Changes to the LCH.Clearnet Limited Rulebook – Portfolio Margining Rulebook Committee of 22 July 2015

Following the Rulebook Committee of 22 July 2015, LCH.Clearnet Limited is making a number of rulebook changes available on its secure website.

Pursuant to the European Market infrastructure Regulation (EMIR), changes that are deemed ‘material' are subject to clearing member consultation.

The following ‘material' rulebook changes are being made available for consultation for the time periods shown below:

Portfolio Margining – 3 weeks consultation

In connection with this consultation, LCH.Clearnet Limited is making black-line versions (showing changes against the last consultation drafts) of the following documents available on its secure website:

(i)  General Regulations
(ii) SwapClear Procedure 2C
(iii)FCM Regulations
(iv) FCM Procedures
(v)  Default Rules

Further to the publication of consultation drafts on 21 April 2015, Clearing Members are advised that the main changes to the Rulebook in connection with the proposed Portfolio Margining model relate to:

- Definitions changes to provide clarity on Clearing Member Status.
- Inclusion of Listed Interest Rates Clearing Member resources in basis portfolio waterfalls.
- Expansion of customer liquidation and loss allocation provisions to include futures customers.

Clearing Members that wish to comment on the consultation drafts should email rulebook@lchclearnet.com

If you have any general questions on rulebook changes, please contact your usual LCH.Clearnet contact.

Please note that all rulebook revisions remain subject to regulatory approval.

Accessing the Secure Area:

*The proposed changes to the rulebook can be found on the secure area within the folder ‘Rulebook'.

Members with an existing secure area account:

Log-in here

Request access to the ‘Rulebook' area here

In the "Organisation" section please provide the full legal entity name of your firm.

Log-in details will follow via e-mail.

Members without a secure area account:

Request access to the ‘Rulebook' here

In the "Organisation" section please provide the full legal entity name of your firm.

Log-in details will follow via e-mail.