Fees

Effective from 2 January 2023

Minimum Activity Charge

A minimum monthly activity charge (MAC) per RepoClear clearing member* of €8,500 is applied across all LCH Ltd and LCH SA Group activity, where the total registration fees chargeable to a member as below, are less than this minimum amount.

*Sponsored Members are subject to a separate minimum activity charge, as described below.

Registration Fees

Repo Tiered Processing Fee:

If two or more Members have the same ultimate parent within their legal structure, then all such Members will be treated as a single Member for the purposes of determining the processing fees payable by them.

Plus

A single ad valorem rate of 0.004% for euro denominated trades applied to the start cash amount of the repo.

Clearing fees for repo transactions are calculated on the basis of duration, i.e.: the number of calendar days between the commencement date and the termination date of the repo (excluding the commencement date), with an annual basis of 360 days. They are charged after the termination date falls due.

 See calculation example below:

Based on a trade of €100m start cash amount for a 90-day term

**Assumed processing fee, variable based on above tiering

Cash Bond Trade Registration Fee Rate:

€1.75 per million cash amount + processing fee of €1.55

Settlement Related Charges relate to the overall cost that LCH incurs on behalf of RepoClear members in managing their respective settlement activity. This cost is invoiced retrospectively, on a monthly basis, based on settlement activity and on the (I)CSD utilised for its settlement, as follows:

The minimum monthly activity charge (MAC) also applies to €GCPlus triparty basket repo.

€GCplus triparty basket repo settlement fees are charged on a cost-based basis.

Clearing registration fees (repo processing fees and ad valorem fee) related to €GCPlus triparty basket repo activity will not apply until end of 2024 for Clearing Members joining the service or extending their activity to €GCPlus triparty basket before end of 2023.

An incentive scheme is in place on RepoClear Margin Calculator for €GCPlus triparty basked repo users. For more information, please contact your sales representative.

A charge of €2,500 per additional RD Code per month is applied.

Notes:

• A member code is considered as additional when it is related to the same legal entity and the same market of an already existing member code
• Fees linked to trading member codes use will be charged to the "receiving" clearing member
• Periodic fees

A one-off fee is charged for member code change/creation; the fee amounts vary according to the following cases:

• €1,000 for the code creation of a new (trading/clearing) member code (new legal entity)
• €2,000 for the implementation of an additional (trading/clearing) member code (same legal entity and same market)

A monthly fee of €2,500 is charged per additional trading or clearing code (same legal entity and same market).

Sponsored Member Registration and Settlement Fees

Sponsored Members are subject to the same Registration fees and Settlement charges as outlined above. Fees are charged at the Sponsored Member mnemonic level.

Agent Fees

Agent Members are charged a monthly Agent Fee of €5,000 per CCP in which they are active. However, this fee is currently being waived until further notice.

Sponsored Member Minimum Activity Charge (MAC)

Sponsored Members will each be charged a MAC of €12,000 per annum. Fees are charged at the Sponsored Member mnemonic level. However, until further notice, the MAC fee will not apply.

For RepoClear Clearing Members joining after the 15th of each month, no MAC will be charged for activity in that first month.

For Sponsored Members, the MAC per Sponsored Member of €12,000 per annum will be pro-rated in the first year of membership. However, until further notice, the MAC fee will not apply.

For new a clearing member

A new member onboarding fee will be charged €20,000 to all new members. This is a one-time fee charged upon receiving the application file, with subsequent approval from ERCo.

For new trading venue

An onboarding fee of €25 000 is charged to all new trading venues. This is a one-time fee charged as of formal notification received by letter by LCH SA.

For new sponsored member

Each new Sponsored Member^[1] will be charged an onboarding fee of €6,000. However, until further notice, the onboarding fee will not apply.

^[1] The onboarding fee does not apply to agent members. For a new Investment Manager, the onboarding fee will not apply for any Sponsored Member of that Investment Manager, which onboards within the first 9 months after the first Sponsored Member under that manager joined.

For €GCPlus triparty basket repo

For new members agreeing to join the service before the end of 2023, onboarding fees will be waived providing €GCPlus triparty basket repo is included in their initial markets.

On all Securities for each clearing day, from intended settlement date and until effective settlement, Members will be charged €45 per failed securities delivery instruction.

For further information on fees, please send your request to billing_services@lseg.com