Current Status
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The Exchange is currently in Phase 2 of its default process. Data collection and data verification between the numerous parties concerned is complex and highlights a number of inconsistencies. As soon as reconciliations are complete on a counterparty by counterparty basis the Exchange will issue clarification and / or confirmation emails to both the counterparties in question and to the Defaulter.

Phase 1 - Declaration

Declare Default
Fix Hammer Prices
Stop Settlement
Request Data

Phase 2 - Data Collection and Reconciliation of on-Exchange market contracts

LSE trade report data collection
EUI data collection
Euroclear Bank data collection
DTCC data collection
Defaulter's data collection
Member firm counterparties data collection
Non member firm counterparties data collection
Conduct reconciliation
Issue clarification emails and data extracts to counterparties & defaulter
Issue confirmation emails and data extracts to counterparties & defaulter

Phase 3 - Issue of Net amount certificates ("NACs")

LSE to issue NACs to member firms and non member firm counterparties.