ForexClear® Fees

Member Fees

Members may choose from two fee tariffs covering all inter-dealer trade registration activity for a clearing member group.

The Silver Member (Fixed) Tariff

  1. The Silver Member Group is charged an annual fixed clearing fee of €750,000 to cover all inter-dealer trading activity for a Clearing Member and members of its Member Group.
  2. Fees are billed monthly in arrears in instalments of €62,500, and pro-rated monthly where a Member joins intra year.


The Bronze Member (Variable) Tariff

  1. The Bronze Member Group is charged an annual fixed clearing fee of US$150,000 plus volume fee charges per the ‘Member Volume Fees’ in the fee schedule below
  2. Fees are billed monthly in arrears in instalments of US$12,500 plus volume fee charges, and pro-rated monthly where a Member joins intra year.


Electing and changing tariffs:

  1. Members may elect to join on either tariff. Where a Member wishes to move from the Bronze Tariff to the Silver tariff, if they give notice by the 20th of the preceding month, they will move to the Silver tariff for the 1st of the following month. From that month the remaining monthly instalments of the calendar year will be payable at the Silver tariff irrespective of fee amounts already invoiced under the Bronze tariff. Members may not move from the Silver tariff to the Bronze tariff.
     

Client Clearing Fees

ForexClear Client Clearing fees are calculated based on the total cleared notional in a calendar year for each independent Client Clearing portfolio in accordance with the ‘Client Clearing fees’ section of the fee schedule below.

  1. Fees are billed to the Clearing Member monthly in arrears

Fee Schedule - Member and Client Clearing

Bronze Members and Clients volume fees are calculated on each trade as:

[ Notional amount of trade ] * the Per Million (USD) Notional fee from the relevant Tier in the schedule below.

The Tier applicable to the trade is determined by the YTD notional cleared in the independent Client Clearing portfolio prior to that trade clearing.  Where a trade results in the YTD notional cleared falling across two fee tiers, the trade will be apportioned between each tier on a pro-rata basis.
 

    Per Million Notional Fee
Tier Total Cleared Notional in a calendar year Member Volume Fees Client Clearing Fees
1 US$0 bn - US$50 bn US$5.00 US$5.00
2 >US$50 bn - US$150 bn US$4.00 US$4.00
3 >US$150 bn - US$250 bn US$3.00 US$3.00
4 >US$ 250 bn Zero US$1.50

 
Other Fees

1.    A one-off on boarding fee of US $70,000 will be billed one month in arrears for each new ForexClear Clearing Member, FCM Clearing Member or ForexClear Dealer or Affiliate which is a member of, or an Affiliated Firm of, a Member Group.


Member and Client Compression Fees

  1. Members and Clients will be charged US$1 per US $1million of notional reduced using ForexClear Compression.
  2. A cap of US$500k per annum will apply per Member group for Proprietary trading. Client clearing is excluded from the cap.
  3. No cap is applicable for Clients, or Clearing Brokers clearing Client business.


Fee Notes

A "Member Group" means a ForexClear Clearing Member or an FCM Clearing Member, its direct and indirect subsidiaries and its direct and indirect holding companies and every direct and indirect subsidiary of each such holding company, from time to time. For the purposes of this definition: (i) ‘subsidiary' means a company in which an entity holds more than 50% of the voting rights; and (ii) ‘holding company' means a company that holds more than 50% of the voting rights in another entity.

An "Affiliated Firm" in relation to a Member Group means a firm that satisfies both of the following tests:

  1. A ForexClear Clearing Member or a FCM Clearing Member (or any other member of its Member Group) holds 50% or more of the voting rights in the firm; and
  2. One or more ForexClear Clearing Members or FCM Clearing Members (or any other member of their Member Group) together hold more than 50% of the voting rights in the firm.

A “Client Clearing Portfolio” is a separate legally identified Client Account that exists at a specific Clearing Member. A Client Clearing portfolio is unique to each Clearing Member.

"Voting rights" means the rights conferred on shareholders in respect of their shares or, in the case of a company not having a share capital, on members, to vote at general meetings of the company on all, or substantially all, matters.

Changes in an entity's corporate ownership may lead to changes in the tariff that applies to it.

Terms used herein are as defined in the rulebook of LCH.
 

EMIR Account Structures

For more information on account structures please click here