SA Fees

Periodic Fees Technical Fees Annual Account Structure Fees On-Boarding Fees

Effective from 1 January 2017

The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.

Except when specified, the following fees are applicable for all markets cleared by LCH  SA.

I. Trading or Clearing member code change/creation

A one-off fee is charged for member code change/creation; the fee amounts vary according to the following cases:

  • €1,000 for the code creation of a new (trading/clearing) member code (new legal entity)
  • €2,000 for the implementation of an additional (trading/clearing) member code (same legal entity and same market)
  • €2,000 for a change of clearer
     

II. Use of several Trading or Clearing member codes

A.    Cash & Derivatives

A monthly fee of €2,000 is charged per additional trading or clearing code (same legal entity and same market).

B.    Repoclear & €GCPlus

A monthly fee of €2,500 is charged per additional trading or clearing code (same legal entity and same market).
 
Notes:

  • A member code is considered as additional when it is related to the same legal entity and the same market of an already existing member code.
  • Fees linked to trading member codes use will be charged to the "receiving" clearing member
     

III. Membership fees

A. Cash membership fee

LCH SA charges membership fees for clearing of Cash business. These membership fees are collected on a monthly basis (collected on the 10th open business day of the following month - no pro rata is applied).

Fee Type   Monthly Fee Amount

Membership fee per Clearing Member Firm (CMF) code

Monthly volume superior to 600,000 € 15,000
  Monthly volume inferior to 600,000 but superior to 80,000 € 3,500
  Monthly volume inferior to 80,000  € 500

Membership fee per cleared Trading Member Firm (per TMF legal entity and per CMF/TMF link)

  € 500

B. Derivative membership fee

LCH SA charges monthly membership fees for clearing of derivative products.

These membership fees are collected on a monthly basis (collected on 10th open business day of the following month - no pro rata is applied).

Amsterdam, Brussels and Lisbon clearing segments:

No membership fee is currently charged on these clearing segments.

Paris clearing segment:

  Interest-rates Commodities Equity/Index All derivatives
Monthly fee amount € 1,250* none € 1,250 € 2,100*

* Temporary fee holiday until further notice, only the Equity/Index monthly membership fee is effectively charged.

View this information as a pdf

Effective from 5 January 2024

The rates indicated below are expressed in euro and are subject to VAT at the applicable rate. Except when specified, the following fees are applicable for all markets cleared by LCH SA.

I. Central Counterparty Webservices for EquityClear SA Derivatives and CommodityClear SA: eCCW®

LCH SA bills eCCW®  fees monthly (collected on the 10th open business day of the following month) as from the month following the start of the service or change implemented.

This web access is dedicated to LCH SA clearing business as a single-member solution and multi-platform (test and production) in relation to Listed Derivatives and Commodities.

Monthly fee
  • eCCW® service access

(inc. 2 access cards: 1 for production and 1 for test platform)

€ 200 per access

One-off fee
  • eCCW® backup access cards

(active for Production platform only)

€ 200 per card

Configuration charge

€ 200 per order form

II. Connectivity and clearing gateways

These technical solutions allow access to Cash, Listed Derivatives (incl. Commodities) markets.

LCH SA bills connectivity and clearing gateways fees monthly (collected on the 10th open business day of the following month); invoicing rules are described in the Access Agreement.

A. Connectivity

LCH SA brings to its Members a connectivity solution offering performance, security and resiliency. LCH SA Members clearing connectivity solution is provided by London Stock Exchange (LSEG), allowing users to access both LCH SA and LCH Ltd clearing services. They can be ordered through any of the CCPs.

The connectivity solution named CMC (Customer Managed Connectivity) is based on secure IP network between several points of access (“CMC City Pops”) and LCH Data Centres.

Members shall connect to these CMC City Pops using a dedicated connection called “Last Mile” that needs to be ordered from an ACP (Accredited Connectivity Partners).

Last mile connection through the ACP is responsibility of the Member therefore not included in the LCH SA Technical Fees.

The LCH SA costs, for the CMC connection, hereafter apply:

Tier

Bandwidth

 

2Mbps

One-off cost

4Mbps

6Mbps

8Mbps

10Mbps

Description

One-off cost

Monthly cost

Monthly cost

Platinum:
Four circuits from dual carriers to two member locations

€2,625.00

€1,900.50

€5,565.00

€2,535.75

€2,640.75

€2,745.75

€3,060.75

Gold:
Three circuits, two circuits to the members primary location via two carriers and a single connection to another site

€2,299.50

€1,821.75

€4,872.00

€2,425.50

€2,478.00

€2,609.25

€2,887.50

Silver:
Two circuits, dual carriers to one member location, or over split member sites

€1,181.25

€950.25

€2,940.00

€1,270.50

€1,323.00

€1,375.50

€1,533.00

Bronze:
Single circuit, Single location (for sole test purpose)

€593.25

€871.50

€1,249.50

€1,160.25

€1,212.75

€1,239.00

€1,359.75

Please note that:

  • Unless otherwise specified, all costs indicated in the table above apply to sites located in Europe (exceptions may apply); for connections to any other location, costs can be provided on demand;

  • The 4Mbps connection is a minimum prerequisite bandwidth to access both LCH SA and Ltd Clearing services;

  • The Platinum, Gold, Silver tiers can be used for both production and test purposes;

  • The Bronze tier is for Users (Clearing members and Authorised Third Party Providers (i.e. ISVs)) who require dedicated access for sole testing purpose.

  • These costs apply to set up and run new connectivity to LCH SA services on existing CMC connection. Changes on existing configurations (move, upgrade or downgrade of bandwidth, change of tier…) or for non connected site will be subject to specific quotations upon request to Account Managers.

 

B. Clearing Gateway (LCAP)

A LCAP is a clearing gateway allowing Users to receive files and real time messages for Cash, Derivatives markets. It is installed in LCH SA premises.

Tier

One-off cost Monthly cost
Production € 500 € 400
Test (EUA) € 500 € 400

Please note that "Production" tier also relates to all back-up LCAP used for production access if any.

 

C. SFTP Implementation

The SFTP implementation cost will vary between weekdays and weekends, as indicated in the table below. This will be a one-off fee, with no additional running fees charged. All other connectivity costs will remain unchanged.

For more details, please refer to the SFTP Implementation bulletin sent to members on May 2019.

SFTP Implementation Cost

Fee

Weekday

€ 1,430

Weekend

€ 3,320

 

III. Specific reporting services

A. Cash Markets:

  • Flat file reporting cash fees
    This monthly file is sent upon members' request on the LCH Portal on the 3rd business day of the month following the invoiced month.

Service

Amount

Flat file                             

Free of charge

 

 

 

B. Derivatives markets

  • Equity and Index derivative products (ie CDS excluded)
Dissemination of clearing information

Service

Amount

File Access
Flux des Opérations du Jour – OPEJ -

 

€ 200 per month         

IV. Archived File 

Any request for archived production files should be addressed to the clearing member's account manager; an estimate will be drawn up; it will need to be agreed and signed by the member before any further investigation.

A. Archived Production file charges

For illustration purposes, archived production file transfer requests are charged as follows *:

1st file retrieval

€ 500

2nd and each additional daily file

€ 250 each

For large requests (>50 files), the quote will depend on the size of request (Price on Request).

B. Ancillary request charges

All other ad-hoc request related to investigation, analysis and data & analytics are charged as follows **:

Time spent on the request

Fee

1/2 day

€ 500

1 day

      € 1000       

Each additional 1/2 day

€ 500 

** A more tailored estimate will be provided for each request received

 

V. Electronic invoicing and evidences

A. Web portal for invoicing

This new ‘free of charge' web portal service enables clients to download and retrieve invoices and related evidences earlier in time, to ease invoice processing and reconciliation and to access historical information.

B. Optional service - Automated file transmission

Besides the manual downloading on the web portal which is free of charge, clients have the possibility to automate the transfer of original invoices and associated evidence/justificatory reports by accessing our SFTP server directly. This optional service is subject to additional fees as follows:

  • Initial one-off fee to set up the connection        €500
  • Recurring monthly fee:                                     €200

 

Click here to view this information as a pdf.

Effective from 21 December 2017

LCH SA Account Structures under EMIR

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.

LCH SA offers members different account structures : ISA (Individual Segregated Account) and OSA (Omnibus Segregated Account).

LCH SA Account Structures under Dodd-Frank (CDSClear only)

LCH SA offers LSOC (Legally Segregated Operationally Commingled) accounts

Annual Account Fees

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

  ISA OSA Net  OSA Gross LSOC
Business Fee Fee Fee Fee
CDSClear €3,500 €3,500 €3,500* €0
Derivatives €3,500 €1,200 €3,500 N/A
Equities €3,500 €1,200 €3,500 N/A
RepoClear (including €GCPlus)  €3,500 €1,200 N/A N/A

 

1.    CDSClear Account Charges

CDSClear charges a semi-annual account fee for the 6 month periods beginning 1 January and 1 July. Account fees are calculated on the day immediately preceding each 6 month period, being 31 December and 30 June of each year (‘Billing Points’).
The account fee is calculated based on the number of Live Accounts^ of the relevant type within the CDSClear service on the last day of the previous period (i.e. 31 December and 30 June).

*Gross OSA account charges:

  • Main value segregated collateral account operated by the Clearing Member, only one per Clearing Member. The main Gross OSA* is charged at €0/€0.
  • Each additional Gross OSA** will be charged at €1,750 for each 6-month period (comparison annual cost €3,500).

** Additional Gross OSA: Collateral account containing ring-fenced collateral of one or more Client(s). As many accounts as the Clearing Member needs.

‘Live Account’ means any account opened by LCH SA following submission and approval by LCH SA of the completed CCM Form on the calculation date.

2. SA EquityClear & CommodityClear Account Charges

Since January 1st 2024, SA EquityClear & CommodityClear charges a quarterly account fee. Account fees are calculated on the day immediately preceding each 3 month period, being 31 December, 31 March, 30 June and 30 September of each year (‘Billing Points’).

Legal implications

As part of LCH SA's EMIR authorisation, we have commissioned legal opinions in respect of each jurisdiction in which we have Clearing Members. 

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

  • The legal opinions are available 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 SAEquityClear@lch.com  

As far as the CDS are concerned:

It is important that clearing members familiarise themselves with the legal implications associated these ISA and OSA accounts. LCH SA has produced disclosure for the purposes of Article 39(7) of EMIR which can be accessed by clicking on the link below.

Legal Implications - Account Arrangements (Article 39.7 disclosure)

Terms and conditions excluding CDSClear

  1. On the creation of a new account, the Fee becomes immediately payable
  2. The Fees do not apply to House accounts
  3. The Fees are non-refundable once paid, no refunds for partial years
  4. No discounts for multiple accounts
  5. No adjustments for multiple collateral accounts
     

 LCH Account Structures for Indirect Client Clearing 

LCH SA offers indirect clearing arrangements for derivatives as defined by the Markets in Financial Instruments Regulation (MiFIR) and the Markets in Financial Instruments Directive II (MiFID II).

Two types of indirect client account models are proposed: Net Omnibus Segregated Account (NOSA) and Gross Omnibus Segregated Account (GOSA).

Annual account fees

From 1 January 2018, a yearly fee is charged for each Indirect account structure as indicated in the table below.

Business line

NOSA

GOSA

Listed Derivatives

€1,200

€3,500

Terms and conditions

  • On the creation of a new account, the Fee becomes immediately payable
  • The Fees are non-refundable once paid, no refunds for partial years
  • No discounts for multiple accounts
  • No adjustments for multiple collateral 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.

Onboarding

For a new clearing member

A member on-boarding fee of €15,000 will be charged to any new clearing member.

This is a one-time fee, per clearing service*, charged as of reception of the application file with a subsequent approval of Executive Risk Committee.

* Clearing services concerned: EquityClear SA, CommodityClear SA.

Invoicing Web Portal

The web portal service enables clients to download and get the invoices and related evidences earlier in time, to ease invoice processing and reconciliation and to access historical information.

Click here to access the portal.