The cost to protect your trades by clearing at CommodityClear
Effective from 2 January 2024
For further information on fees, please send your request to Billing_Services@lch.com
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
I. Clearing fees
A clearing fee is charged for each contract cleared.
This fee varies according to the type of contract involved. Fees described in this section are collected on a monthly basis.
Fee scheme on Commodity options strategies:
A rebate scheme is applied for all multi-leg commodity options strategies: each leg of a commodity option strategy benefits from a discounted clearing fee of €0.59 per contract. These discounted clearing fees will be applied with one month in arrears (standard fees applied first and then rebates to be processed).
Artemis Liquidity Provider fee rebate:
The Artemis proprietary trading programme1 is available for participants to join for either commodity future contracts, or commodity options contracts, but not both.
Participants in the Artemis proprietary trading programme for commodity futures contracts will receive a monthly rebate on their clearing fees for all commodity futures contracts above a threshold of 50,000 per month, according to the following scale:
|Artemis tiered fee grid for futures - monthly volumes in number of futures contracts
These clearing fee rebates will be applied with one month in arrears (standard fees applied first and then rebates to be processed). Participants reaching a threshold will be rebated on the basis of the clearing fee for each contract of the given threshold2.
Participants in the Artemis proprietary trading programme for commodity options contracts will receive a monthly rebate on their clearing fees for all commodity options contracts above a threshold of 2,500 per month. An additional incentive for option liquidity providers is to grant the same level of rebate for futures as the one granted for options, capped to the option volumes. Artemis for options is separate and non-cumulative with any other commodity pricing programme.
|Artemis tiered fee grid for options - monthly volumes in number of options contracts
These clearing fee rebates will be applied with one month in arrears (standard fees applied first and then rebates to be processed).
 The Artemis programme is open to any proprietary member or non-member firm. Firms wishing to participate in the Artemis programme must contact Euronext and enter into the relevant arrangement. Participants in the Artemis programme will be required to flag all relevant orders and quotes on the Euronext Order Entry systems with the proper flag as specified by Euronext. Misflags will not be considered for clearing rebate.
 Example of an Artemis participant recording 190,000 contracts for a given month: the first 50,000 contracts will be charged at €0.83, the next 50,000 at €0.63, the next 50,000 at €0.56 and the last 40,000 at €0.49
Late netting fees:
For commodity option and future contracts, LCH SA applies an additional fee per contract which should have been netted in D day (such late netting fees are applied when the number of netted/offset contracts between D at 10:30 am CET and D+1 at 10:30 am CET is superior to the sum of buy and sell contracts posted in D) on the basis of the following grid, depending on the number of days remaining before the contract expiry (X):
- At any time of the contract life until X-16 days (options and futures):
✓ € 1 per contract from 50 to 500 no netted contracts
✓ € 2 per contract from 501 to 1,000 no netted contracts
✓ € 6 per contract over 1,001 no netted contracts
- Close to expiry of the future contract (from X-15 days), futures only: € 50 per contract.
For the specific case of positions on future contract resulting from the exercises and assignments on the associated options at maturity date (Y), the Clearing Members can offset the resulted future positions until Y+2 day at 10:30 am CET. These positions on future contract are created by the clearing system during the end of day batch process in Y day. After this deadline in Y+2 day at 10:30 am CET, the late netting fees will be charged by LCH SA to the Clearing Members in accordance with the fees grid.
Penalties for storage certificates not processed via the “required system” – Milling Wheat and Corn contracts only:
The storage certificates must be processed via the “required system” as defined in a notice. For each selling open position per order giver not covered by a digital storage certificate recorded in the “required system”, LCH SA will charge the clearing member with a penalty of € 20 per contract with a minimum of € 1,000.
Penalties in case of storage certificates not received before the deadlines:
In case deadlines for sending the storage certificates to LCH SA are not met (please refer to the notice of the Delivery Procedure), LCH SA will charge the clearing member with a penalty of € 100 per contract with a minimum of € 1,000.
Correction of position after maturity date:
In case LCH SA is requested by a clearing member to intervene manually on position account after maturity date, a charge of € 60 is applied per contract.
This exceptional intervention can only occur if duly justified.
II. Exercise / Assignment, Cash Settlement and Delivery fees
Fees described in this section are collected on a monthly basis.
Delivery / Cash settlement
III. Clearing services
Fees described in this section are collected on a monthly basis.
A. Clearing services specific to Commodities
Delivery administration fee
LCH SA levies delivery administration fees on the buying member and selling member for each contract giving rise to a delivery notice as part of a CCP delivery ("livraison MATIF") and also for positions cleared one day after the maturity date.
UAN 30 Fertiliser
Set charge for delivery costs
All costs concerning approval, analysis and forwarding of samples charged by service providers to LCH SA to manage CCP delivery ("livraison MATIF") in accordance with the Clearing Rules will be passed back to the involved buyer and seller Clearing members on an equal basis.
The cost of additional analyses, which may be requested by a buying Clearing Member, will be invoiced to the buying Clearing Member at the actual cost billed to LCH SA.
B. Clearing services common to all clearing segments
A fee of € 0.06 is charged per contract for both Internal and External corrections and Internal and External transfers (except transfer for restructuring see below).
The keys for fee distribution between sending Clearing Member and receiving Clearing Member are (distribution decision is made by the sending member only):
- Case n°1: 0% for sending Clearing Member - 100% for receiving Clearing Member
- Case n°2: 50% for sending Clearing Member - 50% for receiving Clearing Member
- Case n°3: 100% for sending Clearing Member - 0% for receiving Clearing Member
- Case n°4: 0% for sending Clearing Member- 0% for receiving Clearing Member; this case is not applicable, therefore the fees will be by default the Case n°2: 50% for sending Clearing Member - 50% for receiving Clearing Member.
Transfer fee for restructuring:
Transfers of positions resulting from the decision of an order-giver to change clearer, a change in the accounts attributed to the order-giver or a Clearing Member's closure are subject to special rates.
A fee of € 3.80 is charged per transfer. The total amount may not exceed € 300 per request and per financial market3. The fee is payable by the Clearing Member receiving the transfer (the above keys for fee distribution do not apply here).
The creation of positions on the position account of the Clearing Member is subject to special rates. The positions are updated in real time on the account of the Clearing Member. Only LCH SA is authorized to use the function of positions' creation. The fees for this operation are:
- A creation of position between 0 and 100 lots: € 10.00
- A creation of positions over 100 lots: € 50.00
 Amsterdam, Brussels, Lisbon, Oslo, Paris commodities or Paris financials