Clearing operates through ECS, a stand alone browser-based system. The front end to ECS is called ClearWay. All CFSA transactions eligible for clearing are entered into ClearWay by approved Brokers or, in the case of directly traded deals, by the selling participantsí Clearing Member. ClearWay is open for the registration of trades between 07:00 hrs and 18:00 hrs London time. The system is open until 18:30hrs for confirmation of trades by Clearing Members.
Following receipt and confirmation of eligible transactions into the ECS system, trades are governed under the rules of LCH.Clearnet Rulebook.
Contracts held by LCH.Clearnet are futures style and are subject to initial and variation margining. On expiry all net positions are cash settled. Initial margin rate levels are reviewed periodically by LCH.Clearnet to reflect inherent market volatility. Final settlement of Container contracts is based on prices provided by the established Shanghai Shipping Exchange.
All existing LCH.Clearnet Clearing Members are eligible to clear OTC Container products subject to approval. More information on becoming a member can be found here.
09/05/2013 - EnClear Margin Rate Circular