Client Clearing Fees
When members are clearing trades on behalf of clients at CDSClear, the following fee schedule shall apply:
| Fee schedule per million gross notional cleared for client clearing[1] | |
|---|---|
| EUR-Denominated Products | Base Fees |
| Index (per million) | €4 |
| Single Name (per million) | €12 |
| Credit Index Options (per million) | €4[3] |
| USD-Denominated Products | Base Fees[2] |
| Index (per million) | $5 |
| Single Name (per million) | $17 |
| Credit Index Options (per million) | $4[3] |
[1]Covers Corporate, Financials and Sovereign Index and Single Names activity. No charge for trades in a suspense account, only the subsequent allocation to the end accounts
[2]The fees will be calculated in USD and billed in Euros.
[3]2025: Full discount of Client variable fees.
CCP Switch Incentive Programme
- Members and Clients can benefit from the programme by closing out existing CDS transactions at their current CDS CCP and clearing new transactions at LCH SA CDSClear.
- After registration, no variable fees will be charged for new transactions cleared at LCH SA CDSClear under the Programme during a 6-month period and a credit note will be applied to Members’ and Clients’ clearing accounts, covering the fees associated with closing out positions at another CDS CCP. The credit note will be applicable towards fees associated with future transactions cleared at LCH SA CDSClear.
- The amount of the credit notes issued will be calculated using the published variable fees at the Clients’ current CDS CCP.
- To benefit from CDSClear’s CCP switch programme, please contact CDSClear@lseg.com for more information.
High Turnover Fee Plan
- The HTFP applies on the notional cleared in a calendar year but excludes from the determination of the total cleared notional:
- the notional cleared for which a CCP Switch credit note was used to zero out the clearing fees
- the notional cleared part of a CCP Switch that thus did not attract any clearing fees
- the trades not charged under the Intraday Trading Fee Plan or the CCP Switch Programme
- Options are excluded from the High Turnover Fee plan
- The High Turnover Fee plan does not apply to General Members
| Bucket 1 | Bucket 2 | Bucket 3 | Bucket 4 | Bucket 5 | ||
|---|---|---|---|---|---|---|
| USD Index ($) | Notional Bucket | 0 | 60bn | 120bn | 240bn | 480bn |
| Fee/mm Bucket | Standard fee |
4 | 3 | 2 | 0 | |
| USD Single Name ($) | Notional Bucket | 0 | 5bn | 10bn | 20bn | 40bn |
| Fee/mm Bucket | Standard fee |
12 | 7 | 2 | 0 | |
| EUR Index € | Notional Bucket | 0 | 60bn | 120bn | 240bn | 480bn |
| Fee/mm Bucket | Standard fee | 3 | 2 | 1 | 0 | |
| EUR Single Name (€) | Notional Bucket | 0 | 5bn | 10bn | 20bn | 40bn |
| Fee/mm Bucket | Standard fee | 9 | 6 | 3 | 0 |
Intraday Trading Fee Discount
- Intraday Trading Fee discount is now available to clients.
- Only the maximum notional of buys and sells per contract per day per trading account will be charged and where trade date is equal to clearing date .
- Backloads and option exercises are excluded from the discount
Affiliates clearing as Clients (all products)
Full rebate on variable clearing fees for the Affiliate of a Clearing Member onboarded as client of such Clearing Member under the following conditions:
- The Clearing Member is a General Member under the Unlimited Tariff
- The Affiliate is a legal entity part of the same Financial Group as the Clearing Member
- The rebate applies to 1 trade account per affiliate and for all clearing services for which the Clearing Member is under the Unlimited Tariff (i.e. Index & Single Names and/or Options)
- The rebate cannot apply to any account opened for CCM Indirect Clients
- The fixed annual account charge of €100,000 is charged one twelfth per month per affiliate of a Clearing Member onboarded as a client and benefiting from the full rebate on variable fees.
Self Clearing Fees
| Membership | Annual Fixed Fee | Self-Clearing/Variable Fees | Details | |||
| EUR Indices | EUR Single Names | US Indices^ | US Single Names^ | |||
| General Member Unlimited Tariff | €1,700,000(1) | No Variable Fee | Covers all self-clearing including the clearing of all Indices, Single Names (including Sovereigns) and Options for a Financial Group of a Clearing Member Potential to earn fee rebates through clearing agreed US CDX™ Indices notional thresholds |
|||
| General Member Variable Tariff | €400,000 charged(2) | €3.5 per million gross notional cleared |
€10 per million gross notional cleared |
$4.5 per million gross notional cleared |
$13 per million gross notional cleared |
Covers all self-clearing Corporate, Financial and Sovereign Index and Single Names activity |
| Select Member | Single or first Select Member entity: For the 2nd entity of the same Financial Group:€350,000(3) For the 3rd entity of the same Financial Group:€200,000(3) For the 4th and additional entity of the same Financial Group:€0 charged
|
€4 per million gross notional cleared |
€10 per million gross notional cleared |
$5 per million gross notional cleared |
$13 per million gross notional cleared |
Covers all self-clearing Corporate, Financials and Sovereign Index and Single Names activity |
| Onboarding Fee | €15,000 | One-off fee charged per Clearing Member onboarding. | ||||
Expected to be effective from 1st of January 2025 or later subject to any regulatory review/approval process and implementation by LCH SA.
^ The fees will be calculated in USD and billed in EUR
Clearing Members can select General Membership (Unlimited and Variable tariffs) or Select Membership.
New CDSClear Clearing Members will be billed the first fixed tariff instalment and variable fees starting the month following their go live.
A Clearing Member is considered live for the whole month regardless of the go-live date within the considered month.
(1) General Member Unlimited Tariff
- One twelfth of this fee is charged for each month the Member Group is live.
- Rebate subject to the notional of CDXTM NA Indices cleared in a calendar year by all House accounts within a Financial Group excluding any trades with Affiliates or intra-entity
| Notional cleared in USD | Annual rebate amount |
|---|---|
| < 75 billion | € 0 |
| >=75 billion and <200 billion | € 50,000 |
| >=200 billion and <350 billion | € 150,000 |
| >= 350 billion | € 300,000 |
- Rebate in EUR paid end of December
(2) General Member Variable Tariff
- An annual Membership and clearing fixed fee of 400,000 is charged by the Clearing House to cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity.
- One twelfth of this fee will be charged each month in addition to the variable fee
(3) Select Membership
- An annual Membership and clearing fixed fee is charged by the Clearing House to cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity.
- The annual EUR fixed fee is charged assuming that more than €10bn notional (including client clearing across the whole Financial Group) will be cleared within the year. If at least one Select Member in the Financial Group is live the whole calendar year (January 1 – December 31), LCH SA will provide a €200,000 rebate in the single or first Select Member’s December bill.
- One twelfth of this fee will be charged each month in addition to the variable fee
CCP Switch Incentive Programme
- CCP switch programme available to market participants.
- Members and Clients can benefit from the programme by closing out existing CDS transactions at their current CDS CCP and clearing new transactions at LCH SA CDSClear.
- After registration, no variable fees will be charged for new transactions cleared at LCH SA CDSClear under the Programme during a 6-month period and a credit note will be applied to Members’ and clients’ clearing accounts, covering the fees associated with closing out positions at another CDS CCP. The credit note will be applicable towards fees associated with future transactions cleared at LCH SA CDSClear.
- The amount of the credit notes issued will be calculated using the published variable fees at the Members’ or Clients’ current CDS CCP.
- To benefit from CDSClear’s CCP switch programme, please contact CDSClear@lseg.com for more information.
High Turnover Fee Plan
- HTFP applies on the notional cleared in a calendar year but excludes from the determination of the total cleared notional:
- the notional cleared for which a CCP Switch credit note was used to zero out the clearing fees
- the notional cleared part of a CCP Switch that thus did not attract any clearing fees
- the trades not charged under the CCP Switch Programme
- Options are excluded from the High Turnover Fee plan
- The High Turnover Fee plan does not apply to General Members
| Bucket 1 | Bucket 2 |
Bucket 3 |
Bucket 4 | Bucket 5 | |||
| USD Index ($) | Notional Bucket | 0 | 60bn | 120bn | 240bn | 480bn | |
| Fee/mm Bucket | Standard fee | 4 | 3 | 2 | 0 | ||
| USD Single Name ($) | Notional Bucke | 0 | 5bn | 10bn | 20bn | 40bn | |
| Fee/mm Bucket | Standard fee | 12 | 7 | 2 | 0 | ||
| EUR Index € | Notional Bucket | 0 |
60bn | 120bn | 240bn | 480bn | |
| Fee/mm Bucket | Standard fee | 3 | 2 | 1 | 0 | ||
| EUR Single Name (€) | Notional Bucket | 0 | 5bn | 10bn | 20bn | 40bn | |
| Fee/mm Bucket | Standard fee | 9 | 6 | 3 | 0 | ||
Credit Index Option Fees
Credit Index Option Clearing is an additional service Members (General and Select) can sign up to. It is also available to Clients.
*A Member is considered live for the whole month regardless of the go-live date or the membership termination date within the considered month.
| General Member | Variable Tariff | Can cover either one or multiple Legal Entities under conditions listed below (no Affiliate coverage) In-year switches are not permitted No EEP usage fees |
||
| Clearing Fees | $3 | per million of option notional on US Indices | ||
| €3 | per million of option notional on European Indices | |||
| Onboarding Fees | €15k | One-off fee per Legal Entity | ||
| Select Member | Variable Tariff | Cover only one Legal Entity (no Affiliate coverage) In-year switches are not permitted No EEP usage fees |
||
|---|---|---|---|---|
| Clearing Fees | $3.5 | per million of option notional on US Indices | ||
| €3.5 | per million of option notional on European Indices | |||
| Unlimited Tariff | Cover all Affiliates of a given Financial Group of a Clearing Member Cover all clearing fees for Credit Index Option House activity for both iTraxx® and CDX™.NA underlying index families In-year switches are not permitted No EEP usage fees |
|||
| Fixed fee (annual), charged 1/12th for each month a Clearing Member group is live* | €200k | Charged 1/12th for each month | ||
| Onboarding Fees | €15k | One-off fee per Legal Entity | ||
| Client | Option Clearing Fees |
$4* | per million of option notional on US Indices | |
| €4* | per million of option notional on European Indices *2025: Full discount of client variable fees |
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If you would like to discuss LCH tariffs, please contact your Relationship Manager for further details.
Billing Information
All clearing (client clearing and self-clearing) fees are auto-debited from clearing Members' accounts in TARGET2, on the 10th business day of the month.
Details will be reflected in the AC0101E report available to clearing Members.
The fees indicated above are subject to VAT at the applicable rate.
EMIR Account Structures
There is more information on account structure fees under EMIR.
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