CDSClear clearing fees

Client Clearing Fees Self-Clearing Fees

Clearing fees:

European Products               Base Fees 
Index (per million)    €4
Single Name (per million)           €12
US Products              Base Fees*
Index (per million)    $5
Single Name (per million)    $17

* The fees will be calculated in USD and billed in Euros

  • Clearing fees apply per EUR/USD million gross notional cleared
  • Discounts apply to the total clearing fees payable per client across all activity in the clearing house (i.e. at fund manager level) thus delivering a uniform price irrespective of clearing member
  • Discounts will be applicable on a forward looking basis (i.e. fees in Month 2 will be based on cleared flows in Month 1) to deliver price certainty requested by clients and clearing members
  • Client Clearing is not applicable to Select Members.

EMIR Account Structures

CDSClear account structure fees will be waived until 31st December 2017.

Billing Information

All clearing (client clearing and self-clearing) fees are auto-debited from clearing members' accounts in TARGET2, on the 10th business day of the month.

Details will be reflected in the AC0101E report available to clearing members.

The fees indicated above are subject to VAT at the applicable rate.


Direct
Membership
Annual
fixed fee
Self-Clearing/Variable Fees
EUR
indices
EUR single names US
Indices*
US single names*
General Member
Unlimited Tariff
   €2,000,000  No variable fee
General Member
Introductory Tariff
€200,000 or
€400,000**
€3.5
Per million gross notional cleared
€10
Per million gross notional cleared
$4.5
Per million gross notional cleared
$13
Per million gross notional cleared
Select Member €250,000 or
€450,000***

 
€4
Per million gross notional cleared
€10
Per million gross notional cleared
$5
Per million gross notional cleared
$13
Per million gross notional cleared

* The fees will be calculated in USD and billed in Euros

** See under Introductory Tariff

*** See under Select Membership

______________________________________________________________

Clearing Members are able to select between General Membership (Unlimited and Introductory tariffs) and Select Membership.

A new CDSClear Clearing Member joining the service will be billed the first fixed tariff instalment and variable fees in the month after member go-live.


Unlimited Tariff

  • An annual Membership and clearing fee of EUR 2,000,000 is charged by the Clearing House to cover all self-clearing activity for a clearing Member or affiliates
  • One twelfth of this fee (EUR 166,666) will be charged each month in addition to the variable fee

Introductory Tariff

  • General clearing Members' self-clearing fees under the Introductory tariff are subject to an annual fee cap of EUR 2,000,000 after which all further trades cleared in the calendar year are subject to a fee holiday
  • An annual Membership and clearing fixed fee of EUR 200,000 is charged by the Clearing House if the total annual gross notional cleared is under €15bn
  • An annual Membership and clearing fixed fee of EUR 400,000 is charged by the Clearing House if the total annual gross notional cleared is over €15bn
  • Where the total annual gross notional cleared in relation to a General Member under Introductory Tariff reaches €15bn in any calendar year then no further fixed fees are payable that year and the General Member will automatically be invoiced at the higher tariff of EUR 400,000 for the following year.
  • Where the total annual gross notional cleared in relation to a General Member under Introductory Tariff on the higher tariff of EUR 400,000 falls below €15bn in any calendar year the General Member will automatically be invoiced at the lower tariff of EUR 200,000 for the following year.
  • One twelfth of this fee will be charged each month in addition to the variable fee
     

Select Membership

  • An annual Membership and clearing fixed fee of EUR 250,000 is charged by the Clearing House if the total annual gross notional cleared is under €25bn
  • An annual Membership and clearing fixed fee of EUR 450,000 is charged by the Clearing House if the total annual gross notional cleared is over €25bn
  • Where the total annual gross notional cleared in relation to a Select Member reaches €25bn in any calendar year then no further fixed fees are payable that year and the Select Member will automatically be invoiced at the higher tariff of EUR 450,000 for the following year.
  • Where the total annual gross notional cleared in relation to a Select Member on the higher tariff of EUR 450,000 falls below €25bn in any calendar year the Select Member will automatically be invoiced at the lower tariff of EUR 250,000 for the following year.
  • One twelfth of this fee will be charged each month in addition to the variable fee

EMIR Account Structures

CDSClear account structure fees will be waived until 31st December 2017.

Billing Information

All clearing (client clearing and self-clearing) fees are auto-debited from clearing Members' accounts in TARGET2, on the 10th business day of the month.

Details will be reflected in the AC0101E report available to clearing Members.

The fees indicated above are subject to VAT at the applicable rate.