BlueNext Fees

Fees applicable in 2008 Effective from 21 April 2008

For further information on fees, please send your request to lchclearnetsa_BILLINGINFO@lchclearnet.com.

The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.

EUA AND CER FUTURES¹

Clearing fees are charged on a daily basis while all others fees are monthly charged.

A. Clearing fees

LCH.Clearnet SA charges a flat clearing fee of € 1.50 per contract.

Market makers (posting in Market Maker account) benefit from a fee holiday period until end of October 2008.
Legacy trades benefit from a fee holiday period until end of October 2008.

B. Delivery fees

LCH.Clearnet SA does not charge any fee for delivery at contract expiry date.

C. Delayed delivery

On D+2 (i.e. two days after the maturity Date) 05:30 PM (CET), Clearers which did not perform their delivery or payment obligations will go through the delayed delivery process and will be fined accordingly.

Clearers which enter into the delayed delivery process shall pay to LCH.Clearnet SA:

• A delivery delay penalty of € 500
• Late interest calculated as follows: Quantity x Contract Size x Expiration Settlement Price x (EONIA + 3%); this amount will be passed on to the Clearer suffering the delay.

D. Delivery default

On D+3 (i.e. three days after the maturity Date) 05:30 PM (CET), Clearers which did not perform their delivery or payment obligations are deemed to be in default and will be fined accordingly. The following amounts shall be paid to LCH.Clearnet SA who will pass them on to the Clearers suffering the delay:

• A delivery default penalty of € 5,000 or 1% of the contract value², which ever is the greater,
• Default interest calculated as follows: Quantity x Contract Size x Expiration Settlement Price x (EONIA + 3%),
• Cash indemnity i.e. Quantity x Contract Size x abs(Spot Price³ – Expiration Settlement Price)

E. Clearing services

• A fee of € 0.06 is charged per contract for both Internal and External corrections and Internal and External transfers (except transfer for restructuring see below).

  The keys for fee distribution between sending Clearer and receiving Clearer are (distribution decision is made by the sending member only):

  • Case n°1: 0% for sending Clearer - 100% for receiving Clearer
  • Case n°2: 50% for sending Clearer - 50% for receiving Clearer
  • Case n°3: 100% for sending Clearer - 0% for receiving Clearer
  • Case n°4: 0% for sending Clearer - 0% for receiving Clearer; this case is not applicable, therefore the fees will be by default the Case n°2: 50% for sending Clearer - 50% for receiving Clearer
  
  

• Transfer fee for restructuring

  Transfers of positions resulting from the decision of an order-giver to change Clearer, a change in the accounts attributed to the order-giver or a Clearer’s closure are subject to special rates.

  A fee of € 3.80 is charged per transfer. The total amount may not exceed € 300 per request and is payable by the Clearer receiving the transfer (the above keys for fee distribution do not apply here).

• The creation of positions on the position account of the Clearer is subject to special rates. The positions are updated in real time on the account of the Clearer. Only LCH.Clearnet SA is authorized to use the function of positions’ creation. The fees for this operation are:

  • A creation of position between 0 and 100 lots:   € 10.00
  • A creation of positions over 100 lots:    € 50.00

1. EUA : European Union Allowance; CER (Certified Emission Reduction)
2. Contract value = quantity x contract size x Expiration settlement price
3. BlueNext Spot Closing price on D+3

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