| LCH circular number: | 4372 |
| Date: | March 12 2026 |
| To: | All LCH Ltd Members |
Clearing Members are reminded that LCH Ltd (“LCH”) is open on Good Friday 3 April 2026 and Easter Monday 6 April 2026. The purpose of this circular is to provide detailed information on payment arrangements over this period.
Please refer to the Service Opening Table for details on Clearing Service open days in 2026.
Margin Calls
Margin calls from close of business on Thursday 2 April relating to all Clearing Services will be processed and called from Clearing Members’ PPS banks for value Good Friday 3 April 2026. [Note 1] Please note that EquityClear and RepoClear members may be subject to collateral revaluation margin calls [Note 2].
Margin calls from close of business on Friday 3 April relating to all Clearing Services will be processed and called from Clearing Members’ PPS banks for value Easter Monday 6 April 2026. [Note 1] Please note that EquityClear and RepoClear members may be subject to collateral revaluation margin calls [Note 2].
Intraday margin calls will be applicable for SwapClear and ForexClear on Good Friday, 3 April 2026, and Easter Monday, 6 April 2026, and will be subject to the normal business day processes, deadlines as detailed in the LCH Rulebook.
LCH reserves the right to call Clearing Members on both Good Friday and Easter Monday even if a Clearing Service is closed.
Margin Management
LCH requests that any USD denominated collateral (cash or securities) in excess of Clearing Members’ Initial Margin requirement be advised prior to 14:00 (New York time) on Thursday 2 April and that as such any cash deliveries after this time, up until the open of the Clearing services on Monday 6 April, will be managed on an exception basis. Clearing Members may continue to provide cash collateral in response to a margin call or deliver non-cash collateral. The Collateral Management System (“CMS”) cash deposit limits will reflect the above schedule.
FCM Clearing Members' excess cash balances will not be available for withdrawal on Friday 3 April.
Terms used herein shall have the meaning assigned to them in the Rulebook or FCM Rulebook, as applicable. References to a ‘SwapClear Contract’ and a ‘SwapClear Clearing Member’ include an ‘FCM SwapClear Contract’ and an FCM Clearing Member.
Reporting
Banking reports over the period will be published as per normal schedule. They can be found in the applicable dated folders.
Banking reports are available on the LCH Portal for one month.
For further information, please contact:
Collateral.ClientServices@lch.com
Stephen Woodley
Stephen.Woodley@lseg.com
Senior Manager Collateral Operations
Adelie Revolle
Adelie.Revolle@lseg.com
Senior Manager Collateral Operations
Andrew Warren
Andrew.Warren@lseg.com
Director, Collateral and Liquidity Management
N.B. Please note that the content of this Circular is subject to regulatory review.
(1) Except for those currencies where holidays apply and day 2 currencies. Please refer to the Recognised Currency Holiday Table
(2) For more information on currency holiday operating protocols, please find the following Knowledge Article: Collateral FAQs: Currency Holidays
Terms used in this circular and not defined in this circular shall have the meaning assigned in the LCH Rulebook (available at Post Trade Clearing).