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|
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 firstname.lastname@example.org
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 email@example.com
It is important that clearing members familiarise themselves with the legal implications associated with these ISA and OSA accounts.
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
- This fee model becomes effective from the date LCH.Clearnet is authorised under EMIR
- On the creation of a new account, the Fee becomes immediately payable, and annually on the anniversary of the creation date thereafter
- For existing Client accounts, the fee applies upon LCH.Clearnet being authorised under EMIR and annually on the anniversary thereafter
- The Fees do not apply to House accounts
- The Fees are non-refundable once paid, no refunds for partial years
- No discounts for multiple accounts
- No adjustments for multiple collateral accounts
- The same Fee model applies to Indirect Clearing Accounts
Jurisdictional Legal Opinions
USA - FCM
The following legal opinions are available on request