SA Fees

Periodic Fees Technical Fees Treasury Fees Annual Account Structure Fees On-Boarding Fees

Effective from 1 January 2017

The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.

Except when specified, the following fees are applicable for all markets cleared by LCH  SA.

I. Trading or Clearing member code change/creation

A one-off fee is charged for member code change/creation; the fee amounts vary according to the following cases:

  • €1,000 for the code creation of a new (trading/clearing) member code (new legal entity)
  • €2,000 for the implementation of an additional (trading/clearing) member code (same legal entity and same market)
  • €2,000 for a change of clearer
     

II. Use of several Trading or Clearing member codes

A.    Cash & Derivatives

A monthly fee of €2,000 is charged per additional trading or clearing code (same legal entity and same market).

B.    Repoclear & €GCPlus

A monthly fee of €2,500 is charged per additional trading or clearing code (same legal entity and same market).
 
Notes:

  • A member code is considered as additional when it is related to the same legal entity and the same market of an already existing member code.
  • Fees linked to trading member codes use will be charged to the "receiving" clearing member
     

III. Membership fees

A. Cash membership fee

LCH SA charges membership fees for clearing of Cash business. These membership fees are collected on a monthly basis (collected on the 10th open business day of the following month - no pro rata is applied).

Fee Type   Monthly Fee Amount

Membership fee per Clearing Member Firm (CMF) code

Monthly volume superior to 600,000 € 15,000
  Monthly volume inferior to 600,000 but superior to 80,000 € 3,500
  Monthly volume inferior to 80,000  € 500

Membership fee per cleared Trading Member Firm (per TMF legal entity and per CMF/TMF link)

  € 500

B. Derivative membership fee

LCH SA charges monthly membership fees for clearing or derivative products.

These membership fees are collected on a monthly basis (collected on 10th open business day of the following month - no pro rata is applied).

Amsterdam, Brussels and Lisbon clearing segments:

No membership fee is currectly charged on these clearing segments.

Paris clearing segment:

  Interest-rates Commodities Equity/Index All derivatives
Monthly fee amount € 1,250* none € 1,250 € 2,100*

* Temporary fee holiday until further notice, only the Equity/Index monthly membership fee is effectively charged.

View this information as a pdf

Effective from 2 January 2017

The rates indicated below are expressed in euro and are subject to VAT at the applicable rate. Except when specified, the following fees are applicable for all markets cleared by LCH SA.

All DTRF (Delegation Technical Request Form) requests (deletions; additions; changes) are subject to a one-off fee of € 200. Members must fill in the DTRF document for any request and send it back signed-off to the CTH department (CTH.SA@lch.com). The DTRF is available upon request to your account manager.
 

I. Central Counterparty Webservices for EquityClear SA and CommodityClear SA: eCCW®

LCH SA bills eCCW® (C & D) fees monthly (collected on the 10th open business day of the following month) as from the month following the start of the service or change implemented.

This web access is dedicated to LCH SA clearing business as a single-member solution and multi-platform (test and production) in relation to Cash equities, Listed derivatives and Commodities.

Monthly fee
  • eCCW® (C & D) service access

(inc. 2 access cards: 1 for production and 1 for test platform)

€ 200 per access

One-off fee
  • eCCW® (C & D) backup access cards

(active for Production platform only)

€ 200 per card

Configuration charge

€ 200 per order form

II. Webservices for RepoClear SA: WebOTC

LCH SA bills WebOTC access fees monthly (collected on the 10th open business day of the following month) as from the month following the start of the service or change implemented.

This web access is dedicated to Repoclear SA Government markets cleared by LCH SA.

Monthly fee
  • Service access

(inc. 1 access card)

€ 100 per access

Configuration charge

€ 200 per order form

This web access is dedicated to the Repoclear Government SA markets cleared by LCH SA.
 

III. Webservices for €GCPlus: WebEGCP

LCH SA bills WebEGCP access fees monthly (collected on the 10th open business day of the following month) as from the month following the start of the service or change implemented.

Monthly fee
  • Service access

(inc. 1 access cards)

€ 100 per access

Configuration charge

€ 200 per order form

This web access is dedicated to Repoclear SA triparty market of LCH SA.

IV. Push/Pull solution for RepoClear SA and €GCPlus

This fee grid is valid for both RepoClear SA and €GCPlus

Configuration/change/termination charge

€ 200 per order form

V. Connectivity and clearing gateways

These technical solutions allow access to Cash, Listed Derivatives (incl. Commodities) and CDS markets.

LCH SA bills connectivity and clearing gateways fees monthly (collected on the 10th open business day of the following month); invoicing rules are described in the Access Agreement.

A. Connectivity

LCH SA brings to its Members a connectivity solution offering performance, security and resiliency. LCH SA Members clearing connectivity solution is provided by London Stock Exchange (LSEG), allowing users to access both LCH SA and LCH Ltd clearing services. They can be ordered through any of the CCPs.

The connectivity solution named CMC (Customer Managed Connectivity) is based on secure IP network between several points of access (“CMC City Pops”) and LCH Data Centres.

Members shall connect to these CMC City Pops using a dedicated connection called “Last Mile” that needs to be ordered from an ACP (Accredited Connectivity Partners).

Last mile connection through the ACP is responsibility of the Member therefore not included in the LCH SA Technical Fees.

The LCH SA costs, for the CMC connection, hereafter apply:

 

Tier

Bandwidth

 

2Mbps

One-off cost

4Mbps

6Mbps

8Mbps

10Mbps

Description

One-off cost

Monthly cost

Monthly cost

Platinum:
Four circuits from dual carriers to two member locations

€2,500

€1,810

€5,300

€2,415

€2,515

€2,615

€2,915

Gold:
Three circuits, two circuits to the members primary location via two carriers and a single connection to another site

€2,190

€1,735

€4,640

€2,310

€2,360

€2,485

€2,750

Silver:
Two circuits, dual carriers to one member location, or over split member sites

€1,125

€905

€2,800

€1,210

€1,260

€1,310

€1,460

Bronze:
Single circuit, Single location (for sole test purpose)

€565

€830

€1,190

€1,105

€1,155

€1,180

€1,295

 

Please note that:

  • Unless otherwise specified, all costs indicated in the table above apply to sites located in Europe (exceptions may apply); for connections to any other location, costs can be provided on demand;

  • The 4Mbps connection is a minimum prerequisite bandwidth to access both LCH SA and Ltd Clearing services;

  • The Platinum, Gold, Silver tiers can be used for both production and test purposes;

  • The Bronze tier is for Users (Clearing members and Authorised Third Party Providers (i.e. ISVs)) who require dedicated access for sole testing purpose.

  • These costs apply to set up and run new connectivity to LCH SA services on existing CMC connection. Changes on existing configurations (move, upgrade or downgrade of bandwidth, change of tier…) or for non connected site will be subject to specific quotations upon request to Account Managers.

 

The LCH SA costs for members still using the BT Radianz connection, before migrating to the new CMC connection, are the following:

 

Tier

Bandwidth

 

2Mbps

One-off cost

4Mbps

6Mbps

8Mbps

10Mbps

Description

One-off cost

Monthly cost

Monthly cost

Platinum:
Four circuits from dual carriers to two member locations

€5,000

€3,000

€10,600

€4,000

€4,100

€4,200

€4,500

Gold:
Three circuits, two circuits to the members primary location via two carriers and a single connection to another site

€4,375

€2,625

€9,275

€3,500

€3,550

€3,675

€3,940

Silver:
Two circuits, dual carriers to one member location, or over split member sites

€2,500

€1,500

€5,300

€2,000

€2,050

€2,100

€2,250

Bronze:
Single circuit, Single location (for sole test purpose)

€1,875

€1,125

€3,975

€1,500

€1,550

€1,575

€1,690

 

B. Clearing Gateway (LCAP)

A LCAP is a clearing gateway allowing Users to receive files and real time messages for Cash, Derivatives or CDS markets. It is installed in LCH SA premises.

Tier

One-off cost Monthly cost
Production € 500 € 400
Test (EUA) € 500 € 400

Please note that "Production" tier also relates to all back-up LCAP used for production access if any.

VI. Specific reporting services

A. Cash Markets:

  • Flat file reporting cash fees
    This monthly file is sent upon members' request on LCAP and eCCW® on the 3rd business day of the month following the invoiced month.

Service

Amount

Flat file                             

Free of charge

  • Trade Leg Reconciliation File (TLRF)

Service

Amount

Trade Leg Reconciliation File - TLRF

€ 200 per month        

B. Derivatives markets

  • Equity and Index derivative products (ie CDS excluded)
Dissemination of clearing information

Service

Amount

File Access
Flux des Opérations du Jour – OPEJ -

€ 200 per month         

VII. Archived File

Any request for archived production files should be addressed to the clearing member's account manager; an estimate will be drawn up; it will need to be agreed and signed by the member before any further investigation.

A. Archived Production file charges

For illustration purposes, archived production file transfer requests are charged as follows *:

1st file

€ 1,000

2nd to 5th file

€ 500 each

Each additional file

€ 200 each

* An estimate will be done for any request

B. Investigation request charges

Archived file requests are charged as follows **:

Time spent on the request

Fee

1/2 day

€ 500

1 day

      € 1000       

Each additional 1/2 day

€ 500 

** An estimate will be done for any request

 

VIII. Electronic invoicing and evidences

A. Web portal for invoicing

This new ‘free of charge' web portal service enables clients to download and retrieve invoices and related evidences earlier in time, to ease invoice processing and reconciliation and to access historical information.

B. Optional service - Automated file transmission

Besides the manual downloading on the web portal which is free of charge, clients have the possibility to automate the transfer of original invoices and associated evidence/justificatory reports by accessing our SFTP server directly. This optional service is subject to additional fees as follows:

  • Initial one-off fee to set up the connection        €500
  • Recurring monthly fee:                                     €200

 

Click here to view this information as a pdf.

Effective from 1st November 2016

The rates indicated below are expressed in euros and are subject to VAT at the applicable rate.

Fees on Collateral

Fees on collateral are based on daily collateral balances placed by members at LCH SA.
Invoices are raised monthly and settlement occurs three business days after the month end. If there is a currency bank holiday, settlement takes place on the next available business day.
 

A. Cash deposited as collateral

LCH SA applies the following interest rates:

Currency

Unsecured overnight index Cash Collateral Fee / Spread (bps)
    All Markets* CDSClear Clients

EUR

EONIA

30 15

GBP

SONIA

35 20

USD

FEDFUND

30 15

* ‘All markets’ encompass CDSClear (House activity only), Listed Derivatives, Listed Commodities, EquityClear, RepoClear and €GCPlus (House & Clients activities)

LCH SA will continually review this against market conditions.

B. Securities deposited as collateral

LCH SA charges a fee of 10bp on the amount of allocated securities collateral (except for CDSClear Clients which are free of charge).

C. Default Funds

LCH SA charges a fee of EONIA - 20bp on the amount of Default Funds.

D. Central Bank Guarantee

LCH SA charges a fee of 10bp on the amount in Central Bank Guarantee.
 

Collateral Management

LCH SA charges a fee for each movement of collateral securities depending on the type of securities and the depository:

 

Equities

Deposited in EUROCLEAR France, EUROCLEAR Belgium,
Interbolsa

15 euros

Deposited in EUROCLEAR Bank

25 euros

Bonds

Deposited in EUROCLEAR France, EUROCLEAR Belgium,
NBB, Interbolsa

10 euros

Deposited in EUROCLEAR Bank

20 euros

Single Pledgor Pledged Account

All fees linked to the opening and the use of a Single Pledgor Pledged Account are re-charged by LCH SA to the Member benefiting from such account.

 

Payment Agent Report

An added value service for the paying agent has been created; two reports are available:

  • First report: Net payment position document; this consolidated report provides, for a given paying agent:

  • The entire list of its clients' payments,
  • The payment limits (for each client),
  • And the difference between the payments and the limits if the latter have been exceeded.

 

  • Second report: Cash document of exceeded payment limits; this specific report focuses, for a given paying agent, on all clients that exceed their payment limit.

 

The subscription to this optional added value service is charged €530 per year for the two reports (it is not possible to subscribe to only one report).

For further information on this new service, please send your request to: treasury.ops.fr@lch.com

Click here to view this information as a pdf.

Effective from 21 December 2017

LCH Account Structures under EMIR – LCH SA

The way in which CCPs manage members' and clients' assets is one of the most significant areas of change required by regulators. In Europe, EMIR has been designed to reduce counterparty risk and increase transparency within the markets.

LCH SA offers members a choice of ISA (Individual Segregated Account) and OSA (Omnibus Segregated Account) accounts.

Click here to find out more about the choice of accounts that LCH offers.

Annual Account Fees

A yearly fee is charged for each ISA or OSA account as indicated in the table below.

  ISA OSA Net  OSA Gross
Business Fee Fee Fee
CDSClear €3,500 €3,500 €3,500*
Derivatives** €3,500 €1,200 €3,500
Equities** €3,500 €1,200 €3,500
Fixed Income €3,500 €1,200 N/A
€GC Plus €3,500 €1,200 N/A

(**) Account structure fees for Listed Derivatives and Cash Equities will be waived until 31 December 2017.

 

1.    CDSClear Account Charges

CDSClear charges a semi-annual account fee for the 6 month periods beginning 1 January and 1 July. Account fees are calculated on the day immediately preceding each 6 month period, being 31 December and 30 June of each year (‘Billing Points’).
The account fee is calculated based on the number of Live Accounts^ of the relevant type within the CDSClear service on the last day of the previous period (i.e. 31 December and 30 June).

*Gross OSA account charges:

  • Main value segregated collateral account operated by the Clearing Member, only one per Clearing Member. The main Gross OSA* is charged at €0/€0.
  • Each additional Gross OSA** will be charged at €1,750 for each 6-month period (comparison annual cost €3,500).

** Additional Gross OSA: Collateral account containing ring-fenced collateral of one or more Client(s). As many accounts as the Clearing Member needs.

‘Live Account’ means any account opened by LCH SA following submission and approval by LCH SA of the completed CCM Form on the calculation date.

Legal implications

As part of LCH SA's EMIR authorisation, we have commissioned legal opinions in respect of each jurisdiction in which we have Clearing Members. Executed copies are made available to our Clearing Members.

As far as the Cash Markets, Derivatives markets, Fixed Income products and Triparty Repo clearing services are concerned:

  • The executed copies of the French, Belgian, English, Dutch, German, Finnish, Swedish, Luxembourg, Italian, Spanish, Portuguese,Danish legal opinions are currently available. The Swiss one, will be made available in due course.
  • The legal opinions are made available to Clearing Members on demand, on a non-reliance basis, and those which are currently in draft form are therefore subject to possible change.
  • Queries relating to legal matters should be directed to Exchange.ams@lch.com

As far as the CDS are concerned:

  • The executed copies of the French, English and German legal opinions remain available on the secure area.
  • Queries relating to legal matters should be directed to cdsclear@lch.com
     

It is important  that clearing members familiarise themselves with the legal implications associated these ISA and OSA accounts. LCH SA has produced disclosure for the purposes of Article 39(7) of EMIR which can be accessed by clicking on the link below.

Legal Implications - Account Arrangements (Article 39.7 disclosure)

Terms and conditions excluding CDSClear

  1. On the creation of a new account, the Fee becomes immediately payable
  2. The Fees do not apply to House accounts
  3. The Fees are non-refundable once paid, no refunds for partial years
  4. No discounts for multiple accounts
  5. No adjustments for multiple collateral accounts
     

LCH Account Structures for Indirect Client Clearing

LCH SA offers indirect clearing arrangements for derivatives as defined by the Markets in Financial Instruments Regulation (MiFIR) and the Markets in Financial Instruments Directive II (MiFID II).

Two types of indirect client account models are proposed: Net Omnibus Segregated Account (NOSA) and Gross Omnibus Segregated Account (GOSA).

Annual account fees

From 1 January 2018, a yearly fee is charged for each Indirect account structure as indicated in the table below.

Business line

NOSA

GOSA

Listed Derivatives

€1,200

€3,500

Terms and conditions

  • On the creation of a new account, the Fee becomes immediately payable
  • The Fees are non-refundable once paid, no refunds for partial years
  • No discounts for multiple accounts
  • No adjustments for multiple collateral accounts

Legal implications - Account Structures

Click here to see the current Cash and Derivatives markets and Fixed Income products Rulebook.

Click here to see the current CDS Clearing Rule Book.

  •  
Onboarding

For a new clearing member

Effective from 1 February 2018

A member on-boarding fee of €15,000 will be charged to any new clearing member.

This is a one-time fee, per clearing service*, charged as of reception of the application file with a subsequent approval of Executive Risk Committee.

* Clearing services concerned: RepoClear SA-€GCPlus, EquityClear SA, CommodityClear SA.

Invoicing Web Portal

The web portal service enables clients to download and get the invoices and related evidences earlier in time, to ease invoice processing and reconciliation and to access historical information.

Click here to access the portal.