Fees

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

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

** 2021: Full discount of Client variable fees

• Client Clearing is not applicable to Select Members.

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.

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

* 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 1,350,000 is charged by the Clearing House to cover all self-clearing Corporate and Financial Index and Single Name activity for a Financial Group of a Clearing Member
• One twelfth of this fee (EUR 112 500) will be charged each month in addition to the variable fee

Introductory Tariff 

• 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 €10bn
• 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 €10bn
• Where the total annual gross notional cleared in relation to a General Member under Introductory Tariff reaches €10bn 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 €10bn 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 €20bn
• 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 €20bn
• Where the total annual gross notional cleared in relation to a Select Member reaches €20bn 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 €20bn 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 Option Clearing is an additional service Members (General and Select) can sign up to. It is also available to Clients.

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