SARON Index Fees

Report date

Circular No.

LCH Circular No 4305


30 April 2024


All SwapClear Users


Swiss Average Rate Overnight (SARON) Index Fees

Dear SwapClear User,

This circular details the fees associated with the clearing of Swiss Average Rate Overnight (“SARON”) index linked SwapClear Contracts1

Commencing 1st July 20242, index fees will be payable by a SwapClear Clearing Member1 for each new trade registered in their name which references the SARON index.  

These fees are a straight pass-through of the fees charged to LCH Limited by SIX, the benchmark administrator for SARON.

Transaction Maturity

Fee per million notional cleared 

0 to 2 years


2 to 5 years


5 to 10 years


10 to 30 years


30+ years













The index fees will be distinguished by FeeType (=Index) and Index (=SARON) in reports REP00311c and REP00180/c, and will also be included in REP00312c.

Should you have any questions, or if you require further information, please do not hesitate to contact


[1] “SwapClear Contract” includes “FCM SwapClear Contract” and ‘SwapClear Clearing Member’ includes an ‘FCM Clearing Member’ and is defined in the LCH rulebook. These terms are defined in the LCH rulebook available at

[2] All LCH fees are subject to regulatory review.