Derivatives Markets Fees

Euronext Derivatives Markets

Effective from 31 July 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.

I. Clearing fees

A clearing fee is charged for each contract cleared.

This fee varies according to the type of contract involved. Liquidity Providers / Market Makers  benefit from special conditions (please look at each fee grid for details). Except for Paris commodity derivatives (monthly fee collection), all fees described into this section are collected on a daily basis.

A. Amsterdam clearing segment:"Dutch products"

Product type (Central Market and Prof trades)
(fee per contract)
  Brokers Liquidity providers
  Client House-Dealer

Equity options

Central Market

Premium <= € 0.20

 

€ 0.05

€ 0.02

Premium > € 0.20

€ 0.03

Prof trades

€ 0.03

Single Stock Futures*1

€ 0.05

€0.02

Single Stock Dividend Futures*

€ 0.50

€0.30

Tracker options

  € 0.05

€0.03

AEX Index options

 € 0.05

€0.03

AEX Index futures

 € 0.13

AMX Index options* and 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

Euronext SEBI NR options*

€ 0.05

€ 0.03

Euronext SEBI NR futures*

€ 0.13

€ 0.05

Currency options and futures

  € 0.05

€0.03

Maximum fee per order (except for
products marked with an "*")
(including combination orders)

  € 40

€ 20

€ 10

1 A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Liquidity Providers.

Amsterdam clearing segment: others products

Product type (Central Market and Prof trades)
(fee per contract)

  Brokers

Liquidity providers

  Client

House-Dealer

iShares Physical Gold ETF options*

€ 0.01

€ 0.01

PSI Index options

€ 0.015

€0.01

(*) These products benefit from a cap per posting: €53.75 for Brokers and €80 for LP


B. Brussels clearing segment:

Product type
(fee per contract)

Brokers
(Client and House accounts)

Market Makers

Equity options

€ 0.05

€ 0.03

Single Stock Futures3

€ 0.05

€ 0.02

Single Stock Dividend Futures

€ 0.50

€ 0.30

BEL20® Index options (BEL)

€ 0.13

€ 0.05

BEL20® Index futures (BXF)

€ 0.40

€ 0.12

3 A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers

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

€ 0.02

Single Stock Dividend Futures

€ 0.50

€ 0.30

4A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers

 

D. Paris clearing segment:

Product type
(fee per contract)

Brokers

Market Makers 5

Previous "Electronic Locals" status6

Client

House

Equity options – contract size of 100

€0.023

€ 0.05

€ 0.03

 

 

 

NA

Equity options – contract size of 10

€ 0.02

€ 0.01

Single Stock Futures7

€ 0.05

€ 0.02

Single Stock Dividend Futures

€ 0.50

€ 0.30

Tracker options

€ 0.05

€ 0.03

CAC40 Options – PXA (€10)

€ 0.13

€ 0.05

CAC40 futures

€ 0.13

€ 0.058

CAC40 Dividend index futures 

 € 0.13

€ 0.05 

 

FTSEurofirst 80 and FTSEurofirst 100 futures

€ 0.05

€ 0.03

 

CAC40 mini futures

€0.015

N/A

FTSE EPRA/NAREIT Euro Zone and FTSE EPRA/NAREIT Europe futures

€ 0.05

5 This specific market maker fees are only applied to members having special arrangements giving specific undertakings under contrat d'animation agreements with the Euronext Derivatives Markets in scheme that has been approved by LCH SA. For further information, please contact Euronext department on +31 (0)20 550 5110, email: LPEurope@euronext.com. See also Paris market making scheme section.

6 These specific fees only apply to a previous status that is not open to new applicants.
7 A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers.
8 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

E. Commodities (Amsterdam and Paris):

Product Type
(fee per contract)

Brokers
Client and House

Market Makers

Commodity futures

€0.70


N/A

Commodity options

€0.70*

(*) Fee scheme on Commodity options strategies:
A rebate scheme is applied on both clearing and trading fees for all multi-leg commodity options strategies. Please refer to the Bulletin sent on 4 July 2016 for the qualification conditions as well as the following link to get the list of all recognised commodity options strategies and corresponding rebates: www.euronext.com/sites/www.euronext.com/files/commodity_options_strategies_and_rebate.pdf

Paris Commodity futures and options New Market Participants (NMP) programme:
For participants in the NMP programme, a discounted clearing fee of €0.26 will be applied from 1 November 2016 to 31 October 2017 (please refer to Euronext Derivatives Markets INFO-FLASH dated 20 October 2016 for the programme details). This discounted clearing fee will be applied with one month in arrears (standard fees applied first and then rebates to be processed). Trades benefiting from the commodity option strategy fee rebates will not benefit from the additional NMP fee rebate.

Late netting fees:

-    Until the 21st August 2017:
For commodity 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 10:30am CET and D+1 at 10:30am CET is superior to the sum of buy and sell contracts posted in D) on the basis of the following grid:

  • € 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

-    From the 22nd of August 2017:
For commodity 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 10:30am CET and D+1 at 10:30am 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:

   ✓ € 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 (from X-15 days): € 50 per contract


Penalties in case of storage certificates not received before the deadlines8 :
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.

8Penalties to be applicable from  the 22nd of August 2017

 

F. Flex products (all segments): clearing fees

Product type

Market

Fee type

Broker
(client account)

Member
(own account)

Equity options

ALL

Fee per contract

€0.05

Maximum fee per posting

€40

€20

ETF options

Amsterdam

Fee per contract

€0.05

Maximum fee per posting (except iShares Physical Gold ETF options)

€40

€20

   

Maximum fee per posting for iShares Physical Gold ETF options

€53.75

Single Stock Futures

ALL

Fee per contract

€0.05

Maximum fee per posting

€75

€75

AEX index options

Amsterdam

Fee per contract

€0.05

Maximum fee per posting

€40

€20

PSI Index Options11

Amsterdam

Fee per contract

€0.015

Maximum fee per posting

€40

€20

AEX index mini options

Amsterdam

Fee per contract

€0.015

Maximum fee per posting

€40

€20

BEL20 index options

Brussels

Fee per contract

€0.13

Maximum fee per posting

€40

€20

CAC40 index options

Paris

Fee per contract

€0.13

 

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: "Dutch" Products

Product type
(fee per contract)

 Fee Type

Brokers

Liquidity Providers

Client

House-Dealer

Equity options

 Exercise/Assignment

€ 0.90

€ 0.40

€ 0.30

Single Stock Futures* 12

Tender / Assignment

€ 0.30

€ 0.05

Single Stock Dividend Futures*

Tender/ Assignment

Dividend group 

Same fees for all origins

  < € 0.50

€ 1.00

0.50-0.99

€ 4.00

≥ € 1.00

€ 6.00

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

Euronext SEBI NR options* and futures*

Exercise/Tender/Assignment

€ 0.90

€ 0.40

€ 0.30

Currency options and futures

Exercise/Tender/Assignment  

€ 0.90

€ 0.40

€ 0.30

Maximum fee per individual Exercise/Tender and Assignment (except for products marked with "*")

 € 1,000

€ 600

€ 500

12 A cap of €200 per individual tender/assignment is applied.

Amsterdam clearing segment: others products

Product type
(fee per contract)

 Fee Type

Brokers

Liquidity Providers

Client

House-Dealer

iShares Physical Gold ETF options* Exercise/Assignment €0.10 €0.10

PSI Index options

 Exercise/Assignment

€ 0.30

€ 0.10

€ 0.05

Maximum fee per individual Exercise/Tender and Assignment (except for products marked with an “*”)

€ 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

Single Stock Futures13

Cash Settlement

€ 0.30

€ 0.05

Single Stock Dividend
Futures

Cash
settlement

 Dividend group 

Same fees for all origins

< €0.50

€ 1.00

0.50-0.99

€ 4.00

≥ € 1.00

€ 6.00

BEL20® Index options

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 Futures14

Cash settlement

€ 0.30

€ 0.05

Single Stock Dividend
Futures

Cash
settlement

Dividend group

Same fees for all origins

< €0.50

€ 1.00

0.50-0.99

€ 4.00

≥ € 1.00

€ 6.00

13 A cap of €200 per individual tender/assignment is applied.
14 A cap of €200 per individual tender/assignment is applied.
 

D. Paris clearing segment:

Product type
(fee per contract)

Fee type

Brokers
(Client and House accounts)

Market Makers15

Previous "Electronic Locals" status16

Equity options (100)

Exercise/Assignment

€ 0.30

€ 0.05

 

 

 

 

NA

Equity options (10)

Exercise/Assignment
Cash settlement

€ 0.05

€ 0.02

Single Stock Futures17

Cash Settlement

€ 0.30

€ 0.05

Single Stock Dividend Futures

Cash
settlement

Dividend group

Same fees for all origins

< €0.50

€ 1.00

0.50-0.99

€ 4.00

≥ € 1.00

€ 6.00

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

 

 

 

 

 


NA

FTSEurofirst 80 and FTSEurofirst 100 Futures

Cash settlement

€ 0.30

€ 0.05

CAC40 mini futures

Cash settlement

€ 0.10

FTSE EPRA/NAREIT Euro Zone and FTSE EPRA/NAREIT Europe futures

Cash settlement

€ 0.30

15Equity/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)
16These specific fees only apply to a previous status that is not open to new applicants.
17A cap of € 200 per individual cash settlement is applied

E. Commodities (Amsterdam and Paris):

Product Type
(fee per contract)

Fee type

Brokers
(Client and House accounts)

Market Maker

Commodity futures

Delivery

€ 1.00


N/A

Commodity options

Exercise/Assignment

€ 1.00

F. Flex products (all segments): Exercise/ tender/ assignment


Product type

Market

Fee type

Broker
(client account)

Member
(own account)

Equity options and ETF options

All

Fee per contract

€0.20

Maximum fee per individual Ex&Ass

€200

Single Stock Futures

All

Fee per contract

€0.30

Maximum fee per individual Ex&Ass

€365

AEX index options

Amsterdam

Fee per contract

€0.90

€0.40

Maximum fee per individual Ex&Ass

€1,000

€600

PSI Index Options

Amsterdam

Fee per contract

€0.30

€0.10

Maximum fee per individual Ex&Ass

€1,000

€600

AEX index mini options

Amsterdam

Fee per contract

€0.30

€0.10

Maximum fee per individual Ex&Ass

€1,000

€600

BEL20 index options

Brussels

Fee per contract

€0.30

€0.30

CAC40 index options

Paris

Fee per contract

€0.30

€0.30

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 market18. 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.Clearnet 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

18 Amsterdam, Brussels, Lisbon, Paris commodities or Paris financials


B. 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.

Contract

Amount

Milling wheat

€ 15.00

Corn

Dairy complex (unsalted lactic butter, skimmed milk powder and sweet whey food grade powder)

 
€ 30.00

Malting Barley

Rapeseed complex (grain, oil and meal)

Wood Pellet

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.

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