ForexClear Clearing Members may select which of the three ForexClear product offerings they wish to clear, from Non-deliverable Forwards (NDFs), Deliverable Options and Deliverable Forwards, and the corresponding fee plan. ForexClear Clearing Members may choose from three fee plans: Gold – combined plan, Silver – unlimited volume and Bronze – fixed plus variable fees. Each fee plan covers all house account trade registration activity for a ForexClear Clearing Member and its affiliates, for the selected products.
For the purposes of all fee plans, a reference to a “ForexClear Clearing Member” includes an “FCM ForexClear Clearing Member”.
Member Fee Plans
ForexClear Gold Tariff – Combined Non-Deliverable and Deliverable FX Fee
[1] In addition to the annual fee, Gold Members can clear an unlimited amount of outright Forward transactions into the Forward service for £200,000 in 2025, charged on a monthly pro-rated basis. Any ForexClear Clearing Member that has cleared Forward transactions in 2024 will be eligible for the monthly charge from 1 January 2025. New participating ForexClear Clearing Members will receive 3-month fee holiday. The fee holiday period expires 3 calendar months from the date of the first transaction. The £200,000 fixed fee will be charged on a monthly pro-rated basis, and the calculation of the first month's fees will use the number of remaining business days in that month, following the expiration of the fee holiday. To opt out of the Forwards service, ForexClear Clearing Members must provide 3 months’ notice to LCH ForexClear.
[2]Options and Non- Deliverable Options (NDOs)s fees are applicable beyond the first $60bn cumulative notional cleared in each calendar year.
[3]This settlement fee is only applicable to FX Swaps and FX Forwards transactions that (in each case) are not cleared for the purpose of hedging FX Options (where hedging is undertaken either to reduce initial margin requirements or reduce settlement risk.
2025 Non-Deliverable FX Only Member Fees
| Fee Plan | Fixed Fee per annum | NDF Fee / million | NDO Fee / million | Annual Fee Cap |
| Silver | GBP 950,000[4] | n/a |
n/a | n/a |
| Bronze | USD 350,000 |
USD 2 |
USD 4 | n/a |
[4]The 2025 Silver NDF fee is increasing for any members that have been live for longer than 6 months as of 31st December 2024.
2025 Deliverable FX Only Member Fees
| Product | FX Options | FX Forwards | ||||||
| Fee Plan | Fixed Fee per annum | FX Options Fee / million | FX spot / Forward Hedges and Swap Hedges Fee / million[5] | Annual Fee Cap | Fixed Fee per annum | FX Forwards Fee / million | FX Forward Settlement Fee / million[7] | Annual Fee Cap |
| Silver | GBP 900,000 | n/a | n/a | n/a | GBP 200,000[8] | n/a | 0.2 EUR or USD | n/a |
| Zinc[6] | GBP 595,000 | GBP 3 | n/a | GBP 1,245,000 | GBP 200,000[9] | n/a | 0.2 EUR or USD | n/a |
| Bronze | USD 375,000 | USD 3.5 | n/a | USD 1,500,000 | GBP 200,000[10] | n/a | 0.2 EUR or USD | n/a |
Note: New Clearing Members of the ForexClear FX Options or Forwards Services will be eligible for a fee discount - please refer to ‘Fee Discounts’
[5]Any FX Forward transaction that is deemed not to be hedge transaction and therefore considered to be an Outright FX Forward transaction, will be chargeable under the FX Forwards fee plan.
[6]The Zinc fee plan expires on 31st December 2025 and is not available to any new participants.
[7]This settlement fee is only applicable to FX Swaps and FX Forwards transactions that (in each case) are not cleared for the purpose of hedging FX Options (where hedging is undertaken either to reduce initial margin requirements or reduce settlement risk).
[8]This is the 2025 discounted rate, with the standard Silver Forwards fixed fee per annum being GBP 900,000.
[9]This is the 2025 discounted rate, with the standard Zinc Forwards fixed fee per annum being GBP 900,000.
[10]This is the 2025 discounted rate, with the standard Bronze Forwards fixed fee per annum being USD 375,000, capped at USD 1,500,000 with a variable fee of USD 0.5 per million.
In order to make future enhancements to the clearing of deliverable FX Options, Forwards, Swaps and Spot transactions, ForexClear is making changes to the existing settlement process in H1 2025. Any entity wishing to begin clearing deliverable FX Options or Forwards only during this time should Contact Us to discuss the implications of our enhancements.
ForexClear Clearing Member - Changes to Fee Plans
Where a ForexClear Clearing Member wishes to move to a higher fee plan, including to the combined Non-Deliverable and Deliverable Gold plan and it gives notice to LCH by the twentieth day of the month then it will move to the newly selected fee plan with effect from the first day of the following month. From that month the remaining monthly instalments of the calendar year will be payable at the newly elected fee plan irrespective of fee amounts already invoiced under the ForexClear Clearing Member’s previous fee plan. ForexClear Clearing Members who wish to move to a lower fee plan must provide 3 months’ notice to LCH ForexClear.
Client Fee Plans
2025 Non-Deliverable FX Only Client Fees
| Fee Plan | Fixed Fee per annum | NDF Fee / million | NDO Fee / million | Annual Fee Cap |
| Client | n/a |
USD 2 | USD 4 | n/a |
Additional Fee Plans
Compression Fees (Member & Client Clearing)
- ForexClear Clearing Members will be charged for ForexClear Compression services from 1st January 2025.
- ForexClear Clients will not be charged fees for using the ForexClear Compression services in 2025.
- ForexClear Clearing Members will be charged USD 1 per USD 1 million of notional reduced using ForexClear Compression services.
- A cap of USD 125,000 per annum will apply per ForexClear Clearing Member and its affiliates for house account compression.
Variable Fee Calculation
The Variable tariff fees are calculated on each trade as:
- [Notional amount of trade] * the per million (USD) 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.
Fee Discounts
ForexClear Deliverable Service
When first selecting the Option or Forward Silver or Bronze fee plan, the first 3 months of fixed and variable fees will be waived.
ForexClear Client to Member Conversion
When a ForexClear Clearing Client (or FCM Client), accessing the service via a Clearing Broker converts to joining the ForexClear service as a direct ForexClear Clearing Member, the first 3 months of fixed membership fees will be waived. Variable fees will apply.
Settlement Reduction Fees for the Deliverable Service
LCH will impose a fee as part of the automated settlement reduction process, payable by Members who are in breach of relevant settlement limits at end of day on Settlement Date -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 a ForexClear Clearing Member’s Settlement Position Amount over the Settlement Position Limit as per table below:
| AUD | CHF | EUR | GBP | JPY | |
| Bps on notional | 0.26 | 0.23 | 0.2 | 0.22 | 0.2 |
EMIR Account Structures
For more information on EMIR account structure charges please click here
Fee Notes
All fees are billed monthly in arrears.
Fixed Member fees are pro-rated monthly where a ForexClear Clearing Member joins intra year.
A one-off on-boarding fee of USD 70,000 will be billed one month in arrears for each new ForexClear Clearing Member, FCM Clearing Member or ForexClear Dealer, which is a Member of the same corporate Group. This onboarding fee will be capped at 5 charges per Corporate Group, with subsequent entities not incurring any onboarding fees.
For a Member to offer Client Clearing they must be part of a fee-paying Corporate 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 "Corporate Group" means a Member and its Affiliates. For these purposes, an "Affiliate" includes any entity which is a subsidiary or has the same holding company as the Member, as those terms are defined in s.1159 of the Companies Act 2006.
Changes in an entity's corporate ownership may lead to changes in the fee plan that applies to it.
Terms used herein are as defined in the rulebook of LCH, which you can access from the Quick Links below:
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