SA Fees on Collateral
Fees applied to margin collateral posted at LCH SA
Effective from 1 November 2016
The rates indicated below are expressed in euros and are subject to VAT at the applicable rate.
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.
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 |
LCH SA will continually review this against market conditions.* All Markets encompasses CDSClear (house activity only), Listed Derivatives, Listed Commodities, EquityClear, RepoClear and €GCPlus (house & clients activities)
LCH SA charges a fee of EONIA - 20bp on the amount of default funds.
LCH SA charges a fee of 10bp on the amount in Central Bank Guarantee.
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. |
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