Revisions to Fixed Income Tariff Structure

Report date

Circular No.

LCH Circular No 3689

Service Circular No.

RepoClear Circular No 222


14th January 2016

To: All RepoClear Members

Dear Fixed Income Member,

Please be advised of the following changes we are making to the RepoClear tariff structure.

Repo Clearing Fee Structure

From the 1 February 2016, the below changes in our fee structure will be implemented:

1.    Ad-Valorem: The current 3 tier structure will be replaced by a 2 tier structure, please note the details including the new applicable fees in the table below.

Ad-Valorem Days (Old) Current Fee Days (New ) New Fee
Tier 1 The first 1-7 days 0.00375% The first 1-90 days 0.00375%
Tier 2 The next 8-90 days 0.00350% The next 91+ days 0.00250%
Tier 3 The next 91+ days 0.00200% N/A N/A

2.   Processing fee: The following changes to processing fees will apply (see table below).

Processing Fee Current Fee New Fee
EUR Denominated Trades EUR 2.75 EUR 2.85
GBP Denominated Trades GBP 2.30 GBP 2.25
USD Denominated Trades USD 3.75 USD 3.5

Cash Bond Clearing Fee Structure

The current registration fee will increase from 0.4 to 0.5 per million notional (see table below).

Introduction of a processing fee per trade in the nominal currency of the transacted bond of €1, $1 or £1 (see table below).

Fee Current Fee New Fee
Fee per million Nominal (€, £, $) 0.4 0.5
Processing Fee (€, £, $) N/A 1.00

Repo Dealer Codes (“RD Codes”)

From the 1 April 2016 further changes in our fee structure will be implemented and are detailed below:

1.    Currently Repo Clearing Members who have more than one underlying RD Code do not incur any additional charges. With effect 1 April 2016, a new charge of €2,000 per additional RD Code per month will be introduced.

2.    In the interim, we will be contacting Clearing Members who operate these codes to identify if they are still needed or can be cancelled, therefore avoiding the above new charges.

For further information please contact Fixed Income Relationship Management: