A single tariff is applied to a Member in relation to all contracts cleared by that Member and any Member of or Affiliated Firm of its Member Group, either for their own account or on behalf of a SwapClear Dealer or an Affiliate, within a calendar year. A new Member should notify LCH.Clearnet of its preferred tariff when joining the SwapClear service.
Tariff B: Introductory Tariff
New SwapClear Clearing Members joining in 2014 under Tariff B will qualify for a full discount on booking fees for the first 1000 backloaded trades registering before December 31st 2014.
Tariff A2: Standard Tariff
Tariff A1: Ultimate Tariff
In addition there is a one-off on boarding fee of £50,000 for each new SwapClear Clearing Member, FCM Clearing Member or SwapClear Dealer or Affiliate which is a member of, or an Affiliated Firm of, a Member Group.
A "Member Group" means a SwapClear Clearing Member or an FCM Clearing Member, its direct and indirect subsidiaries and its direct and indirect holding companies and every direct and indirect subsidiary of each such holding company, from time to time. For the purposes of this definition: (i) ‘subsidiary’ means a company in which an entity holds more than 50% of the voting rights; and (ii) ‘holding company’ means a company that holds more than 50% of the voting rights in another entity.
An “Affiliated Firm” in relation to a Member Group means a firm that satisfies both of the following tests:
a SwapClear Clearing Member or a FCM Clearing Member (or any other member of its Member Group) holds 50% or more of the voting rights in the firm; and
one or more SwapClear Clearing Members or FCM Clearing Members (or any other member of their Member Group) together hold more than 50% of the voting rights in the firm.
“Voting rights” means the rights conferred on shareholders in respect of their shares or, in the case of a company not having a share capital, on members, to vote at general meetings of the company on all, or substantially all, matters.”
Changes in a entity’s corporate ownership may lead to changes in the tariff that applies to it.
Terms used herein are as defined in the rulebook of LCH.Clearnet.
All clearing fees are payable in GBP.
For the SwapClear Compression fee schedule click here
Clearing fees under the SwapClear Client Clearing service are charged to the clearing member under a choice of two pricing plans.
Standard Pricing Plan
The Standard Pricing Plan has an up-front booking fee and an ongoing maintenance fee.
|Transaction Maturity||Standard Plan|
|0 - 1year||0.9|
|1 year+ to 3 year||2.25|
|3 year+ to 5 year||4.05|
|5 year+ to 7 year||5.4|
|7 year+ to 10 year||7.2|
|10 year+ to 12 year||8.1|
|12 year+ to 15 year||9|
|15 year+ to 20 year||13.5|
|20 year+ to 25 year||16.2|
|25 year + to 50 year||18|
The High Turnover Plan has an up-front booking fee and an on-going “risk consumption” maintenance fee.
Example: an average IM of $50 million equals an annual risk consumption fee of $50,000.
EMIR Account Structures
For more information on account structure fees under EMIR please click here.
SwapClear charges all fees to clearing members; members individually make pricing arrangements with clients and confidentially notify SwapClear of the pricing plan for each client. Clients can switch pricing plans quarterly, and must give SwapClear, LCH.Clearnet reasonable advance notice to make the operational changes necessary to effectuate such a change ,i.e. not less than fifteen (15) days prior to a calendar quarter that the firm elects to receive the alternative fee schedule. The SwapClear Global Service and the SwapClear US-Domiciled Service are services of LCH.Clearnet Limited and LCH.Clearnet LLC respectively.
Sales and Customer ServicePhil Atkinson
05 November - SwapClear Tolerance changes - LLC
05 November - SwapClear Tolerance changes - Ltd
29 October - Bilateral Termination