SA Membership Fees

Effective from 1 January 2017

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.

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

A monthly fee of €2,000 is charged per additional trading or clearing code (same legal entity and same market).

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

Effective from 5 January 2024

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.

These technical solutions allow access to Cash, Listed Derivatives (incl. Commodities) markets.

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.

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.

A LCAP is a clearing gateway allowing Users to receive files and real time messages for Cash, Derivatives markets. It is installed in LCH SA premises.

• Flat file reporting cash fees
  This monthly file is sent upon members' request on the LCH Portal on the 3rd business day of the month following the invoiced month.

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.

^[2] For large requests (>50 files), the quote will depend on the size of request (Price on Request).

^[3] A more tailored estimate will be provided for each request received

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.

Effective from 21 December 2017

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 offers LSOC (Legally Segregated Operationally Commingled) accounts

A yearly fee is charged for each ISA or OSA account as indicated in the table below.

^[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.

Since January 1st 2024, SA EquityClear & CommodityClear charges a quarterly account fee. Account fees are calculated on the day immediately preceding each 3 month period, being 31 December, 31 March, 30 June and 30 September of each year (‘Billing Points’).

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 Cash Markets, Derivatives markets, 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.

Legal Implications - Account Arrangements (Article 39.7 disclosure)

1. On the creation of a new account, the Fee becomes immediately payable
2. The Fees do not apply to House accounts
3. The Fees are non-refundable once paid, no refunds for partial years
4. No discounts for multiple accounts
5. adjustments for multiple collateral accounts

LCH SA offers indirect clearing arrangements for derivatives as defined by the Markets in Financial Instruments Regulation (MiFIR) and the Markets in Financial Instruments Directive II (MiFID II).

Two types of indirect client account models are proposed: Net Omnibus Segregated Account (NOSA) and Gross Omnibus Segregated Account (GOSA).

From 1 January 2018, a yearly fee is charged for each Indirect account structure as indicated in the table below.