Securities & Investments

LCH SA Rulebook Formalizes Clearing Member Relationship

LCH SA maintains a rulebook governing its relationship with clearing members. The rulebook, governed by French law, covers Fixed Income and Triparty Repos, OTC Credit Default Swaps, and Digital Asset Derivatives. It includes provisions on membership requirements, clearing operations, risk management, margin requirements, default fund, collateral, and default events.

LCH Ltd Rulebook - General Regulations, Default Rules, and Procedures

LCH Limited published updates to its rulebook components, including General Regulations (updated 6 March 2026), Default Rules (updated 23 March 2026), Settlement Finality Regulations (updated 21 July 2025), and Sponsored Clearing Regulations (updated 6 March 2026). Procedures were updated across multiple sections including Section 1 - Clearing Member and Dealer Status (updated 16 April 2026), SwapClear Service, ForexClear Service, and EquityClear Service (all updated 13 February 2026).

Proposed Rule Changes Filed With CFTC and SEC

LCH has filed proposed rule changes with the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) under self-certification procedures. The filings apply to both LCH Ltd and LCH SA entities. Details of the specific rule modifications are accessible through the LCH rulebook.

Regulatory Responses for OTC Products

LCH (London Clearing House), a central counterparty clearing house, published a resource page on regulatory responses for OTC (over-the-counter) derivative products. The page provides clearing members and market participants with access to information on regulatory developments affecting OTC clearing obligations and compliance requirements. No specific new regulatory obligations, deadlines, or penalties are detailed in the available content.

CSRC Announcement 2020 No. 63

CSRC published Announcement [2020] No. 63, dated September 25, 2020. The announcement was issued by China's securities regulatory authority. No specific regulatory content or compliance obligations are available from the source document.

Measures for the Administration of Domestic Securities and Futures Investment by QFIIs and RQFIIs

CSRC Decree No. 176 establishes revised measures governing Qualified Foreign Institutional Investor (QFII) and Renminbi Qualified Foreign Institutional Investor (RQFII) domestic securities and futures investment in China, effective 25 September 2020. The decree supersedes prior CSRC measures on QFII/RQFII administration and sets compliance obligations for foreign institutional investors accessing Chinese capital markets.

CSRC Expands QFII and RQFII Access to Commodity Futures, Options

CSRC, in joint deliberation with the People's Bank of China and the State Administration of Foreign Exchange, announces that starting November 1, 2021, Qualified Foreign Institutional Investors and RMB Qualified Foreign Institutional Investors will be eligible to trade commodity futures, commodity options and stock index options listed on approved trading venues. Stock index options trading is limited to hedging purposes only.

CSRC and CBIRC Jointly Promulgate Administrative Measures on Custodian Business for Securities Investment Funds

CSRC and CBIRC jointly revised and promulgated the Administrative Measures on Custodian Business for Securities Investment Funds (CSRC Decree No.172), effective July 11, 2020. The measures permit foreign bank branches in China to apply for fund custodian licenses with net asset requirements calculable from foreign headquarters, improve supervisory requirements and net asset criteria, streamline application processes, and extend regulation to non-bank financial institutions. Qualified financial institutions including foreign bank branches may now submit custodian license applications.

Provisions on Supervision and Administration of Depository Receipts under Stock Connect

CSRC issued Announcement [2022] No. 28 establishing provisions for the supervision and administration of depository receipts under the Stock Connect scheme between domestic and overseas stock exchanges. The rules establish regulatory requirements for cross-border depository receipts, including eligibility criteria, disclosure obligations, and ongoing compliance requirements for participating securities firms and investors.

MIAX Options Exchange Fee Schedule - Liquidity Taker Report Fee Changes

The SEC published notice of MIAX Options Exchange's filing to amend its Fee Schedule, effective immediately upon filing. The exchange proposes to increase the annual fee for all Liquidity Taker Event Reports, establish annual and monthly fees for the new Purge Liquidity Taker Report, create a discount program for subscribers holding multiple annual subscriptions to two or more Reports, and establish a sunset period discontinuing monthly subscription options for all Reports.