SA Acceptable Cash

LCH SA accepts the following currencies to cover margin requirements:

Euro*: Clearing Member must deposit via an account held within a central bank connected to the T2 system or be represented by a payment agent holding such an account.

The cash and collateral payments in T2 occurs daily in accordance with the following time slots:

cash and collateral payments
Initial Margin Call Markets T2 Transfer Control Settlement Scope
Cash Euro Cash Equities 8:00 AM CET 8:00-8:30 AM CET 8:30-9:00 AM CET

Re-evaluation of positions, prices and collateral
Excess cash return when appropriate

Cash call only for CDS market
RepoClear
CDSClear 9:30 AM CET  9:30-9:30 AM CET 9:40-9:45 AM CET
First Intraday Margin Call Markets T2 Transfer Control Settlement Scope
Cash Euro RepoClear 11:00 AM CET 11:00-11:25 AM CET 11:25-11:30 AM CET

Re-evaluation of positions and prices
No Cash excess return
Cash Equities 11:30 AM CET 11:30-11:55 AM CET 11:55-12:00 AM CET
CDSClear
Additional Margin Call Markets T2 Transfer Control Settlement Scope
Cash Euro Cash Equities 12:30 PM CET 12:30-12:55 PM CET 12:55-1:00 PM CET Recalculation of cover distribution after new deposits
Excess cash return
RepoClear
CDSClear
Second Intraday Margin Call Markets T2 Transfer Control Settlement Scope
Cash Euro Cash Equities 2:30 PM CET 2:30-2:55 PM CET 2:55-3:00 PM CET Re-evaluation of positions, prices and collateral
No Cash excess return
RepoClear 3:00 PM CET 3:00-3:25 PM CET 3:25-3:30 PM CET
Third Intraday Margin Call Markets T2 Transfer Control Settlement Scope
Cash Euro Cash Equities 3:30 PM CET 3:30-3:55 PM CET 3:55-4:00 PM CET Re-evaluation of positions and prices
No Cash excess return
CDSClear
CDSClear:
 
  • Euro cash deposited after the first intraday slot will be subject to a €1 billion daily cap per CDS Clearing Member.
  • Euro cash deposited after 16.30 CET will be subject to a €50 million daily cap per CDS Clearing Member.

Any change on the cap amount will be communicated in advance.

  • US Dollar or Pound Sterling:

    deposited via an account in the name of LCH within the commercial bank Euroclear Bank.

    US Dollar cash collateral is subject to a 4.8% haircut.
    Pound Sterling cash collateral is subject to a 5.4% haircut.

Cash payments in non-euro currencies

On CDS markets, under specific circumstances, a clearing member has also to satisfy its Cash payment obligations in the non-euro contractual currencies. Following table gives the overview of PPS banks and time slots, used by LCH SA specifically for non-euro cash payments margin calls:

Cash payments in non-euro currencies
Markets PPS Currencies Control Settlement  
CDSClear BNY USD 8:00 AM CET 9:00 AM CET USD Cash calls only
9:00 AM CET 9:45 AM CET USD Cash pays only