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Questionnaire for CDS CCPs on Protection of Customer Initial Margin - page 25 / 32

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b. Specification of events of default and termination events with respect to the CM (noting any distinctions drawn between insolvency and non- insolvency events) or customer;

LCH.C’s Default Rules 3 and 5 specify the circumstances for calling a default of a CM. LCH.C does not deal directly with customers.

  • c.

    Standstill upon the occurrence of a CM default; LCH can exercise any of its powers under Default Rule 6.

  • d.

    Advance elections to liquidate or transfer cleared contracts; None documented.

  • e.

    Advance consents (particularly those obtained to enhance portability of

cleared contracts);

None documented.

f. Limitations on rehypothecation;

Not relevant.

g. Limitations on setoff against non-cleared bilateral transactions between customers and their CMs; and

LCH.C only deals with CMs as principal and is not party to CM/customer arrangements.

h. Close-out calculations.

LCH.C’s Default Rules detail how it closes out against the CMs.

Modification of Proposed Clearing Structure

5. Please state the circumstances in which the CCP has the ability to amend by rule or order any aspect of its proposed clearing structure.

25

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