The clearing houses European Commodity Clearing AG (ECC) and LCH Ltd. (LCH) have entered into an agreement, whereby ECC and LCH agree on the novation of all open positions in dry bulk freight futures and options kept at LCH that will expire on or after 28 December 2017. The novation is envisaged to take place on 16 November 2017. This Clearing Circular contains information regarding the details of the novation process.