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LCH | 10 Paternoster Square | London EC4M 7LS | T: +44 (0)20 7426 7000 | F: +44 (0)20 7426 7001 | lch.com

LCH Group Holdings Limited | LCH Limited | Banque Centrale de Compensation | LCH.Clearnet LLC

LCH Limited. Registered in England No. 25932 Registered Office: 10 Paternoster Square, London, EC4M 7LS

VIA CFTC Portal

Mr Christopher Kirkpatrick

Commodity Futures Trading Commission

1155 21st Street NW

Three Lafayette Centre

Washington DC 20581

29 July 2022

LCH Limited Self-Certification: ForexClear Opening Hours

Dear Mr Kirkpatrick,

Pursuant to Commodity Futures Trading Commission (“CFTC”) regulation §40.6(a), LCH Limited (“LCH”), a 

derivatives clearing organization (“DCO”) registered with the CFTC is submitting for self-certification proposed 

clarifications to the ForexClear Opening Hours. 

Part I: Explanation and Analysis

LCH operates various Services, including ForexClear and SwapClear. As part of this self-certification, ForexClear 

wishes to align with SwapClear, to provide for the ability to close for operational or other reasons. To facilitate 

this alignment, LCH plans to clarify its rules, specifically its Procedures Section 2I and the FCM Procedures

(collectively, “Procedures”). 

Part II: Description of Rule Changes

LCH will amend Section 1.2.2 (a) Opening Days of the Procedures Section 2I, and Section 2.2.4 (b) Opening 

Days of the FCM Procedures to clarify that the ForexClear service will not be open on Good Friday. The rules 

provide that the ForexClear Service may be open on such day only if it provides a written notice to ForexClear 

Clearing Members and FCM ForexClear Clearing Members. In such an event, Good Friday would be treated as

a business day. 

In addition, under Section 1.2.2 (b) Opening Hours of the Procedures Section 2I, and Section 2.2.4 (b) Opening 

Hours of the FCM Procedures, LCH will clarify that unless notified otherwise, and in line with Opening Days

sections in the respective Procedures, the ForexClear Service will remain open between 20:00 London time 

Sunday night and 01:00 London time Saturday morning. The wording in the Procedures Section 2I is clarified 

to provide that the opening hours relate to ‘London time’.

The changes to the rules are included in Appendices I and II in black line form. The changes will be effective 

no earlier than August 16, 2022. No changes are required to the LCH Rulebook.

Part III: Core Principle Compliance

LCH has reviewed the Proposed Rule Changes against the requirements of the DCO Core Principles, specifically 

Core Principle L on Public Information, and finds that it will continue to comply with all the requirements and 

standards therein. LCH believes continuing to include its revised business hours in its Procedures 2I and FCM 

Procedures maintains its compliance with Core Principle L. The changes provided for in this submission will be 

included in LCH’s publicly available Procedures 2I and FCM Procedures.
Part IV: Public Information

LCH has posted a notice of pending certification with the CFTC and a copy of the submission on LCH’s website 

at: https://www.lch.com/resources/rulebooks/proposed-rule-changes.

Part V: Opposing Views

There were no opposing views expressed to LCH by governing board or committee members, members of LCH 

or market participants.

Certification

LCH hereby certifies to the Commodity Futures Trading Commission, pursuant to the procedures set forth in 

CFTC Regulation §40.6, that the attached submission complies with the Commodity Exchange Act, as 

amended, and the regulations promulgated thereunder.

Should you have any questions please contact me at aleksandra.wojcik@lseg.com. 

Yours sincerely,

Compliance Officer

LCH Limited
Appendix I

Procedures Section 2I 

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Appendix II

FCM Procedures

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