Fees
The cost to protect your trades at CDSClear through Member and Client Clearing.
When members are clearing trades on behalf of clients at CDSClear, the following fee schedule shall apply:
European Products | Base Fees |
Index (per million) | €4 |
Single Name (per million) | €12 |
Credit Index Options (per million) | €5** |
US Products | Base Fees* |
Index (per million) | $5 |
Single Name (per million) | $17 |
Credit Index Options (per million) | $5** |
* 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.
Direct Membership | Annual Fixed Fee | Self-Clearing/Variable Fees | |||||||
EUR Indices | EUR Single Names | US Indices^ | US Single Names^ | ||||||
General Member Unlimited Tariff |
€1,350,000* | No Variable Fee | |||||||
General Member Introductory Tariff |
€200,000 or €400,000** |
€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 |
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Select Member | €250,000 or €450,000*** |
€4 Per million gross notional cleared |
€10 Per million gross notional cleared |
$5 Per million gross notional cleared |
$13 Per million gross notional cleared |
^ 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.
General Member
|
Introductory Tariff |
Can cover either one or multiple legal entities under conditions below (no Affiliate coverage) In-year switches are not permitted No EEP usage fees in 2021 |
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Clearing Fees |
$8 |
per million of option notional on US Indices |
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€8 |
per million of option notional on European Indices |
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€115k |
Per calendar year (no pro-rating) for 1 entity |
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€150k |
Per calendar year (no pro-rating) for 2 entities of the same Financial Group of a Clearing Member |
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€190k |
Per calendar year (no pro-rating) for 3 or more entities of the same Financial Group of a Clearing Member |
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Unlimited Tariff |
Cover all Affiliates of a given Financial Group of a Clearing Member Cover all clearing fees for Credit Option House activity for both iTraxx and CDX.NA underlying index families In-year switches are not permitted No EEP usage fees in 2021 |
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Fixed fee (annual) |
€375k Per calendar year (no pro-rating) |
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Discounted Rates |
€115k if notional cleared strictly above €15bn |
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Onboarding Fees (both Introductory & unlimited) |
€30k |
One-off fee per Legal Entity under the Introductory tariff or per Financial Group of a Clearing Member under Unlimited tariff. |
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Select Member
|
Introductory Tariff |
Cover only one legal entity (no affiliate coverage) In-year switches are not permitted No EEP usage fees in 2021 |
|
Clearing Fees |
$10 |
per million of option notional on US Indices |
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€10 |
per million of option notional on European Indices |
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Unlimited Tariff |
Cover all Affiliates of a given Financial Group of a Clearing Member Cover all clearing fees for Credit Option House activity for both iTraxx and CDX.NA underlying index families In-year switches are not permitted No EEP usage fees in 2021 |
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Fixed fee (annual) |
€400k |
Per calendar year (no pro-rating) |
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Discounted Rates |
€115k if notional cleared strictly above €15bn |
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Onboarding Fees (both Introductory & unlimited) |
€30k |
One-off fee per Legal Entity under the Introductory tariff or per Financial Group of a Clearing Member under Unlimited tariff |
Clearing Member (Options only)
|
Up to €200,000 fee rebate limited to the total amount of Option clearing fees paid in 2021 for the first two Clearing Members clearing Options for at least one client by 31-July-2021
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Client |
Option Clearing Fees |
$5* |
per million of option notional on US Indices |
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€5*
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per million of option notional on European Indices
*2021: Full discount of client variable fees |
If you would like to discuss LCH tariffs, please contact your relationship manager for further details.
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.
There is more information on account structure fees under EMIR.