| Market: | Lisbon |
| Products: | Cash |
| Date: | 23 November 2006 |
Change to LCH.Clearnet Fees
As referred to in the 2006 fee grid, LCH.Clearnet SA policy is to recharge clients with delivery fees as charged by the settlement platforms (i.e. CSDs/ICSD) pro rata each member’s settlement volume on a given platform. It represents exclusively DVP and rebalancing costs (not applicable to Lisbon segment) charged by (I)CSDs and excludes infrastructure costs. Any fee modification by any of the settlement platforms on that subject would be automatically passed on to members.
In the 2006 fee grid LCH.Clearnet SA announced a fee holiday for the delivery fees on the Portuguese cash segment until the end of 2006.
Based on bilateral discussions held with Interbolsa (the Portuguese CSD), the two infrastructures decided to carry out a common effort and share the costs related to the settlement charges for the year 2007. As a consequence, LCH.Clearnet SA is pleased to announce an extension of the Grand Father clause for a further year providing members with a fee holiday until end 2007.
The Delivery fees on the Portuguese cash segment will be charged as of 1st January 2008.
As from 1st January 2008, the Delivery fees on the Portuguese cash segment will be passed on to members. Thus, a fixed fee of €0,08 will be charged per instruction settled in Interbolsa.
We are confident that this fee holiday extension, which reflects the effort and commitment of both clearing and settlement entities, will contribute to the competitiveness of the Portuguese cash market.
For further information, please contact your local relationship manager.
Customer and Market Management LCH.Clearnet.