LCH SA Rulebook Formalizes Clearing Member Relationship
Summary
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.
What changed
LCH SA has formalized its rulebook structure describing the rights and obligations between LCH SA and its clearing members. The rulebook covers five main areas: General Provisions and Legal Framework, Membership, Clearing Operations, Risk Management (including margin requirements, default fund, and collateral), and Triparty Repo Clearing Services. Separate provisions apply to OTC Credit Default Swaps and Digital Asset Derivatives.
Clearing members should review the rulebook to ensure their operations align with LCH SA's established procedures. The rulebook sets out legal obligations, information obligations, audit requirements, and default event procedures that members must follow.
What to do next
- Review LCH SA rulebook for applicable clearing operations
- Ensure compliance with membership requirements and information obligations
- Follow risk management and margin procedures outlined in the rulebook
Archived snapshot
Apr 16, 2026GovPing captured this document from the original source. If the source has since changed or been removed, this is the text as it existed at that time.
LCH SA Rulebook
The purpose of the Rules and Regulation is to formalise the relationship between LCH SA and its Clearing Members by describing each other's rights and obligations.
Rulebooks menu
- Fixed Income & Triparty Repos
- Over-the-counter Credit Default Swaps
- Digital Asset Derivatives
Fixed Income & Triparty Repos
Rulebook Overview
These rules that are governed by French law consist in:
- Title I: General Provisions and Legal framework
- Title II: Membership
- Title III: Clearing operations
- Title IV: Risk Management
- Title V: Triparty Repo clearing services
Useful Links
The Instructions
Title I – General Provisions and Legal Framework
Chapter 2 – General Provisions
Title I – General Provisions and Legal Framework: Chapter 2 – General Provisions
Chapter 3 – Legal Framework
Title I – General Provisions and Legal Framework: Chapter 3 – Legal Framework
Title II – Membership
Chapter 1 – General Provisions
Title II – Membership: Chapter 1 – General Provisions
Chapter 2 – Legal Obligations
Title II – Membership: Chapter 2 – Legal Obligations
Chapter 4 – Information Obligations and Audit
Title II – Membership: Chapter 4 – Information Obligations and Audit
Title III - Clearing Operations
Chapter 4 – Settlement and Delivery
Title III - Clearing Operations: Chapter 4 – Settlement and Delivery
Title IV - Risk Management
Chapter 2 – Margin Requirements
Title IV - Risk Management: Chapter 2 – Margin Requirements
Chapter 3 – Default Fund
Title IV - Risk Management: Chapter 3 – Default Fund
Chapter 4 – Collateral
Title IV - Risk Management: Chapter 4 – Collateral
Chapter 5 – Event of Default
Title IV - Risk Management: Chapter 5 – Event of Default
Title V - Triparty Repo Clearing Services
Title V - Triparty Repo Clearing Services
Notices
Notices state operational details and other information such as timeframes or prices. Access the full suite of LCH SA legal notices on our SA Member Updates page.
Over-the-counter Credit Default Swaps
CDS Clearing Rule Book
- CDS Clearing Rule Book(PDF) (last updated September 26, 2025)
FCM/CDS Clearing Regulations
- FCM/BD CDS Clearing Regulations(PDF) (last updated July 21, 2025)
CDS Clearing Supplement
- CDS Clearing Supplement(PDF) (last updated September 26, 2023)
The Procedures
- Section 1: Membership and CDS Dealer Status(PDF) (last updated April 30, 2025)
- Section 2: Margin, NPV Payment and Price Alignment(PDF) (last updated September 26, 2023)
- Section 3: Collateral,Variation Margin and Cash Payment(PDF) (last updated September 26, 2023)
- Section 4: Eligibility Requirements(PDF) (last updated April 30, 2025)
- Section 5: CDS Clearing Operations(PDF) (last updated April 30, 2025)
- Section 6: CDS Default Fund(PDF) (last updated October 26, 2020)
- Section 7: Business Continuity(PDF) (last updated December 16, 2014)
- Section 8: Disciplinary Proceedings(PDF) (last updated October 26, 2020)
- Section 9: Complaint Resolution(PDF) (last updated May 09, 2012)
Legal Notices
Access the CDSClear Clearing Notices.
Digital Asset Derivatives
Rulebook Overview
These rules that are governed by French law consist in:
- Title I: General Provisions and Legal framework
- Title II: Membership
- Title III: Clearing operations
- Title IV: Risk Management
Useful Links
The Instructions
Title I – General Provisions and Legal Framework
Chapter 2 – General Provisions
Title I – General Provisions and Legal Framework: Chapter 2 – General Provisions
Chapter 3 – Legal Framework
Title I – General Provisions and Legal Framework: Chapter 3 – Legal Framework
Title II – Membership
Chapter 2 – Legal Obligations
Title II – Membership: Chapter 2 – Legal Obligations
Chapter 4 – Information Obligations and Audit
Title II – Membership: Chapter 4 – Information Obligations and Audit
Title III - Clearing Operations
Chapter 1 – Registration
Title III - Clearing Operations: Chapter 4 – Settlement and Delivery
Title IV - Risk Management
Chapter 1 – General Provisions
Title IV - Risk Management: Chapter 2 – Margin Requirements
Chapter 2 – Margin Requirements
Title IV - Risk Management: Chapter 2 – Margin Requirements
Chapter 3 – Digital Asset Derivatives Default Fund
Title IV - Risk Management: Chapter 3 – Default Fund
Chapter 4 – Collateral
Title IV - Risk Management: Chapter 4 – Collateral
Chapter 5 – Event of Default
Title IV - Risk Management: Chapter 5 – Event of Default
Notices
Notices state operational details and other information such as timeframes or prices.
Access the full suite of LCH SA legal notices on our SA Member Updates page, as well as on our SA Risk Management page.
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