LCH Ltd EquityClear Fee revision

Dear Member,

We would like to advise you of changes to the following LCH Limited (LCH) EquityClear service fees, which will be effective on and from 1 March 2020:

• LCH will introduce a minimum activity fee of £5,000 per EquityClear clearing member (ECM), per month, only in instances where the monthly clearing fees chargeable to an ECM are less than this amount. For example, if an ECM incurs £1,000 in clearing fees in a month, LCH would charge an additional £4,000 to bring it up to the minimum activity fee.
   
• The annual membership fee for each ECM will increase from £20,000 per annum to £25,000 per annum.
   
• Currently, an ECM pays LCH £3,000 per annum for each non-clearing participant (NCP) for whom it clears EquityClear contracts. This will increase to £4,000 per annum.
   
• LCH will pass on the T2S fees it incurs in settling EquityClear contracts in the Danish market to ECMs that clear in this market.
   
• LCH will introduce a fee of £150 per market, per month, for each ECM that clears in the Czech, Polish and/or Hungarian markets.
   
• The fee that LCH charges an ECM to perform a manual net-off of outstanding, failed settlement instructions will change as follows. Currently, the first two settlement instructions netted-off cost £50 in total and any subsequent settlement instruction netted-off against the first two settlement instructions costs £10 each. This will change so that a single settlement instruction which is netted-off costs £50 for each settlement instruction.
   

If you require additional information, please contact Ian Mackenzie on +44 (0) 20 7426 7265 or at ian.mackenzie@lch.com.

Yours sincerely,

Alex Krunic

Head of Equities, LCH Limited