EquityClear SA fees

A1. Standard clearing fee schedule

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. Access the complete list of these additional ISINs per 1 January 2018.

For clearing members with an Average Daily Volume over 60,000 trades the fee grid will be as follows:

Tiered fee grid for Blue Chips - Average Daily Volume ^[1]

For clearing members with an Average Daily Volume below 60,000 trades, only the first two tiers will be reduced to €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 ...)

A2. Reduced clearing fee schedule

LCH SA charges a reduced clearing fee in respect of all Blue Chip volumes (including the list of additional ISINs as published per 1 January 2018) and non-Blue Chips cleared by LCH SA as preferred CCP, for any clearing member (including ‘family members’ as communicated on 13 June 2019) who fulfills the following conditions and eligibility criteria:

1. The clearing member is an active clearing member with both LCH SA and LCH LTD Cash Equities clearing services;
2. The clearing member has a combined Average Daily Volume ^[2] of at least 30,000 trades cleared with LCH LTD, settling in ESES, Interbolsa, or both and trades cleared with LCH SA, settling in those same CSDs, and for which the trade source is not a market where LCH SA is the primary CCP as of the publication date of this fee schedule;
3. The clearing member agrees to appoint LCH SA as its preferred CCP, or if LCH SA is the primary CCP, not to appoint another CCP as its preferred CCP, for each of the trading venues and other platforms listed for this purpose on LCH’s website, as amended from time to time;
4. The clearing member sends to LCH SA a duly signed copy of the Request Letter, as provided by LCH SA, pursuant to which the clearing member notably confirms its compliance with the aforementioned eligibility criteria and requests to benefit from the reduced clearing fees accordingly.

The reduced clearing fee for clearing members meeting such eligibility criteria will be as follows:

Reduced tiered fee grid for Blue Chips and Eligible Non-Blue Chips ^[3] – Average Daily Volume

Combined ADV of trades cleared by LCH Ltd in ESES and Interbolsa and trades cleared by LCH SA in those same CSDs for which the trade source is not a market where LCH SA is the primary CCP as of the publication date of this fee schedule

When applying such reduced clearing fees, LCH SA shall:

• Determine the applicable Tier by taking into account the total volume of trades cleared across LCH SA and LCH LTD (on-book and off-book) of all the family members of a given Clearing Member to calculate the Average Daily Volume for the month; and
• Multiply the corresponding fee for that Tier by the clearing member’s Blue Chips and Eligible non-Blue Chips monthly Average Daily Volume to calculate the reduced clearing fees for that month.

The reduced clearing fees will not be subject to any cap.

The first bill in which the clearing members meeting the eligibility criteria will benefit from the reduced clearing fees will be for the calendar month in which the Request Letter is fully executed and accepted by LCH SA.

^[1] the Average Daily Volume (ADV) shall be calculated by dividing the total monthly cleared volume by the number of business days in that month.

^[2] For the purpose of this paragraph A2 indent (02) only, the Average Daily Volume (ADV) shall be calculated by dividing the total cleared volume of the relevant trades within the last 12 months preceding a given monthly billing date, by the number of business days in those 12 months.

In the case of:

• a clearing member that has not been admitted to EquityClear for more than 12 months yet, the ADV shall be calculated based on the period of time starting from the first calendar month following the onboarding date of such clearing member;
• a clearing member that has confirmed his decision to consolidate its clearing flows with the LCH CCPs, the ADV shall be calculated from the first month following the consolidation.

The table below lists the trading venues and other platforms to which LCH SA is connected under a Preferred Clearing model.

As per paragraph A2, indent (03) of the reduced clearing fee schedule, Clearing Members wanting to benefit from the reduced clearing fee schedule agree to appoint LCH SA as their preferred CCP for each of the venues and platforms in this list.

The table below lists the trading venues and other platforms to which LCH SA is the primary (“by default”) CCP.

Please note that Clearing Members wanting to benefit from the reduced clearing fee schedule agree not to appoint another CCP but LCH SA as their preferred CCP for each of the venues and platforms in this list.

* : Trade sources, as well as scope of Isins will continue to extend, based on the roll out of the onboarding of new Trading Venues and other platforms

**: LCH SA is acting as Exclusive Clearer for Euronext Growth Market for Turquoise UK and Turquoise Europe

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).