Fees

Effective from 1 July 2022

Publication date 21 July 2022

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

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

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

I. Clearing fee

A. Guaranteed postings

A1. Standard clearing fee schedule

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 January 2018 can be found here.)

For clearing members with an Average Daily Volume over 60,000 trades the fee grid will be as follows:

For clearing members with an Average Daily Volume below 60,000 trades, only the first two tiers will be reduced to €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 ...)

A2. Reduced clearing fee schedule

LCH SA charges a reduced clearing fee in respect of all Blue Chip volumes (including the list of additional ISINs as published per 1 January 2018) and non-Blue Chips cleared by LCH SA as preferred CCP, for any clearing member (including ‘family members’ as communicated on 13 June 2019) who fulfills the following conditions and eligibility criteria:

1. The clearing member is an active clearing member with both LCH SA and LCH LTD Cash Equities clearing services;
2. The clearing member has a combined Average Daily Volume^[2]  of at least 30,000 trades cleared with LCH LTD, settling in ESES, Interbolsa, or both and trades cleared with LCH SA, settling in those same CSDs, and for which the trade source is not a market where LCH SA is the primary CCP as of the publication date of this fee schedule;
3. The clearing member agrees to appoint LCH SA as its preferred CCP, or if LCH SA is the primary CCP, not to appoint another CCP as its preferred CCP, for each of the trading venues and other platforms listed for this purpose on LCH’s website, as amended from time to time;
4. The clearing member sends to LCH SA a duly signed copy of the Request Letter, as provided by LCH SA, pursuant to which the clearing member notably confirms its compliance with the aforementioned eligibility criteria and requests to benefit from the reduced clearing fees accordingly.

The reduced clearing fee for clearing members meeting such eligibility criteria will be as follows:

When applying such reduced clearing fees, LCH SA shall:

• Determine the applicable Tier by taking into account the total volume of trades cleared across LCH SA and LCH LTD (on-book and off-book) of all the family members of a given Clearing Member to calculate the Average Daily Volume for the month; and
• Multiply the corresponding fee for that Tier by the clearing member’s Blue Chips and Eligible non-Blue Chips monthly Average Daily Volume to calculate the reduced clearing fees for that month.

The reduced clearing fees will not be subject to any cap.

The first bill in which the clearing members meeting the eligibility criteria will benefit from the reduced clearing fees will be for the calendar month in which the Request Letter is fully executed and accepted by LCH SA.

[1] the Average Daily Volume (ADV) shall be calculated by dividing the total monthly cleared volume by the number of business days in that month.

[2] For the purpose of this paragraph A2 indent (02) only, the Average Daily Volume (ADV) shall be calculated by dividing the total cleared volume of the relevant trades within the last 12 months preceding a given monthly billing date, by the number of business days in those 12 months.

In the case of:

• a clearing member that has not been admitted to EquityClear for more than 12 months yet, the ADV shall be calculated based on the period of time starting from the first calendar month following the onboarding date of such clearing member;
• a clearing member that has confirmed his decision to consolidate its clearing flows with the LCH CCPs, the ADV shall be calculated from the first month following the consolidation.

[3] Eligible Non-Blue Chips means exclusively the non-Blue Chip volumes that are cleared by LCH SA as preferred CCP.

List of Trade sources to which LCH SA is connected under a Preferred Clearing Model

The table below lists the trading venues and other platforms to which LCH SA is connected under a Preferred Clearing model.

As per paragraph A2, indent (03) of the reduced clearing fee schedule, Clearing Members wanting to benefit from the reduced clearing fee schedule agree to appoint LCH SA as their preferred CCP for each of the venues and platforms in this list.

List of Trade sources to which LCH SA is the primary (“by default”) CCP

The table below lists the trading venues and other platforms to which LCH SA is the primary (“by default”) CCP.

Please note that Clearing Members wanting to benefit from the reduced clearing fee schedule agree not to appoint another CCP but LCH SA as their preferred CCP for each of the venues and platforms in this list.

* : Trade sources, as well as scope of Isins will continue to extend, based on the roll out of the onboarding of  new Trading Venues and other platforms

**: LCH SA is acting as Exclusive Clearer for Euronext Growth Market for Turquoise UK and Turquoise Europe

A3. Family fee treatment

Members can apply to LCH SA for family treatment.

This family treatment will consist of treating two or more memberships as one for the combined volume of cash equity turnover, to which the tiered clearing fee grid is applied.

The criteria for eligibility are the following:

• The new/ additional membership must have been set up with LCH SA after 1-Nov-2018 ;
• The new/ additional member must belong to the same group holding company, as the member from which it was ‘spun-off’ ;
• The scheme is available for all members, as long as the first two conditions are fulfilled.

The family fee treatment is available since 1^st of July 2019.

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.

LCH SA charges back a variable fee of:

• € 0.80 per instruction settled in ESES CSDs (Euroclear France, Euroclear Belgium, Euroclear Netherlands)
• € 2.00 per instruction settled in Euroclear Bank
• € 0.64 per instruction settled in Interbolsa
• € 2.40 per instruction settled in NBB-SSS (National Bank of Belgium)
• € 2.60 per instruction settled in Euronext VPS (Norwegian CSD)

In addition, LCH SA charges back a matching fee of € 0.047 per instruction that is matched in T2S platform.

C. Fail penalty fees (non applicable to non-guaranteed postings)

The fail penalty fee applies to Clearing Members whose transactions fail during the delivery and payment procedures.

The invoicing of penalties applies per  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 a fixed fail fee of EUR 18.00 per fail per day (applicable as per 1^st of March 2022)

In addition to the abovementioned fail penalty fee, LCH SA will recharge any fines and penalties it has incurred from Central Banks and CSDs, to the Clearing Members that have caused them towards us in accordance with Instruction III.4-3 of the Clearing Rules. We will include them in the monthly invoices.

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 €STR + 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.

III. Other 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.

Request for Pair-Off on instructions sent to T2S / Euroclear Bank

LCH SA charges a fixed fee of € 50.00 for each request for a Pair-Off (fee will be charged from TDN Go Live - September 30, 2019).

View Cash Market Grid as PDF

Effective from 5 September 2022

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. All fees described into this section are collected on a monthly basis.

A. Amsterdam clearing segment: "Dutch products"

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

² A cap per posting is applied on physically settled Single Stock Futures: €125 and €150 for Brokers resp. on COB and Large in Scale // €100 and €150 for Market Makers resp. on COB and Large in Scale Liquidity Providers.

Amsterdam clearing segment: others products

³ These products benefit from a cap per posting: €53.75 for Brokers and €80 for LP.

⁴ A cap per posting is applied on cash settled Single Stock Futures: €75 for Brokers and €40 for Liquidity Providers.

⁵ A cap per posting is applied on physically settled Single Stock Futures: €125 and €150 for Brokers resp. on COB and Large in Scale // €100 and €150 for Market Makers resp. on COB and Large in Scale Liquidity Providers.

B. Brussels clearing segment

⁶ A cap per posting is applied on cash settled Single Stock Futures: €75 for Brokers and €40 for Market Makers.

⁷ A cap per posting is applied on physically settled Single Stock Futures: €125 and €150 for Brokers resp. on COB and Large in Scale // €100 and €150 for Market Makers resp. on COB and Large in Scale Liquidity Providers.

C. Lisbon clearing segment

⁸ A cap per posting is applied on cash settled Single Stock Futures: €75 for Brokers and €40 for Market Makers

⁹ A cap per posting is applied on physically settled Single Stock Futures: €125 and €150 for Brokers resp. on COB and Large in Scale // €100 and €150 for Market Makers resp. on COB and Large in Scale Liquidity Providers.

D. Oslo clearing segment

¹⁰ A cap per posting is applied on Equity options: €472 for Brokers (Client and House)

¹¹ A cap per posting is applied on cash settled Single Stock Futures: €75 for Brokers and €40 for Market Makers

¹² A cap per posting is applied on physically settled Single Stock Futures: €125 and €150  for Brokers resp. on COB and Large In Scale //  €100 and €150 for Market Makers resp. on COB and Large In Scale

E. Paris clearing segment

¹³ 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.
¹⁴ A cap per posting is applied on cash settled Single Stock Futures: €75 for Brokers and €40 for Market Makers.

¹⁵ A cap per posting is applied on physically settled Single Stock Futures: €125 and €150  for Brokers resp. on COB and Large In Scale //  €100 and €150 for Market Makers resp. on COB and Large In Scale

¹⁶ For previous "Electronic locals" only (previous status that is not open to new applicants): € 0.05 per contract. Where a transaction (on the same maturity) is cancelled out with a reverse transaction in the course of the same trading session so that the result is a zero sum, fees are reduced by 50%

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

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

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

A. Amsterdam clearing segment: "Dutch" Products

¹⁷ A cap of €200 per individual cash settlement is applied.

¹⁸ A cap of €300 per individual physical settlement is applied.

Amsterdam clearing segment: others products

¹⁹ A cap of €200 per individual cash settlement is applied.

²⁰ A cap of €300 per individual physical settlement is applied.

B. Brussels clearing segment

²¹ A cap of €200 per individual cash settlement is applied.

²² A cap of €300 per individual physical settlement is applied.

C. Lisbon clearing segment

²³ A cap of €200 per individual cash settlement is applied.

²⁴ A cap of €300 per individual physical settlement is applied.

D. Oslo clearing segment

²⁵ A cap of €200 per individual cash settlement is applied.

²⁶ A cap of €300 per individual physical settlement is applied.

E. Paris clearing segment

²⁷ 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)

²⁸ A cap of €200 per individual cash settlement is applied.

²⁹ A cap of €300 per individual physical settlement is applied.

³⁰ For previous "Electronic Locals" only (previous status that is not open to new applicants): € 0.05 per contract

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 ³¹. 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

³¹ Amsterdam, Brussels, Lisbon, Oslo, Paris commodities or Paris financials

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