Revised SwapClear Inflation Swaps Fee Tariff

Dear SwapClear Member,

LCH Limited is writing to inform SwapClear Clearing Members of the introduction of a revised Inflation Swaps fee tariff, which will apply from 1 April 2020 (subject to regulatory review). This is in light of the following enhancements to our Inflation products and services: launch of both Solo, Blended Rate and Approved Compression Service Provider (ACSP) compression for ZC Inflation Swaps, and the launch of Standard Coupon Inflation Swaps clearing.

Clearing Member – Platinum Tariff

A SwapClear Clearing Member or Member Group to which the Platinum Tariff applies shall have their annual fee increased from £2,800,000 to £2,900,000.

Note: For 2020 this will be a pro-rated amount of £2,875,000.

Clearing Member – All Other Tariffs

A SwapClear Clearing Member or Member Group that has elected the Bronze Tariff, the Silver Tariff or Gold Tariff and is on the Regular Pricing Plan for Inflation Swaps shall have the Inflation Cap increased from £300,000 to £400,000.

Note: For 2020 this will be a pro-rated amount of £375,000.

Kind regards,

LCH Relationship Management

Terms used in this circular have the meaning assigned to them in either the Rulebook or FCM Rulebook (as applicable), available at www.lch.com. The terms ‘SwapClear Clearing Member’ includes an ‘FCM Clearing Member’.