Cash Market Fees (SA)

Effective from 13 February 2017

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.

All the fees described in this fee grid are collected on the 10th open business day of the following month (monthly charged)

I. Clearing fee

A. Guaranteed postings

LCH SA charges a fixed fee per guaranteed posting:

  • €0.04 per posting for BlueChips stocks (AEX25, BEL20, CAC40 and PSI20 components stocks)
  • €0.10 per posting for any other security (other equities, bonds, ETFs, warrants ...)

Notice: as of 1st October 2017 till end of year, both current and new fee grid will coexist. Member billing will be calculated on the most beneficial fee grid (please refer for the new fee grid to the bulletin published on 18th of July "New Clearing Fee Grid and Route To Interoperability")

B. Non-guaranteed postings

LCH SA charges a fixed fee of €0.05 per non-guaranteed posting.

II. Clearing Services

A. Give-up/Take-up

LCH SA charges a fixed fee of €0.10 on each take-up only.

B. Settlement related costs

(non applicable to non-guaranteed instructions)

LCH SA’s policy is to recharge Clearing Members with settlement related costs prorata each Clearing Member’s settlement volume per settlement platform. Any settlement charge or fee’s modification by the (I)CSDs will be passed on immediately to Clearing Members by adjusting the variable fee. This fee will be subject to semi-annual review if needed.

a) For Euronext markets, Equiduct and Cassiopeia corporate bond platforms

LCH SA charges back a variable fee of:
  • € 0.70 per instruction settled in ESES CSDs (Euroclear France, Euroclear Belgium, Euroclear Netherlands)
  • € 1.27 per instruction sent to settlement in Euroclear Bank,
  • € 0.50 per instruction settled in Interbolsa,
  • € 1.60 per instruction settled in NBB-SSS (National Bank of Belgium).

b) For Luxemburg Stock Exchange market

LCH SA charges back a variable fee of:
  • € 1.50 per instruction sent to settlement in Euroclear Bank,
  • € 1.50 per instruction sent to settlement in Clearstream Banking Luxembourg.

C. Fail penalty fees

(non applicable to non-guaranteed postings)

The fail penalty fees are applied to Clearing Members whose transactions fail during the delivery and payment procedures.

The invoicing of penalties applies per open business day on each selling fail per ISIN code, per Delivery Account (all settlement dates aggregated) and per Clearing Member.

The fail penalty fee is made up of:

  • A fixed fee of €15.00
  • A variable fee (("EONIA-based rate" + 1%) /360 x amount) - Currently, the "EONIA-based rate" used is 0.08%; unless significant changes are registered, such a rate will be revised each semester.

The sum of the variable parts collected is passed back to Clearing Members on a monthly basis according to the following rules:

  • The passing back is calculated per segment; the variable part of fail penalty fee of a given segment is passed back to Clearing Members active on this segment only,
  • The allocation key is the cash clearing fees paid by each Clearing Member for a given segment,
  • The passing back monthly amount for a given Clearing Member cannot be higher than the variable fail penalty fee effectively paid by this member for the month.

The net difference between fail penalty fee and passing back is collected on the 10th open business day of the following month (example: 10th open business day of February for January fails).

D. Cash fail penalty

(non applicable to non-guaranteed postings)

These penalties are applied to Clearing Members whose transactions fail during the delivery and payment procedures. A fee is charged for each business day the default of cash remains unsettled: value of the fail charged at EONIA + 2%.

E. Buy-in / Purchase costs

(non applicable to non-guaranteed postings)

A fee of €150.00 is charged for each buy-in process initiated by LCH SA in addition to any amount due to meet the cost of purchasing the securities.

If a Member commits to delivering securities in the context of a buy-in procedure and LCH SA notes that this Member fails to deliver them, a penalty of 10% of the  tender price multiplied by the quantity of non delivered securities will be applied to the Clearing Member that had committed to delivering the securities.

Such a penalty shall not exceed € 10 000.00

III. Others services

Request for split on instructions sent under Hold mode in T2S

LCH SA charges a fixed fee of € 50.00 for each request for a split of an instruction sent under hold mode.
 

To estimate your invoice, click here Cash clearing Tariff calculator (applicable since 2 January 2013).

Click to view a PDF version of this information.

 

Derivatives Markets

Amsterdam clearing segment:

Product type (Central Market and Prof trades)
(fee per contract)
  Brokers Liquidity providers
  Client House-Dealer
Equity and index derivatives
 
Equity options
Central
Market
Premium <= € 0.20   
 € 0.05
€0.02 
 Premium > € 0.20  €0.03
Prof trades   €0.03
Tracker options   € 0.05 €0.03
AEX Index options  € 0.05 €0.03
AEX Index futures  € 0.13
AMX Index options € 0.05 €0.03
AMX Index futures € 0.05 €0.03
AEX Index mini options € 0.015 €0.01
AEX Index mini futures € 0.015
AEX Dividend index futures  € 0.13 € 0.05
Currency derivatives
Currency options *   € 0.05 €0.03
Currency futures *   € 0.05 €0.03
Maximum fee per order (except for the AEX Dividend index futures, the AMX Index options and futures and the AEX Index mini options/futures)
(including combination orders)
  € 40 € 20 € 10

*. Options and futures on the GBP/EUR and GBP/USD currency pairs (PEX, PDX, FPE, FPD) benefit from a clearing fee holiday until the end of December 2013.

 

B. Brussels clearing segment:

Product type
(fee per contract)
Brokers
(Client and House accounts)
Market Makers
Equity options € 0.05 € 0.03
BEL20® Index options (BEL) € 0.13 € 0.05
BEL20® Index options (BXO) € 0.05 € 0.03
BEL20® Index futures (BXF) € 0.40 € 0.12

C. Lisbon clearing segment:

Product type
(fee per contract)
Brokers
(Client and House accounts)
Market Makers
PSI 20 Index futures € 0.05 € 0.03
Single Stock futures € 0.05 € 0.03

D. Paris clearing segment:

Product type
(fee per contract)
Brokers
(Client and House accounts)
Market Makers1 Previous "Electronic Locals" status 2
Equity and Index derivatives
Equity options – contract size of 100 € 0.05 € 0.03 NA
Equity options – contract size of 10 € 0.02 € 0.01
Tracker options € 0.05 € 0.03
CAC40 Options – PXA (€10) € 0.13 € 0.05
CAC40 futures € 0.13 € 0.053
CAC40 Dividend index futures   € 0.13 € 0.05  € 0.05
FTSEurofirst 80 and FTSEurofirst 100 futures € 0.05 € 0.03 € 0.05
CAC40 mini futures €0.015
FTSE EPRA/NAREIT Euro Zone and FTSE EPRA/NAREIT Europe futures € 0.05
Commodity derivatives(*)
Milling wheat futures, Rapeseed futures, Rapeseed Oil futures, Corn futures, Malting Barley futures and Skimmed Milk Powder futures

Volume incentive scheme (see below) instead of

€ 0.75

NA € 0.30
Milling wheat options, Rapeseed options, Rapeseed Oil options, Corn options, Malting Barley options -
(*) 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 in D is superior to the sum of buy and sell contracts posted in D) on the basis of the following grid:

ü € 1 per contract from 50 to 500 no netted contracts
ü € 2 per contract from 501 to 1,000 no netted contracts
ü € 6 per contract over 1,001 no netted contracts

Commodity derivatives:

For 2013, a volume incentive scheme applies; depending on the number of contracts registered by a Trading member during a month, the following cumulative brackets will apply. The different thresholds and fee levels may be subject to revision on a quarterly basis depending on market conditions.

 

From 1 150,001 250,001 500,001 800,001 1,000,001
To 150,000 250,000 500,000 800,000 1,000,000 and more
Fee/contract €0.70 €0.675 €0.65 €0.625 €0.60 €0.50

Example : a Trading member registering 300,000 commodity future contracts + 5,000 commodity option contracts (total of 305,000) in January 2013 will be charged as follows:

150,000 first contracts at € 0.70 + 100,000 contracts at € 0.675 + 55,000 at € 0.65
 

1. This specific market maker fees are only applied to members having special arrangements giving specific undertakings under contrat d'animation agreements with NYSE Liffe in scheme that has been approved by LCH SA. For further information, please contact NYSE Liffe Trading department on +33 1 49 27 15 59. See also Paris market making scheme section  

2. These specific fees only apply to a previous status that is not open to new applicants.

3. Where a transaction (on the same maturity) is cancelled out with a converse transaction in the course of the same trading session so that the result is a zero sum, fees are reduced by 50%.
 

Paris Market Making scheme

  • Equity and Index options (MONEP): Total annual clearing and exercise/assignment fees payable by Market Makers on equity and index options (MONEP) may not exceed €100,000
  • Tracker options: Total annual clearing and exercise/assignment fees payable by Market Makers on tracker options may not exceed €10,000 for General Market Makers.

Paris "Large trades" on Individual Equity Options (MONEP)

Large trades on equity options benefit from specific fees. "Large trades" are defined as posted trades with:

  • At least 60,000 equity option contracts for contract size of 10 shares
  • At least 6,000 equity option contracts for contract size of 100 shares
Client account House account Market Maker account
€ 40 / posting € 20 / posting € 20 / posting

II. Exercise (Tender) / Assignment, Cash Settlement and Delivery fees

Except for Amsterdam clearing segment (daily fee collection), fees described into this section are collected on a monthly basis.

A. Amsterdam clearing segment:

  Product type
(fee per contract)
     Fee Type     Brokers
Client House-Dealer
Equity and index derivatives
Equity options  Exercise/Assignment € 0.90 € 0.40 € 0.30
Tracker options  Exercise/Assignment € 0.90 € 0.40 € 0.30
AEX and AMX Index options   Exercise/Assignment  € 0.90 € 0.40 € 0.30
AEX and AMX Index futures Tender/Assignment  € 2.40 € 1.00
AEX Index mini options Exercise/Assignment € 0.30 € 0.10 € 0.05
AEX Index mini futures Tender/Assignment € 0.30 € 0.10
Dividend index futures Tender/Assignment    € 0.30 € 0.05 
Currency derivatives
Currency options Exercise/Assignment   € 0.90 € 0.40 € 0.30
Currency futures Tender/Assignment   € 0.90 € 0.40 € 0.30

Maximum fee per individual Exercise/Tender and Assignment

(except for the Dividend index futures)

   € 1,000 € 600 € 500

B. Brussels clearing segment:

Product type
(fee per contract)
Fee type Brokers
(Client and House accounts)
Market Makers
Equity options Exercise/Assignment € 0.30 € 0.05
BEL20® Index options (BXO and BEL) Exercise/Assignment € 0.30 € 0.05
BEL20® Index futures Cash settlement € 0.90 € 0.17

C. Lisbon clearing segment:

Product type
(fee per contract)
Fee type Brokers
(Client and House accounts)
Market Makers
PSI 20 Index futures Cash settlement € 0.30 € 0.05
Single Stock futures Cash settlement € 0.30 € 0.05

D. Paris clearing segment:

Product type
(fee per contract)
Fee type Brokers
(Client and House accounts)
Market Makers1 Previous "Electronic Locals" status2
Equity and Index derivatives
Equity options (100) Exercise/Assignment € 0.30 € 0.05 NA
Equity options (10) Exercise/Assignment
Cash settlement
€ 0.05 € 0.02
Tracker options Exercise/Assignment € 0.30 € 0.05
CAC40 Options - PXA Exercise/Assignment € 0.30 € 0.05
CAC40 futures Cash settlement € 0.30 € 0.05
CAC40 Dividend Index futures  Cash settlement  € 0.30 € 0.05 € 0.30
FTSEurofirst 80 and FTSEurofirst 100 Futures Cash settlement € 0.30 € 0.05 € 0.30
CAC40 mini futures Cash settlement € 0.10 N/A
FTSE EPRA/NAREIT Euro Zone and FTSE EPRA/NAREIT Europe futures Cash settlement € 0.30
Commodity derivatives
Commodity futures Delivery € 1.00
Commodity options Exercise/Assignment € 1.00

1. Equity/Index/Tracker Option Exercise and Assignment fees are taken into account for the market maker annual cap on fees (see also Paris Market making scheme section)

2.These specific fees only apply to a previous status that is not open to new applicants.

III. Clearing services

Fees described into this section are collected on a monthly basis.

A. 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 market (1). The fee is payable by the Clearing Member receiving the transfer (the above keys for fee distribution do not apply here).

(1). Amsterdam, Brussels, Lisbon, Paris commodities or Paris financials

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

(1). Amsterdam, Brussels, Lisbon, Paris commodities or Paris financials

B. Clearing services specific to Paris clearing segment

Special conditions applying to commodity contracts
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.

Contract Amount
Milling wheat € 15.00
Corn
Rapeseed Oil
Skimmed Milk Powder
Rapeseed   
€ 30.00
Malting Barley
Set charge for delivery costs