LCH Ltd - Collateral Services 2017 Roadmap. Jun 2017
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1 LCH Ltd - Collateral Services 2017 Roadmap collateral.services@lch.com Jun 2017
2 LCH Ltd Collateral Service 2017 Roadmap 2017 Future Asset Protection and Portability 1. Central Banks as Concentration Banks 2. RepoClear Sponsored Clearing 3. SwapClear Custodial Segregation 4. Client directed transfers improvements 5. MiFID II / MiFIR Indirect Clearing Arrangements Collateral Velocity & Efficiency 6. Increased capacity to accept CHF cash collateral 7. CREST Straight Through Processing (STP) 8. US Custodian Straight Through Processing (STP) 9. SwapClear FCM Unallocated Excess Improvements 10. FX Haircuts Market Infrastructure Services 11. SWIFT Standards Release 12. Eligible collateral extensions 13. DTC Triparty 2
3 2017 Initiatives Asset Protection and Portability, page 1 1. Central Banks as Concentration Banks In anticipation of the continued strong growth in clearing, and to enhance our compliance with CPMI IOSCO Principles, LCH will continue its project to migrate our concentration accounts to central banks within pan-european markets where possible and practicable. 2. RepoClear Sponsored Clearing Support for proposed RepoClear Sponsored Clearing model which will provide Agent Members with CMS access (including Standard CMS Messaging Service) to lodge/withdraw collateral on behalf of a specific Sponsored Clearing Member. Also provide read only access to CMS (including Third Party CMS Messaging Service) for Sponsored Clearing Members. 3. SwapClear Custodial Segregation Support for SwapClear s proposed Custodial Segregation model which will continue to provide members with control over the collateral that is posted on behalf of a specific client s liabilities, via a nominated custodian and without transit through the Clearing Member. 4. Client directed transfer improvements Online nomination (and consent) of which collateral to transfer for both EMIR Account Migrations and Client Portfolio Transfers between carrying and receiving Clearing Members. 3
4 2017 Initiatives Asset Protection and Portability, page 2 5. MiFID II / MiFIR Indirect Clearing Arrangements Changes to the classification of OSA (Omnibus Segregated Account) and ICA (Indirect Client Account) to capture the Gross or Net margin attribute for these accounts. Account will be reclassified as either: GOSA (Gross Omnibus Segregated Account), NOSA (Net Omnibus Segregated Account), GICA (Gross Indirect Client Account) or NICA (Net Indirect Client Account). 4
5 2017 Initiatives Collateral Velocity & Efficiency, page 1 6. Increased capacity to accept CHF cash collateral. LCH Ltd will allow Clearing Members to deposit a greater amount of CHF as collateral for initial margin cover. 7. CREST Straight Through Processing Straight Through Processing (MT54x) messaging between LCH Ltd and Euroclear UK and Ireland for lodgement and withdrawal of securities with faster processing. 8. US Custodian Straight Through Processing Straight Through Processing (MT54x) messaging between LCH Ltd and US Custodians for lodgement and withdrawal of Clearing Member margin, improving the turn around of bilateral security lodgement and release for all Clearing Members who provide US securities as collateral. 9. SwapClear FCM Unallocated Excess improvements Streamlined processing for SwapClear FCMs on the LSOC without excess model who are withdrawing excess collateral. 10. FX Haircuts Improved transparency in the application of FX haircuts for collateral (cash and non-cash) and removal of uniform non-cash FX haircut. FX haircuts will now only apply to collateral that is denominated in a currency that is different from the base risk currency attributed to the account. 5
6 2017 Initiatives Market Infrastructure Services, page SWIFT Standards Release Update to the CMS Messaging Service to support of the latest 2017 SWIFT Standards. 12. Eligible collateral extensions Support for expanded eligible collateral options. Those currently under consideration include: EIB and Equities (all changes are subject to Clearing House and regulatory approval) 13. DTC Triparty Allow members to utilize Global Collateral Ltd (Euroclear DTCC joint venture) Tri-party platform to provide securities as margin cover. 6
7 Contact Us Want to know more?
8 Contact Us Address Aldgate House 33 Aldgate High Street London EC3N 1EA Gerard Smith Director Collateral Services Ben Doughton Senior Manager Collateral Services Martin McCrystal Senior Manager Collateral Services
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