Periodic Fees
Effective from 6 February 2025
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
The following fees are applicable for all markets cleared by LCH SA except for CDSClear.
I. Trading or Clearing member code change/creation
A one-off fee is charged for member code change/creation; the fee amounts vary according to the following cases:
- €1,000 for the code creation of a new (trading/clearing) member code (new legal entity)
- €2,000 for the implementation of an additional (trading/clearing) member code (same legal entity and same market)
- €2,000 for a change of clearer
II. Use of several Trading or Clearing member codes
A monthly fee of €2,500 is charged per additional trading or clearing code (same legal entity and same market).
Notes:
- A member code is considered as additional when it is related to the same legal entity and the same market of an already existing member code.
- Fees linked to trading member codes use will be charged to the "receiving" clearing member
Technical Fees
Effective from 6 February 2025
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate. Except when specified, the following fees are applicable for all markets cleared by LCH SA.
I. Connectivity and clearing gateways
LCH SA bills connectivity and clearing gateways fees monthly (collected on the 10th open business day of the following month); invoicing rules are described in the Access Agreement.
A. Connectivity
LCH SA brings to its Members a connectivity solution offering performance, security and resiliency. LCH SA Members clearing connectivity solution is provided by London Stock Exchange (LSEG), allowing users to access both LCH SA and LCH Ltd clearing services. They can be ordered through any of the CCPs.
The connectivity solution named CMC (Customer Managed Connectivity) is based on secure IP network between several points of access (“CMC City Pops”) and LCH Data Centres.
Members shall connect to these CMC City Pops using a dedicated connection called “Last Mile” that needs to be ordered from an ACP (Accredited Connectivity Partners).
Last mile connection through the ACP is responsibility of the Member therefore not included in the LCH SA Technical Fees.
The LCH SA costs, for the CMC connection, hereafter apply:
| Tier |
Bandwidth |
||||||
| 2Mbps |
One-off cost |
4Mbps |
6Mbps |
8Mbps |
10Mbps |
||
| Description |
One-off cost |
Monthly cost |
Monthly cost |
||||
| Platinum: Four circuits from dual carriers to two member locations |
€2,625.00 |
€1,900.50 |
€5,565.00 |
€2,535.75 |
€2,640.75 |
€2,745.75 |
€3,060.75 |
| Gold: Three circuits, two circuits to the members primary location via two carriers and a single connection to another site |
€2,299.50 |
€1,821.75 |
€4,872.00 |
€2,425.50 |
€2,478.00 |
€2,609.25 |
€2,887.50 |
| Silver: Two circuits, dual carriers to one member location, or over split member sites |
€1,181.25 |
€950.25 |
€2,940.00 |
€1,270.50 |
€1,323.00 |
€1,375.50 |
€1,533.00 |
| Bronze: Single circuit, Single location (for sole test purpose) |
€593.25 |
€871.50 |
€1,249.50 |
€1,160.25 |
€1,212.75 |
€1,239.00 |
€1,359.75 |
Please note that:
- Unless otherwise specified, all costs indicated in the table above apply to sites located in Europe (exceptions may apply); for connections to any other location, costs can be provided on demand;
- The 4Mbps connection is a minimum prerequisite bandwidth to access both LCH SA and Ltd Clearing services;
- The Platinum, Gold, Silver tiers can be used for both production and test purposes;
- The Bronze tier is for Users (Clearing members and Authorised Third Party Providers (i.e. ISVs)) who require dedicated access for sole testing purpose.
- These costs apply to set up and run new connectivity to LCH SA services on existing CMC connection. Changes on existing configurations (move, upgrade or downgrade of bandwidth, change of tier…) or for non connected site will be subject to specific quotations upon request to Account Managers.
B. Clearing Gateway (LCAP)
A LCAP is a clearing gateway allowing Users to receive files and real time messages for all markets cleared by LCH SA except for CDSClear, it is installed in LCH SA premises.
| Tier |
One-off cost | Monthly cost |
| Production | € 500 | € 400 |
| Test (EUA) | € 500 | € 400 |
II. Archived File
Any request for archived production files should be addressed to the clearing member's account manager; an estimate will be drawn up; it will need to be agreed and signed by the member before any further investigation.
A. Archived Production file charges
For illustration purposes, archived production file transfer requests are charged as follows [2]:
| 1st file retrieval |
€ 500 |
| 2nd and each additional daily file |
€ 250 each |
[2] For large requests (>50 files), the quote will depend on the size of request (Price on Request).
B. Ancillary request charges
All other ad-hoc request related to investigation, analysis and data & analytics are charged as follows [3]:
| Time spent on the request |
Fee |
|---|---|
| 1/2 day |
€ 500 |
| 1 day |
€ 1000 |
| Each additional 1/2 day |
€ 500 |
[3] A more tailored estimate will be provided for each request received
III. Electronic invoicing and evidences
A. Web portal for invoicing
This new ‘free of charge' web portal service enables clients to download and retrieve invoices and related evidences earlier in time, to ease invoice processing and reconciliation and to access historical information.
Annual Account Structure Fees
Effective from 6 February 2025
LCH SA Account Structures under EMIR
The way in which CCPs manage members' and clients' assets is one of the most significant areas of change required by regulators. In Europe, EMIR has been designed to reduce counterparty risk and increase transparency within the markets.
LCH SA offers members different account structures : ISA (Individual Segregated Account) and OSA (Omnibus Segregated Account).
LCH SA Account Structures under Dodd-Frank (CDSClear only)
LCH SA offers LSOC (Legally Segregated Operationally Commingled) accounts
Annual Account Fees
A yearly fee is charged for each ISA or OSA account as indicated in the table below.
| ISA | OSA Net | OSA Gross | LSOC | |
| Business | Fee | Fee | Fee | Fee |
| CDSClear | €3,500 | €3,500 | €3,500[4] | €0 |
| RepoClear (including €GCPlus) | €3,500 | €1,200 | N/A | N/A |
1. CDSClear Account Charges
CDSClear charges a semi-annual account fee for the 6 month periods beginning 1 January and 1 July. Account fees are calculated on the day immediately preceding each 6 month period, being 31 December and 30 June of each year (‘Billing Points’).
The account fee is calculated based on the number of Live Accounts^ of the relevant type within the CDSClear service on the last day of the previous period (i.e. 31 December and 30 June).
[5] Additional Gross OSA: Collateral account containing ring-fenced collateral of one or more Client(s). As many accounts as the Clearing Member needs.
‘Live Account’ means any account opened by LCH SA following submission and approval by LCH SA of the completed CCM Form on the calculation date.
No charge for suspense accounts (accounts used for block trades prior to the allocation of trades)
Legal implications
As part of LCH SA's EMIR authorisation, we have commissioned legal opinions in respect of each jurisdiction in which we have Clearing Members.
As far as the Fixed Income products and Triparty Repo clearing services are concerned:
- The legal opinions are available on demand, on a non-reliance basis, and those which are currently in draft form are therefore subject to possible change.
- Queries relating to legal matters should be directed to lch.sa.csm@lseg.com
As far as the CDS are concerned:
- The legal opinions are available on demand.
- Queries relating to legal matters should be directed to lch.sa.csm@lseg.com
It is important that clearing members familiarise themselves with the legal implications associated these ISA and OSA accounts. LCH SA has produced disclosure for the purposes of Article 39(7) of EMIR which can be accessed by clicking on the link below.
Terms and conditions excluding CDSClear
- On the creation of a new account, the Fee becomes immediately payable
- The Fees do not apply to House accounts
- The Fees are non-refundable once paid, no refunds for partial years
- No discounts for multiple accounts
- No adjustments for multiple collateral accounts
LCH Account Structures for Indirect Client Clearing
Two types of indirect client account models are proposed: Net Omnibus Segregated Account (NOSA) and Gross Omnibus Segregated Account (GOSA).
Terms and conditions
- On the creation of a new account, the Fee becomes immediately payable
- The Fees are non-refundable once paid, no refunds for partial years
- No discounts for multiple accounts
- No adjustments for multiple collateral accounts
Legal implications - Account Structures
On-Boarding Fees
Onboarding
For a new clearing member
A member on-boarding fee of €15,000 will be charged to any new clearing member.
This is a one-time fee, per clearing service, charged as of reception of the application file with a subsequent approval of Executive Risk Committee.
Invoicing Web Portal
The web portal service enables clients to download and get the invoices and related evidences earlier in time, to ease invoice processing and reconciliation and to access historical information.
