EquityClear fees effective from 1 February 2014

To view EquityClear fees pre February click here

The cost associated with using the EquityClear service will depend on the members monthly volumes. All cleared volumes across all the trade sources cleared through the EquityClear service are cumulative. The EquityClear tariff structure supports members existing business whilst incentivising growth.

The average daily volume ("ADV") of the clearing member will be determined by the number of trades cleared throughout the month, then divided by the number of business days in the month. When the ADV has stepped through each band, the cost of clearing and an average unit cost per trade can be derived. Please see example below.

Members can reduce costs further by using the 'family groupings' discount facility that is available upon request.

The fee structure highlights LCH.Clearnet’s commitment to reduce fees and benefit its members. The tariff is structured to incentivise growth and reward those members that use the service.

Please use our user friendly calculator that will assist members with any modeling. Upon entering a member’s volumes the calculator will highlight the associated fee.

Should you have any questions regarding the fee structure please contact:

Ian Mackenzie, Repo and Exchanges: Tel, +44 (0)20 7426 7265. [email protected]

Example

11,000,000 trades / 21(Days in the Month) = 523,809 (Average Daily Volume)
10,000 trades at 11.5p  = £1,150
30,000 trades at 7p    = £2,100
10,000 trades at 5p    = £500
20,000 trades at 1p    = £200
30,000 trades at 0.2p    = £60
400,000 trades at 0.1p = £400 
!emaining trades at 0p    = £0
Total per day    = £4,410 x 21 Per month = £92,610

LCH.Clearnet Ltd passes through at cost, all settlement related fees to its members.

For All Euroclear Settlement Related Fees

For MTF settlement related fees

Those trade sources that choose to use the CCP services of EUI will be subject to an additional EUI CCP services fee that will be passed through at cost.

Interoperable settlements

A charge will be applied of 11p per settlement, per CCP which we settle against per CSD.

Buying-in Fee

£125 per ISIN, per day, in addition to the cost of purchasing the securities.

Failed Settlement Costs

Fixed penalty £20.00 per day, per net failed settlement

For registered market makers and subsequent market making business in their registered ISIN’s £2.00 per day, per net failed settlement

An ad valorem charge of a SONIA based rate, plus 1%, / 365, will be applied to the current sterling value of the failing net settlement, per day. Currently the applicable rate is 0.004%. The rate will be reviewed periodically and is subject to change.

Trade Adjustments

Where a CSD does not offer technical netting services, we will provide a service to close out open deliver and receive transactions with different settlement dates.
This service will allow members to reduce the number of failed settlements.

£30.00 per adjustment

Real Time Trade Confirmations (RTCs)

Clients can choose to receive ‘real time’ trade confirmation messages (RTCs).
Set-up costs will be charged on a case by case basis depending on the messaging option chosen and the client’s existing connectivity

Member Testing

Booking Test environment £1,600 plus VAT.

Ancillary Services

Will be charged hourly at a rate of £120 plus VAT and be subject to a minimum charge of £240.00 plus VAT.

EquityClear Annual fees

Click here to view all associated EquityClear costs in PDF format.

Click here to view the EquityClear service description.

Glossary of terminology used above
ADV: refers to Members Average Daily Volume
CCP Service fee: refers to Central Counterparty services offered by EUI
EUI: refers to Euroclear UK & Ireland
LSE: refers to London Stock Exchange
NCM: refers to different legal entity relationship with GCM