LCH.Clearnet Account Structures under EMIR – LCH.Clearnet SA

The way in which CCPs manage members' and clients' assets is one of the most significant areas of change required by regulators. In Europe, EMIR has been designed to reduce counterparty risk and increase transparency within the markets.

Effective from 22 May 2014

LCH.Clearnet SA offers members a choice of ISA (Individual Segregated Account) and OSA (Omnibus Segregated Account) accounts.

Click here to find out more about the choice of accounts that, subject to regulatory approval, LCH.Clearnet offers.

Proposed Annual Account Fees

A yearly fee will be charged for each ISA or OSA account as indicated in the table below.

  ISA OSA Net  OSA Gross
Business Fee Fee Fee
CDSClear* €0* €0* €0*
Derivatives €3,500 €1,200 €3,500
Equities €3,500 €1,200 €3,500
Fixed Income €3,500 €1,200 N/A
€GC Plus €3,500 €1,200 N/A

Click here to view a pdf of this information.

*CDSClear account structure fees will be waived until 31st December 2017 after which they will revert to the LCH.Clearnet SA standard level.

Legal implications

As part of LCH.Clearnet SA's EMIR authorisation, we have commissioned legal opinions in respect of each jurisdiction in which we have Clearing Members. Executed copies are made available to our Clearing Members.

As far as the Cash Markets, Derivatives markets, Fixed Income products and Triparty Repo clearing services are concerned:

The executed copies of the French, Belgian, English, Dutch, German, Finnish, Swedish, Luxembourg, Italian, Spanish, Portuguese,Danish legal opinions are currently available. The Swiss one, will be made available in due course.

The legal opinions are made available to Clearing Members on demand, on a non-reliance basis, and those which are currently in draft form are therefore subject to possible change.

Queries relating to legal matters should be directed to lchclearnetsa_info@lchclearnet.com

As far as the CDS are concerned:

The executed copies of the French, English and German legal opinions remain available on the secure area.

Queries relating to legal matters should be directed to cdsclear@lch.com

It is important  that clearing members familiarise themselves with the legal implications associated with these ISA and OSA accounts.

Legal implications - Account Structures

Click here to see the current Cash and Derivatives markets and Fixed Income products Rulebook.

Click here to see the current CDS Clearing Rule Book.

Terms and conditions

  1. This fee model becomes effective from the date LCH.Clearnet is authorised under EMIR
  2. On the creation of a new account, the Fee becomes immediately payable, and annually on the anniversary of the creation date thereafter
  3. For existing Client accounts, the fee applies upon LCH.Clearnet being authorised under EMIR and annually on the anniversary thereafter
  4. The Fees do not apply to House accounts
  5. The Fees are non-refundable once paid, no refunds for partial years
  6. No discounts for multiple accounts
  7. No adjustments for multiple collateral accounts
  8. The same Fee model applies to Indirect Clearing Accounts

Jurisdictional Legal Opinions

Ltd

Australia
Austria
Belgium
Canada (Ontario)
Canada (Quebec)
Denmark
England I
England II
Finland
France
Germany
Hong Kong
Ireland
Italy
Japan
Netherlands
New Zealand
Norway
Poland
Portugal
Scotland
Spain
Sweden
Switzerland
USA
USA - FCM

SA
The following legal opinions are available on request

Belgium 
Denmark 
Finland
France
Germany
Italy 
Luxembourg
Netherlands
Portugal 
Spain
Sweden
Switzerland 
United Kingdom