Fees

The cost to clear at EquityClear SA

Fees at EquityClear SA

Clearing your cash equities, cash equities equivalents, derivative and fixed income debt instruments at EquityClear provides your portfolio with LCH’s best-in-class risk management, multilateral netting and unrivalled margin efficiencies.

Below you can find full details on clearing fees at EquityClear SA.

Cash Market Fees (SA)

For further information on fees, please send your request to Billing_Services@lch.com .

The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.

All the fees described in this fee grid are collected on the 10th open business day of the following month (monthly charged).

I. Clearing fee

A. Guaranteed postings

Per 1 October 2017, LCH SA charges the following fees per guaranteed posting for all Blue Chips (i.e. all constituent ISINs of the AEX25, BEL20, CAC40 and PSI20 indices)

Per 1 January 2018, a list of non-Blue Chips (i.e. initially the constituent ISINs of the N100, AMX and Euronext Growth markets) was added to the original Blue Chip list for which these tiered fees will be charged per guaranteed posting. The complete list of these additional ISINs per 1-1-2018 can be found here.)

For clearing members with volumes over 60,000 trades (average daily volumes) the fee grid will be as follows:

Tiered fee grid for Blue Chips - Average Daily volumes

 

from

to

fee

Tier 1

1

5,000

€0.055

Tier 2

5,001

60,000

€0.045

Tier 3

60,001

105,000

€0.035

Tier 4

105,001

200,000

€0.025

Tier 5

200,001

450,000

€0.020

Tier 6

450,001

650,000

€0.019

Tier7

650,001

 

€0.015

For clearing members with volumes below 60,000 trades (average daily volumes) the only first two tiers will be reduced at €0.04 and €0.03.

A monthly cap of €120,000 will apply for this tiered fee schedule.

LCH SA charges €0.10 per posting for any other security not included in the above ISINs (other equities, bonds, ETFs, warrants ...)

B. Non-guaranteed postings

LCH SA charges a fixed fee of €0.05 per non-guaranteed posting.

II. Clearing Services

A. Give-up/Take-up

LCH SA charges a fixed fee of €0.10 on each take-up only.

B. Settlement related costs

(non applicable to non-guaranteed instructions)

LCH SA’s policy is to recharge Clearing Members with settlement related costs prorata each Clearing Member’s settlement volume per settlement platform. Any settlement charge or fee’s modification by the (I)CSDs will be passed on immediately to Clearing Members by adjusting the variable fee. This fee will be subject to semi-annual review if needed.

a) For Euronext markets, Equiduct and Cassiopeia corporate bond platforms

Per the 1st of January 2018, LCH SA charges back a variable fee of:

  • € 0.68 per instruction settled in ESES CSDs (Euroclear France, Euroclear Belgium, Euroclear Netherlands)
  • € 1.27 per instruction settled in Euroclear Bank
  • € 0.55 per instruction settled in Interbolsa,
  • € 2.00 per instruction settled in NBB-SSS (National Bank of Belgium).
     

b) For Luxemburg Stock Exchange market

LCH SA charges back a variable fee of:

  • € 2.00 per instruction sent to settlement in Euroclear Bank,
  • € 2.00 per instruction sent to settlement in Clearstream Banking Luxembourg.

C. Fail penalty fees

(non applicable to non-guaranteed postings)

The fail penalty fees are applied to Clearing Members whose transactions fail during the delivery and payment procedures.

The invoicing of penalties applies per open business day on each selling fail per ISIN code, per Delivery Account (all settlement dates aggregated) and per Clearing Member.

The fail penalty fee is made up of:

  • A fixed fee of €15.00
  • A variable fee (("EONIA-based rate" + 1%) /360 x amount) - Currently, the "EONIA-based rate" used is 0.08%; unless significant changes are registered, such a rate will be revised each semester.

The sum of the variable parts collected is passed back to Clearing Members on a monthly basis according to the following rules:

  • The passing back is calculated per segment; the variable part of fail penalty fee of a given segment is passed back to Clearing Members active on this segment only,
  • The allocation key is the cash clearing fees paid by each Clearing Member for a given segment,
  • The passing back monthly amount for a given Clearing Member cannot be higher than the variable fail penalty fee effectively paid by this member for the month.

The net difference between fail penalty fee and passing back is collected on the 10th open business day of the following month (example: 10th open business day of February for January fails).

D. Cash fail penalty

(non applicable to non-guaranteed postings)

These penalties are applied to Clearing Members whose transactions fail during the delivery and payment procedures. A fee is charged for each business day the default of cash remains unsettled: value of the fail charged at EONIA + 2%.

E. Buy-in / Purchase costs

(non applicable to non-guaranteed postings)

A fee of €150.00 is charged for each buy-in process initiated by LCH SA in addition to any amount due to meet the cost of purchasing the securities.

If a Member commits to delivering securities in the context of a buy-in procedure and LCH SA notes that this Member fails to deliver them, a penalty of 10% of the  tender price multiplied by the quantity of non delivered securities will be applied to the Clearing Member that had committed to delivering the securities.

Such a penalty shall not exceed € 10,000.00.

Others services

Request for split on instructions sent under Hold mode in T2S

LCH SA charges a fixed fee of € 50.00 for each request for a split of an instruction sent under hold mode.

View PDF version.

Euronext Financial Derivatives Markets Fees

Effective from 22 January 2018

For further information on fees, please send your request to Billing_Services@lch.com

The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.

I. Clearing fees

A clearing fee is charged for each contract cleared.

This fee varies according to the type of contract involved. Liquidity Providers / Market Makers  benefit from special conditions (please look at each fee grid for details). All fees described into this section are collected on a daily basis.

A. Amsterdam clearing segment:"Dutch products"

Product type (Central Market and Prof trades)
(fee per contract)
  Brokers Liquidity providers
  Client House-Dealer

Equity options

Central Market

Premium <= € 0.20

 

€ 0.05

€ 0.02

Premium > € 0.20

€ 0.03

Prof trades

€ 0.03

Single Stock Futures* 1

€ 0.05

€0.02

Single Stock Dividend Futures*

€ 0.50

€0.30

Tracker options

  € 0.05

€0.03

AEX Index options

 € 0.05

€0.03

AEX Index futures

 € 0.13

AMX Index options* and futures*

€ 0.05

€0.03

AEX Index mini options*

€ 0.015

€0.01

AEX Index mini futures*

€ 0.015

AEX Dividend index futures*

 € 0.13

€ 0.05

Euronext SEBI NR options*

€ 0.05

€ 0.03

Euronext SEBI NR futures*

€ 0.13

€ 0.05

MorningStar Eurozone 50 index futures* 2 € 0.15 €0.15

Currency options and futures

  € 0.05

€0.03

Maximum fee per order (except for
products marked with an "*")
(including combination orders)

  € 40

€ 20

€ 10

1. A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Liquidity Providers.

2. A fee holiday applies for LP accounts until 31 July 2018.

 

Amsterdam clearing segment: others products

Product type (Central Market and Prof trades)
(fee per contract)

Brokers

Liquidity Providers

Client

House-Dealer

iShares Physical Gold ETF options*

€ 0.01

€ 0.01

PSI Index options

€ 0.015

€ 0.01

German Equity options* 3

€ 0.02

€ 0.01

(*) These products benefit from a cap per posting: €53.75 for Brokers and €80 for LP
3. A fee holiday is applied on LP accounts until end of March 2018.

 

B. Brussels clearing segment:

Product type
(fee per contract)

Brokers
(Client and House accounts)

Market Makers

Equity options

€ 0.05

€ 0.03

Single Stock Futures 4

€ 0.05

€ 0.02

Single Stock Dividend Futures

€ 0.50

€ 0.30

BEL20® Index options (BEL)

€ 0.13

€ 0.05

BEL20® Index futures (BXF)

€ 0.40

€ 0.12

4. A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers.

 

C. Lisbon clearing segment:

Product type
(fee per contract)

Brokers
(Client and House accounts)

Market Makers

PSI 20 Index futures

€ 0.05

€ 0.03

Single Stock futures 5

€ 0.05

€ 0.02

Single Stock Dividend Futures

€ 0.50

€ 0.30

5. A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers

 

D. Paris clearing segment:

Product type
(fee per contract)

Brokers

Market Makers 6

Previous "Electronic Locals" status7

Client

House

Equity options – contract size of 100

€0.023

€ 0.05

€ 0.03

 

 

 

NA

Equity options – contract size of 10

€ 0.02

€ 0.01

Single Stock Futures8

€ 0.05

€ 0.02

Single Stock Dividend Futures

€ 0.50

€ 0.30

Tracker options

€ 0.05

€ 0.03

CAC40 Options – PXA (€10)

€ 0.13

€ 0.05

CAC40 futures

€ 0.13

€ 0.05*

CAC40 Dividend index futures 

 € 0.13

€ 0.05 

 

FTSEurofirst 80 and FTSEurofirst 100 futures

€ 0.05

€ 0.03

 

CAC40 mini futures

€0.015

N/A

FTSE EPRA/NAREIT Euro Zone and FTSE EPRA/NAREIT Europe futures

€ 0.05

* Where a transaction (on the same maturity) is cancelled out with a converse transaction in the course of the same trading session so that the result is a zero sum, fees are reduced by 50%

6. This specific market maker fees are only applied to members having special arrangements giving specific undertakings under contrat d'animation agreements with the Euronext Derivatives Markets in scheme that has been approved by LCH SA. For further information, please contact Euronext department on +31 (0)20 550 5110, email: LPEurope@euronext.com . See also Paris market making scheme section.

7. These specific fees only apply to a previous status that is not open to new applicants.
8. A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers.

Paris Market Making scheme

  • Equity and Index options (MONEP):Total annual clearing and exercise/assignment fees payable by Market Makers on equity and index options (MONEP) may not exceed€100,000
  • Tracker options:Total annual clearing and exercise/assignment fees payable by Market Makers on tracker options may not exceed€10,000 for General Market Makers.

Paris "Large trades" on Individual Equity Options (MONEP)

Large trades on equity options benefit from specific fees. "Large trades" are defined as posted trades with:

  • At least 60,000 equity option contracts for contract size of 10 shares
  • At least 6,000 equity option contracts for contract size of 100 shares

Client account

House account

Market Maker account

€ 40 / posting

€ 20 / posting

€ 20 / posting

E. Flex products (all segments): clearing fees

Product type

Market

Fee type

Broker
(client account)

Member
(own account)

Equity options

 

ALL

 

Fee per contract

€0.05

Maximum fee per posting (except German Equity options)

€40

€20

Maximum fee per posting for German Equity options

€53.75

ETF options

 

Amsterdam

 

Fee per contract

€0.05

Maximum fee per posting (except iShares Physical Gold ETF options)

€40

€20

Maximum fee per posting for iShares Physical Gold ETF options

€53.75

Single Stock Futures

ALL

Fee per contract

€0.05

Maximum fee per posting

€75

€75

AEX index options

Amsterdam

Fee per contract

€0.05

Maximum fee per posting

€40

€20

PSI Index Options

Amsterdam

Fee per contract

€0.015

Maximum fee per posting

€40

€20

AEX index mini options

Amsterdam

Fee per contract

€0.015

Maximum fee per posting

€40

€20

BEL20 index options

Brussels

Fee per contract

€0.13

Maximum fee per posting

€40

€20

CAC40 index options

Paris

Fee per contract

€0.13

 

II. Exercise (Tender) / Assignment, Cash Settlement and Delivery fees

Except for Amsterdam clearing segment (daily fee collection), fees described into this section are collected on a monthly basis.

 

A. Amsterdam clearing segment: "Dutch" Products

Product type
(fee per contract)

 Fee Type

Brokers

Liquidity Providers

Client

House-Dealer

Equity options

 Exercise/Assignment

€ 0.90

€ 0.40

€ 0.30

Single Stock Futures* 9

Tender / Assignment

€ 0.30

€ 0.05

Single Stock Dividend Futures*

Tender/ Assignment

Dividend group 

Same fees for all origins

  < € 0.50

€ 1.00

0.50-0.99

€ 4.00

≥ € 1.00

€ 6.00

Tracker options

 Exercise/Assignment

  €0.90 

€ 0.40

€ 0.30

AEX and AMX Index options

 Exercise/Assignment 

€0.90

€ 0.40

€ 0.30

AEX and AMX Index futures

Tender/Assignment

€ 2.40

€ 1.00

AEX Index mini options

Exercise/Assignment

€ 0.30

€ 0.10

€ 0.05

AEX Index mini futures

Tender/Assignment

€ 0.30

€ 0.10

Dividend index futures*

Tender/Assignment

€ 0.30

€ 0.05

Euronext SEBI NR options* and futures*

Exercise/Tender/Assignment

€ 0.90

€ 0.40

€ 0.30

MorningStar Eurozone 50 index futures Tender/Assignment € 1.50 € 0.75 € 0.75

Currency options and futures

Exercise/Tender/Assignment  

€ 0.90

€ 0.40

€ 0.30

Maximum fee per individual Exercise/Tender and Assignment (except for products marked with "*")

 € 1,000

€ 600

€ 500

9. A cap of €200 per individual tender/assignment is applied.

 

Amsterdam clearing segment: others products

Product type
(fee per contract)

 Fee Type

Brokers

Liquidity Providers

Client

House-Dealer

iShares Physical Gold ETF options*

Exercise/Assignment

€0.10

€0.10

PSI Index options

 Exercise/Assignment

€ 0.30

€ 0.10

€ 0.05

German Equity options*

Exercise/Assignment

€ 0.10

€ 0.10

Maximum fee per individual Exercise/Tender and Assignment (except for products marked with an “*”)

€ 1,000

€ 600

€ 500

B. Brussels clearing segment:

Product type
(fee per contract)

Fee type

Brokers
(Client and House accounts)

Market Makers

Equity options

Exercise/Assignment

€ 0.30

€ 0.05

Single Stock Futures 10

Cash Settlement

€ 0.30

€ 0.05

Single Stock Dividend
Futures

Cash
settlement

 Dividend group 

Same fees for all origins

< €0.50

€ 1.00

0.50-0.99

€ 4.00

≥ € 1.00

€ 6.00

BEL20® Index options

Exercise/Assignment

€ 0.30

€ 0.05

BEL20® Index futures

Cash settlement

€ 0.90

€ 0.17

10. A cap of €200 per individual tender/assignment is applied.

 

C. Lisbon clearing segment:

Product type
(fee per contract)

Fee type

Brokers
(Client and House accounts)

Market Makers

PSI 20 Index futures

Cash settlement

€ 0.30

€ 0.05

Single Stock Futures 11

Cash settlement

€ 0.30

€ 0.05

Single Stock Dividend
Futures

Cash
settlement

Dividend group

Same fees for all origins

< €0.50

€ 1.00

0.50-0.99

€ 4.00

≥ € 1.00

€ 6.00

11. A cap of €200 per individual tender/assignment is applied.
 

D. Paris clearing segment:

Product type
(fee per contract)

Fee type

Brokers
(Client and House accounts)

Market Makers 12

Previous "Electronic Locals" status 13

Equity options (100)

Exercise/Assignment

€ 0.30

€ 0.05

 

 

 

 

NA

Equity options (10)

Exercise/Assignment
Cash settlement

€ 0.05

€ 0.02

Single Stock Futures 14

Cash Settlement

€ 0.30

€ 0.05

Single Stock Dividend Futures

Cash
settlement

Dividend group

Same fees for all origins

< €0.50

€ 1.00

0.50-0.99

€ 4.00

≥ € 1.00

€ 6.00

Tracker options

Exercise/Assignment

€ 0.30

€ 0.05

CAC40 Options - PXA

Exercise/Assignment

€ 0.30

€ 0.05

CAC40 futures

Cash settlement

€ 0.30

€ 0.05

CAC40 Dividend Index futures 

Cash settlement

 € 0.30

€ 0.05

 

 

 

 

 

NA

FTSEurofirst 80 and FTSEurofirst 100 Futures

Cash settlement

€ 0.30

€ 0.05

CAC40 mini futures

Cash settlement

€ 0.10

FTSE EPRA/NAREIT Euro Zone and FTSE EPRA/NAREIT Europe futures

Cash settlement

€ 0.30

12. Equity/Index/Tracker Option Exercise and Assignment fees are taken into account for the market maker annual cap on fees (see also Paris Market making scheme section)
13. These specific fees only apply to a previous status that is not open to new applicants.
14. A cap of € 200 per individual cash settlement is applied

 

E. Flex products (all segments): Exercise/ tender/ assignment

 

Product type

Market

Fee type

Broker
(client account)

Member
(own account)

Equity options and ETF options

All

Fee per contract

€0.20

Maximum fee per individual Ex&Ass

€200

German Equity options

Amsterdam

Fee per contract

€0.20

Maximum fee per individual Ex&Ass

€200

Single Stock Futures

All

Fee per contract

€0.30

Maximum fee per individual Ex&Ass

€365

AEX index options

Amsterdam

Fee per contract

€0.90

€0.40

Maximum fee per individual Ex&Ass

€1,000

€600

PSI Index Options

Amsterdam

Fee per contract

€0.30

€0.10

Maximum fee per individual Ex&Ass

€1,000

€600

AEX index mini options

Amsterdam

Fee per contract

€0.30

€0.10

Maximum fee per individual Ex&Ass

€1,000

€600

BEL20 index options

Brussels

Fee per contract

€0.30

€0.30

CAC40 index options

Paris

Fee per contract

€0.30

€0.30

III. Clearing services

Fees described into this section are collected on a monthly basis.

A fee of € 0.06 is charged per contract for both Internal and External corrections and Internal and External transfers (except transfer for restructuring see below).

The keys for fee distribution between sending Clearing Member and receiving Clearing Member are (distribution decision is made by the sending member only):

  • Case n°1: 0% for sending Clearing Member - 100% for receiving Clearing Member
  • Case n°2: 50% for sending Clearing Member - 50% for receiving Clearing Member
  • Case n°3: 100% for sending Clearing Member - 0% for receiving Clearing Member
  • Case n°4: 0% for sending Clearing Member- 0% for receiving Clearing Member; this case is not applicable, therefore the fees will be by default the Case n°2: 50% for sending Clearing Member - 50% for receiving Clearing Member.
     

Transfer fee for restructuring:

Transfers of positions resulting from the decision of an order-giver to change clearer, a change in the accounts attributed to the order-giver or a Clearing Member's closure are subject to special rates.

A fee of € 3.80 is charged per transfer. The total amount may not exceed € 300 per request and per financial market 15. The fee is payable by the Clearing Member receiving the transfer (the above keys for fee distribution do not apply here).

The creation of positions on the position account of the Clearing Member is subject to special rates. The positions are updated in real time on the account of the Clearing Member. Only LCH SA is authorized to use the function of positions' creation. The fees for this operation are:

  • A creation of position between 0 and 100 lots: € 10.00
  • A creation of positions over 100 lots: € 50.00

15. Amsterdam, Brussels, Lisbon, Paris commodities or Paris financials

View a PDF version of this information

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LCH website is currently being re-designed – EquityClear SA pages may be amended in the coming weeks.