Fees

The cost to protect your trades at CDSClear through Member and Client Clearing.

Client Clearing Fees Self Clearing Fees Credit Index Option Fees

When members are clearing trades on behalf of clients at CDSClear, the following fee schedule shall apply:

Fee schedule per million gross notional cleared for client clearing*
EUR-Denominated Products Base Fees
Index (per million) €4
Single Name (per million) €12
Credit Index Options (per million) €4***
USD-Denominated Products Base Fees**
Index (per million) $5
Single Name (per million) $17
Credit Index Options (per million) $4***

* Covers Corporate, Financials and Sovereign Index and Single Names activity

**The fees will be calculated in USD and billed in Euros

***2024: Full discount of Client variable fees

Please note that Client Clearing is not applicable to Select Members, except for Affiliate Clients.

 

CCP Switch Incentive Programme

  • CCP switch programme available to market participants and applicable to live CCP trades only from January 4th, 2024, onwards.
  • Members and Clients can benefit from the programme by closing out existing CDS transactions at their current CDS CCP and clearing new transactions at LCH SA CDSClear.
  • After registration, no variable fees will be charged for new transactions cleared at LCH SA CDSClear under the Programme during a 6-month period and a credit note will be applied to Members’ and Clients’ clearing accounts, covering the fees associated with closing out positions at another CDS CCP. The credit note will be applicable towards fees associated with future transactions cleared at LCH SA CDSClear.
  • The amount of the credit notes issued will be calculated using the published variable fees at the Clients’ current CDS CCP.
  • To benefit from CDSClear’s CCP switch programme, please contact CDSClear@lch.com for more information.

 

High Turnover Fee Plan

  • The HTFP applies on the notional cleared in a calendar year but excludes from the determination of the total cleared notional:
    • the notional cleared for which a CCP Switch credit note was used to zero out the clearing fees
    • the notional cleared part of a CCP Switch that thus did not attract any clearing fees
    • the trades not charged under the Intraday Trading Fee Plan or the CCP Switch Programme
  • Options are excluded from the High Turnover Fee plan
  • The High Turnover Fee plan does not apply to General Members
    Bucket 1 Bucket 2 Bucket 3 Bucket 4 Bucket 5
USD Index ($) Notional Bucket 0 60bn 120bn 240bn 480bn
Fee/mm Bucket Standard fee 4 3 2 0
             
USD Single Name ($) Notional Bucket 0 5bn 10bn 20bn 40bn
Fee/mm Bucket Standard fee 12 7 2 0
             
EUR Index € Notional Bucket 0 60bn 120bn 240bn 480bn
Fee/mm Bucket Standard fee 3 2 1 0
             
EUR Single Name (€) Notional Bucket 0 5bn 10bn 20bn 40bn
Fee/mm Bucket Standard fee 9 6 3 0

 

Intraday Trading Fee Discount

  • Intraday Trading Fee discount is now available to clients.
  • Only the maximum notional of buys and sells per contract per day per trading account will be charged and where trade date is equal to clearing date .
  • Backloads and option exercises are excluded from the discount.

Affiliates clearing as Clients (all products)

Full rebate on variable clearing fees for the Affiliate of a Clearing Member onboarded as client of such Clearing Member under the following conditions:

  • The Clearing Member is a General Member under the Unlimited Tariff
  • The Affiliate is a legal entity part of the same Financial Group as the Clearing Member
  • The rebate applies to 1 trade account per affiliate and for all clearing services for which the Clearing Member is under the Unlimited Tariff (i.e. Index & Single Names and/or Options)
  • The rebate cannot apply to any account opened for CCM Indirect Clients
  • The fixed annual account charge of €100,000 per affiliate of a Clearing Member onboarded as a client and benefiting from the full rebate on variable fees.
Direct Membership Annual Fixed Fee Self-Clearing/Variable Fees Details
EUR Indices EUR Single Names US Indices^ US Single Names^  
General Member Unlimited Tariff €1,350,000(1) No Variable Fee Covers all self-clearing:
All indices and all non-Sovereign Single Names activity for a Financial Group of a Clearing Member
General Member Unlimited Tariff - Single Name Sovereign CDS €180,000(1) N/A No Variable Fee N/A No Variable Fee The Fixed Fee Tariff covers all self-clearing Sovereign Single Name activity for a Financial Group of a Clearing Member
Single Name Sovereign CDS Variable Fees N/A N/A €10
per million gross notional cleared
N/A   $13
per million gross notional cleared
 
             
General Member Introductory Tariff  €400,000(2) €3.5
per million gross notional cleared
€10
per million gross notional cleared
$4.5
per million gross notional cleared
 $13
per million gross notional cleared
Covers all self-clearing Corporate, Financial and Sovereign Index and Single Names activity
             
Select Member €250,000 or €450,000(3) €4
per million gross notional cleared
€10
per million gross notional cleared
$5
per million gross notional cleared
 $13
per million gross notional cleared
Covers all self-clearing Corporate, Financials and Sovereign Index and Single Names activity
             
Onboarding Fee €15,000         One-off fee charged per Clearing Member onboarding. LCH SA will apply this to all application files received after January 1, 2024.

^ The fees will be calculated in USD and billed in EUR


Clearing Members can select General Membership (Unlimited and Introductory tariffs) or Select Membership.

New CDSClear Clearing Members will be billed the first fixed tariff instalment and variable fees starting the month following their go-live.

A Clearing Member is considered live for the whole month regardless of the go-live date within the considered month.

 

(1)Unlimited Tariff

  • One twelfth of this fee is charged for each month the Member Group is live.

  • General Members - Unlimited can choose between the Fixed Fee Tariff and the Variable Fees for their Sovereign Single Name CDS clearing activity. The Clearing House defaults General Members Unlimited to the Annual Fixed Fee tariff. In-year switch is permitted once per year between the Fixed Fee Tariff and the Variable Fees, and effective from the start of the next month following a 15 business days' notice period.  The Annual Fixed Fee of €180,000 (€15,000) will be charged at a rate of one twelfth of this fee each month.

 

(2)Introductory Tariff

  • An annual Membership and clearing fixed fee of EUR 400,000 is charged by the Clearing House to cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity.
  • The Annual Fixed Fee of EUR 400,000 will be charged at a rate of one twelfth of this fee each month (€33,333,33).

 

 (3)Select Membership

  • An annual Membership and clearing fixed fee of EUR 450,000 is charged by the Clearing House to cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity if the total annual gross notional cleared is over €10bn. 
  • An annual Membership and clearing fixed fee of EUR 250,000 is charged by the Clearing House to cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity if the total annual gross notional cleared is under €10bn.
  • The annual EUR fixed fee is charged assuming that more than €10bn notional will be cleared within the year. If the Select Member is live the whole calendar year (January 1 – December 31), LCH SA will provide a €200,000 rebate in the Select Member’s December bill.
  • The Annual Fixed Fee of EUR 450,000 will be charged at a rate of one twelfth of this fee each month (€37,500).

 

CCP Switch Incentive Programme

  • CCP switch programme available to market participants.
  • Members and Clients can benefit from the programme by closing out existing CDS transactions at their current CDS CCP and clearing new transactions at LCH SA CDSClear.
  • After registration, no variable fees will be charged for new transactions cleared at LCH SA CDSClear under the Programme during a 6-month period and a credit note will be applied to Members’ and clients’ clearing accounts, covering the fees associated with closing out positions at another CDS CCP. The credit note will be applicable towards fees associated with future transactions cleared at LCH SA CDSClear.
  • The amount of the credit notes issued will be calculated using the published variable fees at the Clients’ current CDS CCP.
  • To benefit from CDSClear’s CCP switch programme, please contact CDSClear@lch.com for more information.

 

High Turnover Fee Plan

  • HTFP applies on the notional cleared in a calendar year but excludes from the determination of the total cleared notional:
    • the notional cleared for which a CCP Switch credit note was used to zero out the clearing fees
    • the notional cleared part of a CCP Switch that thus did not attract any clearing fees
    • the trades not charged under the CCP Switch Programme
  • Options are excluded from the High Turnover Fee plan
  • The High Turnover Fee plan does not apply to General Members
    Bucket 1 Bucket 2 Bucket 3 Bucket 4 Bucket 5
USD Index ($) Notional Bucket 0 60bn 120bn 240bn 480bn
Fee/mm Bucket Standard fee 4 3 2 0
             
USD Single Name ($) Notional Bucket 0 5bn 10bn 20bn 40bn
Fee/mm Bucket Standard fee 12 7 2 0
             
EUR Index € Notional Bucket 0 60bn 120bn 240bn 480bn
Fee/mm Bucket Standard fee 3 2 1 0
             
EUR Single Name (€) Notional Bucket 0 5bn 10bn 20bn 40bn
Fee/mm Bucket Standard fee 9 6 3 0

Credit Index Option Clearing is an additional service Members (General and Select) can sign up to. It is also available to Clients.

*A Member is considered live for the whole month regardless of the go-live date or the membership termination date within the considered month.

General Member

 

 

Introductory Tariff

Can cover either one or multiple Legal Entities under conditions listed below (no Affiliate coverage):

In-year switches are not permitted

No EEP usage fees in 2024

 Clearing Fees

$8

per million of option notional on US Indices 

€8

per million of option notional on European Indices

 Floor on clearing fees, charged 1/12th for each month a member group is live* 

€115k

per calendar year (no pro-rating) for 1 entity

 

€150k

per calendar year (no pro-rating) for 2 entities of the same Financial Group of a Clearing Member 

 

€190k

per calendar year (no pro-rating) for 3 or more entities of the same Financial Group of a Clearing Member

Unlimited Tariff

Cover all Affiliates of a given Financial Group of a Clearing Member  

Cover all clearing fees for Credit Index Option House activity for both iTraxx and CDX.NA underlying index families

In-year switches are not permitted

No EEP usage fees in 2024

Fixed fee (annual), charged 1/12th for each month a member group is live* 

€375k per calendar year (no pro-rating)

Discounted Rate

€115k if notional cleared strictly above €15bn and the Member Group is live for the whole calendar year (January 1st – December 31st), the Clearing House will provide a €260k rebate in the December bill

New Market Participant Tariff

Can apply to either one or multiple Legal Entities under conditions listed below (no Affiliate coverage):

Available for new joiners only (i.e. no entity of the same Financial Group of a Clearing Member registered to the Option clearing service under the Introductory or the Unlimited tariff in the last 3 calendar years), for one calendar year, renewable once only.

Fixed fee €0
Variable Fee

€10 per million of option notional on European Indices

$10 per million of option notional on US Indices

Onboarding Fees

(both Introductory & unlimited)

€15k

One-off fee per Legal Entity under the Introductory tariff or per Financial Group of a Clearing Member under Unlimited tariff.

 

 

 

 

Select Member

 

 

Introductory Tariff

Cover only one Legal Entity (no Affiliate coverage)

In-year switches are not permitted

No EEP usage fees in 2024

Clearing Fees

$10

per million of option notional on US Indices

€10

per million of option notional on European Indices

 

 

 

Unlimited Tariff

Cover all Affiliates of a given Financial Group of a Clearing Member

Cover all clearing fees for Credit Index Option House activity for both iTraxx and CDX.NA underlying index families

In-year switches are not permitted

No EEP usage fees in 2024

Fixed fee (annual), charged 1/12th for each month a member group is live* 

€400k

per calendar year (no pro-rating)

Discounted Rate

€115k if notional cleared strictly above €15bn and if the Member is live for the whole calendar year (January 1st – December 31st), the Clearing House will provide a €285k rebate in the December bill

Onboarding Fees

(both Introductory & unlimited)

€15k

One-off fee per Legal Entity under the Introductory tariff or per Financial Group of a Clearing Member under Unlimited tariff

Client

Option Clearing Fees

$4*

per million of option notional on US Indices

 

 

€4*

 

 

per million of option notional on European Indices 

 

*2024: Full discount of client variable fees

 

If you would like to discuss LCH tariffs, please contact your Relationship Manager for further details.

Billing Information

All clearing (client clearing and self-clearing) fees are auto-debited from clearing Members' accounts in TARGET2, on the 10th business day of the month.

Details will be reflected in the AC0101E report available to clearing Members.

The fees indicated above are subject to VAT at the applicable rate.

EMIR Account Structures

There is more information on account structure fees under EMIR.