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.
Direct Membership Annual Fixed Fee Self-Clearing/Variable Fees  
EUR Indices EUR Single Names US Indices^ US Single Names^

General Member Unlimited Tariff

€2,000,000* 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

* 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 2,000,000 is charged by the Clearing House to cover all self-clearing activity for a clearing Member or affiliates
  • One twelfth of this fee (EUR 166,666) 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 2,000,000 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 Annual Fee
 
Variable Clearing Fees
EUR Indices US Indices
General Member

 

€150,000
€500,000

€15

Per million gross notional cleared

$15

Per million gross notional cleared

Annual Floor
Annual Cap
Select Member

 

€500,000

€18

Per million gross notional cleared

$18

Per million gross notional cleared

Annual Cap
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 are charged a clearing fee of €15 per million of notional for European Indices and $15 per million notional for US Indices.
  • Where the total annual clearing fees for Credit Index Options cleared in relation to a General Member reach €500,000 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 month following the end of the calendar year
  • Clearing fees are charged on a monthly basis for the previous month
     

Select Member   

  • Select Members are charged a clearing fee of €18 per million of notional for European Indices and $18 per million notional for US Indices
  • Where the total annual clearing fees for Credit Index Options cleared in relation to a Select Member reach €500,000 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
     

Client Clearing Fees

  • Clients of General 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.
     

Other Fees

  • In addition there is a one-off on boarding fee of €30,000 for each legal entity subscribing to the Credit Index Option Clearing Service.*
     

*The onboarding fee is waived for onboardings finalised prior to 31 March 2018

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.

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.