CDSClear Fees

^[3]2024: Full discount of Client variable fees.

Please note that Client Clearing is not applicable to Select Members, except for Affiliate Clients.

• CCP switch programme available to market participants and applicable to live CCP trades only from January 4th, 2024, onwards.
• 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.

• 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

• 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

^ The fees will be calculated in USD and billed in EUR

Clearing Members can select General Membership (Unlimited and Introductory 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.

• One twelfth of this fee is charged for each month the Member Group is live.

• General Members - Unlimited can choose between the Fixed Fee Tariff and the Variable Fees for their Sovereign Single Name CDS clearing activity. The Clearing House defaults General Members Unlimited to the Annual Fixed Fee tariff. In-year switch is permitted once per year between the Fixed Fee Tariff and the Variable Fees, and effective from the start of the next month following a 15 business days' notice period. The Annual Fixed Fee of €180,000 (€15,000) will be charged at a rate of one twelfth of this fee each month.

• An annual Membership and clearing fixed fee of EUR 400,000 is charged by the Clearing House to cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity.
• The Annual Fixed Fee of EUR 400,000 will be charged at a rate of one twelfth of this fee each month (€33,333,33).

• An annual Membership and clearing fixed fee of EUR 450,000 is charged by the Clearing House to cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity if the total annual gross notional cleared is over €10bn. 
• An annual Membership and clearing fixed fee of EUR 250,000 is charged by the Clearing House to cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity if the total annual gross notional cleared is under €10bn.
• The annual EUR fixed fee is charged assuming that more than €10bn notional will be cleared within the year. If the Select Member is live the whole calendar year (January 1 – December 31), LCH SA will provide a €200,000 rebate in the Select Member’s December bill.
• The Annual Fixed Fee of EUR 450,000 will be charged at a rate of one twelfth of this fee each month (€37,500).

• 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 Clients’ current CDS CCP.
• To benefit from CDSClear’s CCP switch programme, please contact CDSClear@lseg.com for more information.

• 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

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.