Fees

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

Client Clearing Fees Self Clearing Fees Credit Index Options Fees

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

Fee schedule per million gross notional cleared for client clearing
European Products Base Fees
Index (per million) €4
Single Name (per million) €12
US Products Base Fees*
Index (per million) $5
Single Name (per million) $17

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

  • Client Clearing is not applicable to Select Members.

The High Turnover Plan

  • The High Turnover Plan is available to all Clients and will be applied to all Clients reaching the quarterly thresholds by product. Please contact us at cdsclear@lch.com for more details.
Direct Membership Annual Fixed Fee Self-Clearing/Variable Fees  
EUR Indices EUR Single Names US Indices^ US Single Names^

General Member Unlimited Tariff

€1,700,000*^^ 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

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

^^ 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.

 

Credit Index Options

Fees

Variable Clearing Fees

 
 

GENERAL MEMBER

 

EUR Indices

US Indices

Introductory Tariff

 

€15 per million gross notional cleared

$15 per million gross notional cleared

Annual Floor

         €150,000

Annual Cap

         €600,000

Unlimited Tariff

 

 

Fixed Fee

         €375,000

SELECT MEMBER

 

EUR Indices

US Indices

Introductory Tariff

 

€18 per million gross notional cleared

$18 per million gross notional cleared

Annual Cap

         €600,000

 

 

Unlimited Tariff

 

 

Fixed Fee

         €400,000

CLIENTS

Variable Clearing Fees

EUR Indices

US Indices

€20 per million gross notional cleared

$20 per million gross notional cleared

 

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.
  • One-off fee per Clearing Member group waived until 20 December 2019 under the Unlimited Tariff

  • 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.

 

CDSClear Index Swaptions Clearing Service Fee Rebate Scheme*

 

 

 

 

 

General Member

Unlimited Tariff

Fixed fee (annual)

€375k

Per calendar year

 

 

 

 

Discounted Rates

€50k

After discount rate of 86.67% applied to the Fixed fee amount if Index Swaptions notional cleared per Clearing Member group strictly above €12 billion

€75k

After discount rate of 80.00% applied to the Fixed fee amount if Index Swaptions notional cleared per Clearing Member group strictly above €6 billion but equal or below €12 billion

€125k

After discount rate of 67.00% applied to the Fixed fee amount if Index Swaptions notional cleared per Clearing Member group strictly above €0 but equal or below €6 billion

 

Select Member

Unlimited Tariff

Fixed fee (annual)

€400k

Per calendar year

Discounted Rates

 

€50k

After discount rate of 87.50% applied to the Fixed fee amount if  Index  Swaptions notional cleared per Clearing Member group strictly above €12 billion

€75k

After discount rate of 81.25% applied to the Fixed fee amount if  Index  Swaptions notional cleared per Clearing Member group strictly above €6 billion but equal or below €12 billion

€125k

After discount rate of 68.75% applied to the Fixed fee amount if  Index  Swaptions  notional cleared per Clearing Member group per year strictly above €0 but equal or below €6 billion

Cumulative conditions for the Fee rebate

  1. application to the Unlimited Tariff only,
  2. Valid for 2019 only, and
  3. Index Swaptions  notional cleared for the determination of the discount rate to be observed from the regulatory effective date of the rebate.

 

Onboarding fee (for both General Members and Select Members)

€30k

One-off fee per Clearing Member group waived until 20 December 2019 under the Unlimited Tariff

* Subject to regulatory review/approval process

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.