Fees

*The Annual Tariff includes unlimited clearing volumes for FX Swaps, FX Forwards and FX Spot (that (in each case) are not cleared for the purpose of hedging FX Options) until 1st January 2024.

**Options and NDOs fees are applicable beyond the first $60bn cumulative notional cleared in each calendar year.

*** Only applicable to FX Swaps and FX Forwards transactions that (in each case) are not cleared for the purpose of hedging FX Options (which hedging is undertaken either to reduce initial margin requirements or reduce settlement risk).

**Silver, Bronze and Client tariffs are exempted from Non-Deliverable Options clearing fees until 31st December 2023.                              

Note:  New Clearing Members of the ForexClear Deliverable Service will be eligible for a fee discount - please refer to ‘Fee Discounts’ 

* The Zinc Annual Tariff includes unlimited clearing volumes for FX Swaps, FX Forwards and FX Spot that (in each case) are not cleared for the purpose of hedging FX Options) until 1st January 2024.

**Only applicable to FX Swaps and FX Forwards transactions that (in each case) are not cleared for the purpose of hedging FX Option (which hedging is undertaken either to reduce initial margin requirements or reduce settlement risk).

Where a ForexClear Clearing Member wishes to move from a lower fee tariff to a higher fee tariff, including to the combined Non-Deliverable and Deliverable Gold Tariff, if the Member gives notice by the 20th of the preceding month, it will move to the newly elected fee tariff effective the 1st of the following month. From that month the remaining monthly instalments of the calendar year will be payable at the newly elected fee tariff irrespective of fee amounts already invoiced under the ForexClear Clearing Member’s previous fee tariff. ForexClear Clearing Members may only move to a lower fee tariff at the start of the new calendar year.

• Gold, Silver, Bronze, Zinc and Client tariffs will not be charged fees for using the ForexClear Compression Service until 1st January 2024.
• Thereafter, Members and Clients will be charged US$1 per US$1 million of notional reduced using ForexClear Compression.
• A cap of US$500,000 per annum will apply per ForexClear Clearing Member Group for compression of Member Group trades (i.e. proprietary trades).
• There is no cap on compression fees for clients.

The Variable tariff fees are calculated on each trade as:

• [Notional amount of trade] * the per million (US$) notional fee from the relevant tier in the schedule above.
• ForexClear Client Clearing fees are calculated based on the total cleared notional in a calendar month for each independent Client Clearing portfolio.

ForexClear Deliverable Service

When first selecting the Deliverable Silver or Bronze tariff, the first 3 months of fixed and variable fees will be waived.

LCH will impose a fee as part of the automated settlement reduction process, levied against members who are in breach of relevant settlement limits at end of day on SD-2.

The fee will take the form of a “per unit of notional” charge against settlement amounts in excess of relevant currency settlement limits applied in respect of the excess of member’s Settlement Position Amount over the Settlement Position Limit as per table below:

For more information on EMIR account structure charges please click here

All fees are billed monthly in arrears.

Fixed Member fees are pro-rated monthly where a Member joins intra year.

A one-off on-boarding fee of $70,000 will be billed one month in arrears for each new ForexClear Clearing Member, FCM Clearing Member or ForexClear Dealer or Affiliate, which is a member of, or an Affiliated Firm of, a Member Group.

Members clearing both non-deliverable and deliverable FX will be required to pay both non-deliverable and deliverable fees or the combined ‘Gold’ tariff. 

For a member to offer Client Clearing they must be part of a fee-paying Member Group.

Client Clearing fees are billed to Clearing Members

A "Client Clearing Portfolio" is a separate legally identified Client Account that exists at a specific Clearing Member. A Client Clearing Portfolio is unique to each Clearing Member.

A "Member Group" means a ForexClear Clearing Member or an FCM Clearing Member, its direct and indirect subsidiaries and its direct and indirect holding companies and every direct and indirect subsidiary of each such holding company, from time to time. For the purposes of this definition: (i) ‘subsidiary' means a company in which an entity holds more than 50% of the voting rights; and (ii) ‘holding company' means a company that holds more than 50% of the voting rights in another entity.

An "Affiliated Firm" in relation to a Member Group means a firm that satisfies both of the following tests:

• A ForexClear Clearing Member or a FCM Clearing Member (or any other member of its Member Group) holds 50% or more of the voting rights in the firm; and
• One or more ForexClear Clearing Members or FCM Clearing Members (or any other member of their Member Group) together hold more than 50% of the voting rights in the firm.

"Voting rights" means the rights conferred on shareholders in respect of their shares or, in the case of a company not having a share capital, on members, to vote at general meetings of the company on all, or substantially all, matters.

Changes in an entity's corporate ownership may lead to changes in the tariff that applies to it.

Terms used herein are as defined in the rulebook of LCH, which you can access from the Quick Links below.