Self-Regulatory Organizations; LCH SA; Notice of Filing of Proposed Rule Change Relating to the CDSClear Risk Framework

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Securities and Exchange Commission [Release No. 34-105233; File No. SR-LCH SA-2026-001] April 14, 2026. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (“Exchange Act” or “Act”), [ 1 ] and Rule 19b-4 thereunder, [ 2 ] notice is hereby given that on April 8, 2026, Banque Centrale de Compensation, which conducts business under the name LCH SA (“LCH SA”), filed with the Securities and Exchange Commission (“Commission”) the proposed rule change, as described in Items I, II and III below, which Items have been prepared primarily by the clearing agency. The Commission is publishing this notice to solicit comments on the proposed rule change from interested persons. I. Clearing Agency's Statement of the Terms of Substance of the Proposed Rule Change LCH SA is proposing to modify its CDS Clearing risk framework by amending the (i) CDSClear Margin Reference Guide (the “Margin Guide”) and (ii) CDSClear Default Fund Reference Guide (the “Stress Guide”) to incorporate and accommodate the proposed changes and also adopt the new common LSEG template (the “Proposed Rule Change”). The text of the Proposed Rule Change has been annexed as Exhibit 5. [ 3 ] The implementation of the Proposed Rule Change will be contingent on LCH SA's receipt of all necessary regulatory approvals. [ 4 ] II. Clearing Agency's Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its f…