SA Membership

The process of becoming a member at LCH SA

LCH SA is our France-registered clearing house.

Among the clearing services that sit within the LCH SA corporate structure are CDSClear, Cash Equities, Listed Derivatives & Commodities, Fixed Income and €GCPlus.

Clearing Members of LCH SA are major financial groups (including almost all of the major investment banks), broker-dealers, and specialist commodity houses.

To be eligible for membership at LCH, firms must meet certain minimum net capital requirements depending on the products to be cleared. LCH Clearing Members are of a high credit quality and have large financial resources.

Learn more about the eligibility requirements to begin clearing at LCH SA and our criteria for becoming a member.

Find information on the costs of membership, the details on the application process, the technical specifications for connecting and your responsibilities to the default fund.


All applicants for Clearing Member status must sign binding legal agreements with LCH.

LCH establishes participation requirements of its members on the basis of stringent Legal & Regulatory Requirements and the basis of Market Capital Requirements criteria in order to guarantee market security.

Initial Review

Enquiries regarding Clearing Member status should be directed to the LCH SA Onboarding Teams who will be able to confirm whether the enquirer meets the minimum criteria for such status. Enquirers are requested to provide the following:

  • the most recent annual financial statements along with any interim statements that show the current financial position
  • details of any implicit or explicit support available from group or external entities


Following receipt of this information LCH will carry out an initial review; this review considers factors such as external market data, the country of incorporation, financial position and any support arrangements in place.

Completion of Application Document

Following confirmation that the enquirer meets the minimum criteria, the application process is initiated by completing the Application for Clearing Member Status form and returning it with the accompanying documentation listed. 

In addition, applicants are required to sign the Clearing Membership Agreement along with other documentation dependent on the market(s) applied for.

Due Diligence Visit

Cash and Derivatives markets and Fixed Income products

As required by Title II, Chapter 4, Section 2.4.2 of the rulebook and Title IV, Chapter 1, Section 4, Article 541-18 of the General Regulation of the AMF, there could be a due diligence visit at the applicant’s offices once the Clearing Member has started its activity.


As required by Article of the CDS Rulebook and Title IV, Chapter 1, Section 4, Article 541-18 of the General Regulation of the AMF, there could be a due diligence visit at the applicant’s offices once the Clearing Member has started its activity.

Executive Risk Committee Approval

Clearing Member applications will be reviewed by the LCH Executive Risk Committee within 1 month following the reception of a complete and signed application file.

Implementation (Connectivity/Testing)

Connectivity and testing requirements will vary by market. Further information can be obtained from the Business Development Department.


For further details on training, please refer to Training and Education.

Please send any queries relating to Member Training:

For RepoClear T: +33 (0) 1 70 37 28 38
For CDSClear T: +44 (0) 20 3197 4516
For EquityClear T: +33 (0) 1 70 37 67 60 SAEquityClearBusinessDev&
Default Fund Contribution

Cash and Derivatives markets and Fixed Income products

All the Clearing Members must contribute to the Default Fund. The amount payable varies with respect to different factors, as detailed in Title IV, Chapter 3, Article of the rulebook: The amount to be contributed by a Clearing Member to the relevant Default Fund shall be correlated with the risk associated with the Open Positions (uncovered risk).

The total amount that may initially be called shall at least cover the price risk run by the Clearing Member in respect of its largest uncovered risk. For details please refer to the Title IV, Chapter 3 of the Clearing Rules and to the specifications made in the respective Instructions (Risk Management " The instructions - Chapter 3 " Default Fund, IV.3-1 and IV.3-2).


All the Clearing Members must contribute to the CDS Default Fund. The minimum contribution is set at €10,000,000 (article and shall be payable prior to the go-live under the conditions set out in article


Successful applicants will agree a go-live date with LCH, by which time all requirements will have been met.


More information on SA fees.


Once a full and complete application pack has been received at LCH, the approval process will take approximately eight weeks.

Contact Us

For further information please contact us:

RepoClear SA
Name: Laila Djamnazi, Head of Clients On-boarding & Account Management
Phone: +33 (0) 1 70 37 28 38

Name: Christelle Girard, Head of Onboarding & Account Management (Cash Equities & Listed Derivatives)
Email: SAEquityClearBusinessDev&
Phone: +33 (0) 1 70 37 67 60

Name: Dorothée Fresneau, Head of Business Development & Relationship Management CDSClear
Phone: +33 1 70 37 66 05 or +44 (0) 20 3197 4516