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

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

• Client Clearing is not applicable to Select Members.

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

^^ Subject to any appropriate regulatory review and/or approval process duly completed

* See under Unlimited Tariff

** See under Introductory Tariff

*** See under Select Membership

Clearing Members are able to select between General Membership (Unlimited and Introductory tariffs) and Select Membership.

A new CDSClear Clearing Member joining the service will be billed the first fixed tariff instalment and variable fees in the month after member go-live.

Unlimited Tariff

• An annual Membership and clearing fee of EUR 1,700,000 is charged by the Clearing House to cover all self-clearing activity for a clearing Member or affiliates
• One twelfth of this fee (EUR 141,666) will be charged each month in addition to the variable fee

Introductory Tariff

• General clearing Members' self-clearing fees under the Introductory tariff are subject to an annual fee cap of EUR 1,700,000 after which all further trades cleared in the calendar year are subject to a fee holiday
• An annual Membership and clearing fixed fee of EUR 200,000 is charged by the Clearing House if the total annual gross notional cleared is under €15bn
• An annual Membership and clearing fixed fee of EUR 400,000 is charged by the Clearing House if the total annual gross notional cleared is over €15bn
• Where the total annual gross notional cleared in relation to a General Member under Introductory Tariff reaches €15bn in any calendar year then no further fixed fees are payable that year and the General Member will automatically be invoiced at the higher tariff of EUR 400,000 for the following year.
• Where the total annual gross notional cleared in relation to a General Member under Introductory Tariff on the higher tariff of EUR 400,000 falls below €15bn in any calendar year the General Member will automatically be invoiced at the lower tariff of EUR 200,000 for the following year.
• One twelfth of this fee will be charged each month in addition to the variable fee
   

Select Membership

• An annual Membership and clearing fixed fee of EUR 250,000 is charged by the Clearing House if the total annual gross notional cleared is under €25bn
• An annual Membership and clearing fixed fee of EUR 450,000 is charged by the Clearing House if the total annual gross notional cleared is over €25bn
• Where the total annual gross notional cleared in relation to a Select Member reaches €25bn in any calendar year then no further fixed fees are payable that year and the Select Member will automatically be invoiced at the higher tariff of EUR 450,000 for the following year.
• Where the total annual gross notional cleared in relation to a Select Member on the higher tariff of EUR 450,000 falls below €25bn in any calendar year the Select Member will automatically be invoiced at the lower tariff of EUR 250,000 for the following year.
• One twelfth of this fee will be charged each month in addition to the variable fee

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

Self-Clearing Fees

General Member  

• General Members registering to Credit Index Option Clearing Service may select one of two tariffs, Introductory or Unlimited.
• The Introductory Tariff covers one legal entity (no affiliates are included in the coverage).
• Under the Introductory Tariff for General Members a clearing fee of €15 per million of notional for European Indices and $15 per million notional for US Indices is charged for House trades.
• Where the total annual clearing fees for Credit Index Options cleared in relation to a General Member reach €600,000 in any calendar year then no further clearing fees are payable that year
• Where the total annual clearing fees for Credit Index Options cleared in relation to a General Member fall below €150,000 in any calendar year the General Member will be invoiced, in full,  the difference between the accumulated year to date clearing fees and €150,000, in the December bill
• Clearing fees are charged on a monthly basis for the previous month
• The Unlimited Tariff covers all affiliates of a given Clearing Member Group.
• Under the Unlimited Tariff for General Members an annual fixed fee of €375,000 is charged and covers all clearing fees for Credit Swaptions House activity on both iTraxx Europe and CDX.NA underlying index families.
• One twelfth of this fee (EUR 31,250) will be charged each month

Select Member  

• Select Members registering to Credit Index Option Clearing Service may select one of two tariffs, Introductory or Unlimited.
• The Introductory Tariff covers one legal entity (no affiliates are included in the coverage).
• Under the Introductory Tariff for Select Members a clearing fee of €18 per million of notional for European Indices and $18 per million notional for US Indices is charged for House trades.
• Where the total annual clearing fees for Credit Index Options cleared in relation to a Select Member reach €600,000 in any calendar year then no further clearing fees are payable that year
• Clearing fees are charged on a monthly basis for the previous month
• The Unlimited Tariff covers all affiliates of a given Clearing Member Group.
• Under the Unlimited Tariff for Select Members an annual fixed fee of €400,000 is charged and covers all clearing fees for Credit Swaptions House activity on both iTraxx Europe and CDX.NA underlying index families.
• One twelfth of this fee (EUR 33,333) will be charged each month

Client Clearing Fees

• Clients of General and Select* Members offering Credit Index Options clearing are charged a clearing fee of €20 per million of notional for European Indices and $20 per million notional for US Indices.

  *subject to regulatory approval

Other Fees

• In addition there is a one-off on boarding fee of €30,000 per legal entity under the Introductory Tariff or per Clearing Member Group under the Unlimited Tariff subscribing to the Credit Index Option Clearing Service.*

   

  *The onboarding fee is waived for onboardings finalised prior to 31 March 2019.

  Changes in an entity's corporate ownership may lead to changes in the tariff that applies to it.

  All clearing fees are payable in EUR.

If you would like to discuss LCH tariffs please contact your relationship manager for further details.