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LME issues update on MF Global UK Ltd

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LCH.Clearnet Ltd (LCH.Clearnet) is working with the LME and the administrators of MF Global UK Limited to facilitate the transfer of client positions held within LCH.Clearnet from MF Global UK Limited to other clearing members. 

All clients wishing to transfer positions, should visit the LCH.Clearnet website, follow the instructions and complete and return the documentation found at http://www.lchclearnet.com/mf_global_uk_limited_client_information.asp.

Clients should be made aware that positions are being transferred without collateral (any surplus collateral will be returned to the administrator in due course). Clients who wish to transfer will need to make arrangements to post collateral with their replacement clearing member. Clients which do not elect to transfer positions will be closed out.

LCH.Clearnet intends to continue to transfer clients during Friday 4 November and will reassess the position at the end of the day.

As of today (04/11/11), LCH.Clearnet will be rolling all LME contracts for TOM/Next delivery to the 9 November 2011 prompt date.  This will continue until Tuesday 8 November 2011. The situation will then be reassessed.
 

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