Compression Fee Schedule with effect 3rd March 2014

Basic Tier

1. £15 for each trade compressed other than those initiated by a third party vendors (Approved Compression Service Provider (ACSP) as defined in the rules).
2. £7.50 for each trade compressed where initiated by an ACSP (please note that this fee will take effect from 1st September 2014).
3. Fees will be collected monthly in arrears.
4. Where the cumulative fees reach £300,000 per annum the SwapClear clearing member will automatically move from the Basic Tier to the Standard Tier.

Standard Tier

1. £300,000 per annum (if a clearing member has moved from the Basic Tier within that year this fee is not applicable) for up to 50,000 trades.
2. Per trade fee above 50,000 trades, up to a cumulative total of £500,000 per annum (this includes the £300,000 flat fee).
   1. £15 for each trade compressed other than those initiated by an ACSP.
   2. £7.50 for each trade compressed which are initiated by an ACSP (please note that this fee will take effect from 1st September 2014).
3. Fees will be collected monthly in arrears.

NB. For the purposes of 2014 the annual fee (£300,000) will be pro-rata March-December (£250,000). For the purposes of 2014 the cumulative figure (£500,000) will be pro-rata March –December (£416,667).

Ultimate Tier

1. One fee of £500,000 per annum (if a Clearing Member has moved from the Standard Tier this fee is not applicable).
2. Unlimited trade compression.
3. Fees will be collected monthly in arrears.

NB. For the purposes of 2014 the annual fee (£500,000) will be pro-rata March-December (£416,667).

Notes:

1. Fees will be charged on a ‘per group’ basis in line with our Membership Fee Policy.
2. SwapClear Clearing Members may select an initial plan as of 1st January each year.
   (For the purpose of 2014 Members may select on or before 21st March 2014)
3. Once a threshold has been reached the Member will be automatically moved to the ‘higher’ fee plan.
4. Members may not ‘elect’ to move to a different plan during a calendar year.
5. The fee structure is independent of any fees clearing members may be charged by an ACSP for their compression services.
6. Any new trades arising from a compression cycle will be charged as per the clearing members existing Membership tariff