Effective from 1 January 2020

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:

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.

LCH SA charges back a variable fee of:

• € 0.77 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).

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 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).

In addition to the abovementioned fail penalties fees, 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 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.

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).

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Effective from 23 June 2020

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 Single Stock Futures: €75 for Brokers and €40 for Liquidity Providers.

Amsterdam clearing segment: others products

(*) These products benefit from a cap per posting: €53.75 for Brokers and €80 for LP
 

B. Brussels clearing segment:

² A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers.

C. Lisbon clearing segment:

³ A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers

D. Paris clearing segment:

* 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%

⁴ 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.

⁵ These specific fees only apply to a previous status that is not open to new applicants.
⁶ 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

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

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

A. Amsterdam clearing segment: "Dutch" Products

⁷ A cap of €200 per individual tender/assignment is applied.

Amsterdam clearing segment: others products

B. Brussels clearing segment:

⁸ A cap of €200 per individual tender/assignment is applied.

C. Lisbon clearing segment:

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

D. Paris clearing segment:

¹⁰ 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)
¹¹ These specific fees only apply to a previous status that is not open to new applicants.
¹² A cap of € 200 per individual cash settlement is applied

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 ¹³. 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

¹³ Amsterdam, Brussels, Lisbon, Paris commodities or Paris financials

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