A note from LCH below explains that they intend to complete the process of aligning the default fund of each clearing business vertically, and end the horizontal approach of having a general default fund. This I assume more closely aligns the size of the risk for each service with it's own DF, and also aligns members with their obligations without cross-subsidy or calls upon the DF from other cleared business areas. LCH.Clearnet Group – Member Notices – Circulars – 2013-03-27 Restructuring of the LCH.Clearnet Ltd. General Default Fund and associated default management processes.