As announced in an EEX press release on June 30, EEX Group and LCH have agreed on a novation of open position in Dry Bulk Freight FFA and option contracts from LCH to European Commodity Clearing by the end of 2017.
The LCH freight transfer window is scheduled for mid of November 2017. To support the LCH position transfer, ECC would like to introduce improvements to the existing USD clearing solution prior to the novation date to offer a complete USD nominated clearing process including margining and collateral provision for Clearing Members and their clients.
These improvements shall be available at the beginning of November 2017. This circular contains initial information on the planned improvements for USD clearing.
Further details of the planned position transfer will follow in further clearing circulars in due time.