Fees

When members are clearing trades on behalf of clients at CDSClear, the following fee schedule shall apply:

* Covers Corporate, Financials and Sovereign Index and Single Names activity

**The fees will be calculated in USD and billed in Euros

***2023: Full discount of Client variable fees

Please note that Client Clearing is not applicable to Select Members, except for Affiliate Clients.

CCP Switch Programme

• CCP switch programme now available to market participants
• Members and Clients can benefit from the programme by closing out existing CDS transactions at their current CDS CCP and clearing new transactions at LCH SA CDSClear.
• After registration, no variable fees will be charged for new transactions cleared at LCH SA CDSClear under the Programme during a 6-month period and a credit note will be applied to Members’ and Clients’ clearing accounts, covering the fees associated with closing out positions at another CDS CCP. The credit note will be applicable towards fees associated with future transactions cleared at LCH SA CDSClear.
• The amount of the credit notes issued will be calculated using the published variable fees at the Clients’ current CDS CCP.
• To benefit from CDSClear’s CCP switch programme, please contact CDSClear@lch.com for more information.

High Turnover Fee Plan

• Variable fee grid based on notional cleared to make clearing more attractive by decreasing the marginal variable fee past predefined notional thresholds as detailed below.
• Credit index option trades are excluded from the Plan.
• CCP Switch trades and trades subject to credit notes as part of the CCP Switch Programme are excluded from the Plan.
• This Plan is not subject to registration : clients automatically benefit from it.
• When a client reaches a new threshold, the new variable fees apply from the following month

Affiliates clearing as Clients (all products)

Full rebate on variable clearing fees for the Affiliate of a Clearing Member onboarded as client of such Clearing Member under the following conditions:

• The Clearing Member is a General Member under the Unlimited Tariff
• The Affiliate is a legal entity part of the same Financial Group as the Clearing Member
• The rebate applies to 1 trade account per affiliate and for all clearing services for which the Clearing Member is under the Unlimited Tariff (i.e. Index & Single Names and/or Options)
• The rebate cannot apply to any account opened for CCM Indirect Clients
• The fixed annual account charge of €100,000 per affiliate of a Clearing Member onboarded as a client and benefiting from the full rebate on variable fees.

^ The fees will be calculated in USD and billed in EUR

Clearing Members can select General Membership (Unlimited and Introductory tariffs) or Select Membership.

New CDSClear Clearing Members will be billed the first fixed tariff installment and variable fees starting the month following their go-live.

⁽¹⁾Unlimited Tariff

• One twelfth of this fee (EUR 112 500) is charged each month

• General Members - Unlimited can choose between the Fixed Fee Tariff and the Variable Fees for their Sovereign Single Name CDS clearing activity. The Clearing House defaults General Members Unlimited to the Annual Fixed Fee tariff. In-year switch is permitted once per year between the Fixed Fee Tariff and the Variable Fees one 

⁽²⁾Introductory Tariff

• An annual Membership and clearing fixed fee of EUR 400,000 is charged by the Clearing House to cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity, if the total annual gross notional cleared is over €10bn.
• An annual Membership and clearing fixed fee of EUR 200,000 is charged by the Clearing House to cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity, if the total annual gross notional cleared is under €10bn.
• The annual EUR fixed fee is charged assuming that more than €10bn notional will be cleared within the year. Any amount overdue (for General Members having cleared less than €10bn) will be returned to the Member in the last bill of the year.

⁽³⁾Select Membership

• An annual Membership and clearing fixed fee of EUR 450,000 is charged by the Clearing House to cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity if the total annual gross notional cleared is over €10bn.
• An annual Membership and clearing fixed fee of EUR 250,000 is charged by the Clearing House to cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity if the total annual gross notional cleared is under €10bn.
• The annual EUR fixed fee is charged assuming that more than €10bn notional will be cleared within the year. Any amount overdue (for Select Members having cleared less than €10bn) will be returned to the Member in the last bill of the year.

CCP Switch Programme

• CCP switch programme now available to market participants
• Members and Clients can benefit from the programme by closing out existing CDS transactions at their current CDS CCP and clearing new transactions at LCH SA CDSClear.
• After registration, no variable fees will be charged for new transactions cleared at LCH SA CDSClear under the Programme during a 6-month period and a credit note will be applied to Members’ and clients’ clearing accounts, covering the fees associated with closing out positions at another CDS CCP. The credit note will be applicable towards fees associated with future transactions cleared at LCH SA CDSClear.
• The amount of the credit notes issued will be calculated using the published variable fees at the Clients’ current CDS CCP.
• To benefit from CDSClear’s CCP switch programme, please contact CDSClear@lch.com for more information.

High Turnover Fee Plan

• Variable fee grid based on notional cleared to make clearing more attractive by decreasing the marginal variable fee past predefined notional thresholds as detailed below.
• Credit index option trades are excluded from the Plan.
• CCP Switch trades and trades subject to credit notes as part of the CCP Switch Programme are excluded from the Plan.
• This Plan is not subject to registration : Select Members automatically benefit from it.
• When a Select Member reaches a new threshold, the new variable fees apply from the following month

Credit Index Option Clearing is an additional service Members (General and Select) can sign up to. It is also available to Clients.

If you would like to discuss LCH tariffs, please contact your Relationship Manager for further details.