| LCH circular number: | 4385 |
| Date: | July 2, 2026 |
| To: | All LCH Ltd Participants |
Dear LCH Limited Member,
The LCH Limited (LCH) Risk Management department has undertaken a review of the haircuts applied to member margin collateral.
Changes to the haircuts resulting from this review will be made effective from Friday 3rd July 2026* and can be viewed within the LCH Knowledge Centre (accessible via LCH Portal).
The new haircut schedule will be published alongside the existing haircut schedule within the LCH Knowledge Centre (accessible via LCH Portal)
LCH continues to reserve the right to use its discretion in all circumstances and, in particular, around areas of specific concentration in securities received as margin collateral, including ‘wrong-way' risk.
Members seeking further information in relation to this Circular or confirmation of eligibility should contact the following:
FLR BAU
*Subject to regulatory review