| Circular number: | 4381 |
| Date: | June 15, 2026 |
| To: | All LCH Ltd members |
Dear LCH Ltd Clearing Member,
Further to LCH Circular 4376, LCH Ltd members are advised that the Minimum Cash Framework will take effect on 20th July 2026.
The framework introduces a 25% minimum cash collateral requirement for House (‘H’) accounts across all clearing services, as described in LCH Circular 4376. Details of the scope and exclusions continue to apply as set out in that circular.
Please note that, effective 20th July 2026, the Service Level Cap Requirement (SLCR) will be removed.
For awareness, effective 1st July 2026, LCH Ltd will implement adjustments to the EUR, USD, GBP, and CHF cash spreads. Further details are available in LCH Circular 4380.
The LCH SA effective date for the Minimum Cash Framework is targeted for October 2026, subject to regulatory approval, and will be confirmed by a follow-up circular.
Should you have any further questions, please contact your CSM representative or email contact-lch@lseg.com.