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Following on from the default of MF Global UK Ltd (MFG), LCH.Clearnet Group has transferred a significant number of clients throughout the last week across multiple markets. In respect of the London Metal Exchange (LME), LCH.Clearnet Limited (LCH.Clearnet) and the LME announce that instructions to transfer LME positions to a new Clearing Member must be received by LCH.Clearnet no later than 17.00GMT Tuesday 8 November 2011.
Instructions to transfer client accounts must:
- Be submitted to LCH.Clearnet in the manner described in the Position Transfer Request process as outlined at www.lchclearnet.com, including evidence of the portfolio in the spreadsheet format required.
- Be in respect of the complete client portfolio represented by trades held with MFG, no partial position transfers are allowed; and
- Be approved by the new receiving Clearing Member by the deadline.
Any transfers will be made at the original contract price. Instructions previously received and acknowledged by LCH.Clearnet do not need to be resubmitted but we must advise that LCH.Clearnet is unable to act on instructions to close out individual client LME positions.
