire, Financière et des Assurances, Banque Nationale de Belgique

• De Nederlandsche Bank, Autoriteit Financiële Markten

• Banco de Portugal, Comissão do Mercado de Valores Mobiliarios

In this framework, LCH.Clearnet SA and the Regulators meet every 2nd Tuesday of the month in order to discuss and approve the subjects in the scope of their prerogative.

In parallel, one the Coordination Committe on Clearing (CCC) has granted its approval on the rules, LCH.Clearnet SA follows the local procedure for a "formal" request for approval of the Rule Book to be granted by the AMF and the Belgium Ministry of Finance.