SA Acceptable Cash

Margin payments in euro-currency

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 occur daily in accordance with the following time slots:

Initial Margin Calculation for T2 transfer at 08:00 AM & 9:30 AM CET
Initial Margin Calculation Markets T2 Transfer Control Settlement Scope
Cash Euro CDSClear 08:00 AM CET 8:00-8:30 AM CET 08:30-09:00 AM CET

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

Cash call only for CDSClear and DigitalAssetClear markets

DigitalAssetClear
RepoClear
CDSClear 9:30 AM CET  9:30-9:40 AM CET 9:40-9:45 AM CET Cash pay only for CDSClear and DigitalAssetClear markets
DigitalAssetClear
Intraday Margin Calculation for T2 transfer at 10:00 AM CET
Intraday Margin Calculation Markets T2 Transfer Control Settlement Scope
Cash Euro DigitalAssetClear 10:00 AM CET 10:00-10:25 AM CET 10:25-10:30 AM CET

Re-evaluation of positions and prices
Intraday Margin Calculation for T2 transfer at 11:00 AM & 11:30 AM CET
Intraday Margin Calculation Markets T2 Transfer Control Settlement Scope
Cash Euro RepoClear 11:20 AM CET 11:20-11:45 AM CET 11:45-11:50 AM CET

Re-evaluation of positions and prices
No Cash excess return
CDSClear 11:30 AM CET 11:30-11:55 AM CET 11:55-12:00 AM CET
DigitalAssetClear
Additional Margin Calculation for T2 transfer at 12:30 PM CET
Additional Margin Calculation Markets T2 Transfer Control Settlement Scope
Cash Euro CDSClear 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
DigitalAssetClear
RepoClear
Intraday Margin Calculation for T2 transfer at 02:30 PM & 3:00 PM CET
Intraday Margin Calculation Markets T2 Transfer Control Settlement Scope
Cash Euro DigitalAssetClear 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
Intraday Margin Calculation for T2 transfer at 3:30 PM CET
Intraday Margin Calculation Markets T2 Transfer Control Settlement Scope
Cash Euro CDSClear 3:30 PM CET 3:30-3:55 PM CET 3:55-4:00 PM CET Re-evaluation of positions and prices
DigitalAssetClear 3:40 PM CET 3:40-4:05 PM CET 4:05-4:10 PM CET No Cash excess return

Variation margin payments in non-euro currencies

On CDS and DigitalAssetClear markets, under specific circumstances, a clearing member has also to satisfy its Variation margin 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 &
DigitalAssetClear		 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

CMS Cash collateral instructions

Deposit & withdrawals notifications must be done via the Collateral Management System (CMS) made available on the LCH group web Portal. 

To request an access to CMS, please reach out to the Customer Success Management Team from the below email addresses:

CMS cash collateral instructions
Markets System/Commercial Bank Type of collateral/Direction CMS Notification  Collateral Balance update

CDSClear

DigitalAssetClear

Repoclear

 T2 Euro cash collateral Deposit On D, at 17:00 at the latest
  1. All CMS requests for additional euro cash deposits will be processed by LCH SA during the next intraday slot, if the request reaches the "Instructed" status in CMS  at least 15 minutes prior to the start of the margin call.
  2. Any CMS requests received after 17:00 CET will be automatically rejected.
Euro cash collateral Withdrawal On D, at 12:00 at the latest
  1. All CMS requests for euro cash withdrawals will be processed by LCH SA during the next intraday slot, if the request reaches the "Instructed" status in CMS at least 15 minutes prior to the start of the margin call.
  2. Any CMS requests received after 12:00 CET will be automatically rejected.
Euroclear Bank Non-euro cash collateral (GBP, USD) Deposit On D, at 17:00 at the latest
  1. All CMS requests for additional non-euro cash deposits will be processed by LCH SA during the next intraday slot,  if the request reaches the "Complete" status in CMS at least 15 minutes prior to the start of the margin call. The "Complete" status indicates that the non-euro cash collateral has been received in LCH SA 's CSD account.
  2. Any CMS request that reaches the "Complete" status after 17:00 CET will be processed during the next business day's margin call.
Non-euro cash collateral (GBP,USD) Withdrawal On D-1, at 17:00 at the latest
  1. All CMS requests for non-euro cash withdrawals will be processed by LCH SA during the next intraday slot, if the request reaches the "Instructed" status in CMS at least 15 minutes prior to the start of the margin call. The non-euro cash collateral will be transferred on D before 15:00 CET.
  2. Any CMS requests received on D-1 after 17:00 CET will be automatically rejected.
CDSClear BNY (FCM only) Cash collateral (USD) Deposit On D, at 17:30 at the latest
  1. All CMS requests for additional USD cash deposits will be processed by LCH SA during the next intraday slot, if the request reaches the "Complete" status in CMS at least 15 minutes prior to the start of the margin call. The "Complete" status indicates that the USD cash collateral has been received in LCH SA 's BNY collateral account.
  2. Any CMS request received after 17:30 CET will be automatically rejected.
Cash collateral (USD) Withdrawal On D, at 17:30 at the latest
  1. All CMS requests for USD cash withdrawals will be processed by LCH SA during the next intraday slot, if the request reaches the "Instructed" status in CMS at least 15 minutes prior to the start of the margin call. The USD cash collateral will be transferred on D before 18:30 CET.
  2. Any CMS requests received on D after 17:30 CET will be automatically rejected.

Any change to 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 and Pound Sterling cash collateral are subjected to their specific Haircut which are indicated in the Haircut Notice.