FCM REGULATIONS OF THE CLEARING HOUSE

LCH LIMITED
FCM Regulations

- 5 -

April November 2022

Account of a Receiving Clearing Member or (ii) in respect 

of a transfer as described in sub-paragraph (b) of the 

definition of “Receiving Clearing Member”, a Clearing 

Member (as defined in the UK General Regulations, and 

being an entity other than an FCM Clearing Member)(and, 

for the avoidance of doubt, a Carrying Clearing Member 

may be a Receiving Clearing Member, and vice versa).

“Cash-Settled FCM 

Contract”

means an FCM Exchange Contract or FCM Listed Interest 

Rates Contract that is to be settled by cash-settlement only.

“CEA” means the U.S. Commodity Exchange Act.

“CFTC” means the U.S. Commodity Futures Trading Commission.

“CFTC Regulations” means the rules and regulations promulgated by the CFTC.

“Cleared Swap” means “Cleared Swap” as such term is defined in CFTC 

Regulation 22.1, which term includes but is not limited to 

Swap Products.

“Cleared Swaps Account 

Class”

means the account class for cleared swaps accounts (as 

defined in CFTC Regulations 190.01(a)(i)) for purposes of 

Part 190 of the CFTC Regulations and Section 4d(f) of the 

CEA.

“Cleared Swaps Customer 

Account”

means “Cleared Swaps Customer Account” as such term is 

defined in CFTC Regulation 22.1.

“Clearing House” means LCH Limited whose registered office is located at 

10 Paternoster Square, London EC4M 7LS, United 

Kingdom.

“Clearing House Data” means the data or data products (or any part of such) made 

available by or on behalf of the Clearing House or any of 

its group undertakings, which shall include any or derived 

data created or developed based on or as a result of such 

data or data products

“ClearLink API” means the Clearing House’s proprietary messaging 

standard used by market participants to interact with the 

Clearing House's clearing services

“Client Account” has the meaning assigned to it in the General Regulations.

“Closing-out Contract” means, for the purposes of these FCM Regulations, an 

FCM Contract effected by or on behalf of the Clearing 

House and registered in an FCM Clearing Member's name, 

being an FCM Contract on the same terms (except as to 

price) as an Open FCM Contract in the FCM Clearing 

Member's name, save that where the Clearing House has 

position “X” under the terms of such open FCM Contract 
FCM Regulations

- 24 -

April November 2022

yield curves under 2.1.7 of the FCM Procedures to 

calculate the net present value of certain FCM SwapClear 

Contracts, the types and currencies of FCM SwapClear 

Contracts to which such change shall apply, as identified in 

the related Rate Change Notice.

“Ineligible FCM 

ForexClear Contract”

has the meaning assigned to it in FCM Regulation 49(h)(ii).

“Ineligible FCM 

ForexClear Transaction”

has the meaning assigned to it in FCM Regulation 

49(h)(i)Regulation 49(h)(i).

“Ineligible FCM SwapClear 

Contract”

has the meaning assigned to it in FCM Regulation 46(g).

“Ineligible FCM SwapClear 

Transaction”

has the meaning assigned to it in FCM Regulation 46(g).

“Inflation Derived Data” has the meaning assigned to it in the UK General 

Regulations.

“Inflation FCM SwapClear 

Contract”

means an FCM SwapClear Contract identified as being an 

Inflation FCM SwapClear Contract in the FCM Product 

Specific Contract Terms and Eligibility Criteria Manual.

“Initial Margin” means, with respect to the amount of Margin attributable to 

a particular account or accounts of an FCM Clearing 

Member with the Clearing House, the portion of such 

Margin held in respect of the Clearing House’s initial 

margin requirements (as published from time to time by the 

Clearing House) in respect of the relevant FCM Contracts 

attributable to such account or accounts.

“Intra-Day Bulk Transfer” has the meaning assigned to it in the UK General 

Regulations.

“IRS FCM SwapClear 

Contract”

means an FCM SwapClear Contract identified as being an 

IRS FCM SwapClear Contract in the FCM Product 

Specific Contract Terms and Eligibility Criteria Manual.

“ISDA Definitions” has the meaning assigned to it in Section 1 of Part A of 

Schedule 1 of the FCM Product Specific Contract Terms 

and Eligibility Criteria Manual 

“LCH Group” means the group of undertakings consisting of LCH 

Limited, LCH Group Holdings Limited, Banque Centrale 

de Compensation S.A. trading as LCH SA and SwapAgent 

Limited (any reference to a “member” of LCH Group 

Holdings Limited within these FCM Regulations is to be 

construed accordingly).

Formatte