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RepoClear® Fees
Effective from 1st January 2014
A minimum monthly charge per clearing member of €5,000 is applied across all LCH.Clearnet Ltd and LCH.Clearnet SA Group activity in Bonds and Repo clearing, where the total registration fees chargeable to a member as below, are less than this minimum amount.
Repo registration fee: A processing fee of €2.75 for Euro denominated trades (£2.30 for Sterling denominated and $3.75 for Dollar denominated trades). Plus An ad valorem component of the repo tariff as follows: The first 1-7 days @ 0.00375%
*€GC fees waived until further notice |
Cash trade registration fee rate: 0.4 per million nominal |
Composite Rates
The effect of these tiered fee bands is that the composite rate will get cheaper in relative terms for any trade with a term greater than 7 days. The composite rates are illustrated in the following table:
| Term | Effective Ad Valorem Rate | Processing Fee | |
|---|---|---|---|
| 1 day trade | 0.00375% | + | €2.75 / £2.30 / $3.75 |
| 7 day trade | 0.00375% | + | €2.75 / £2.30 / $3.75 |
| 90 day trade | 0.00352% | + | €2.75 / £2.30 / $3.75 |
| 180 day trade | 0.00276% | + | €2.75 / £2.30 / $3.75 |
| 360 day trade | 0.00238% | + | €2.75 / £2.30 / $3.75 |
Example of Fee Calculation
Based on a trade of €100 million for a one-year term. (360 days)
| 7 days @ 0.00375% | (7/360)x100,000,000x0.0000375 | =€72.92 |
| + | ||
| 83 days @ 0.00350% | (83/360)x100,000,000x0.0000350 | =€806.94 |
| + | ||
| 270 days @ 0.0020% | (270/360)x100,000,000x0.00002 | =€1500.00 |
| = effective fee rate of 0.00238% | ||
| + €2.75 processing fee | =€2.75 | |
| Total registration fee | =€2382.61 |
Settlement Related Charges
Settlement Related Charges relate to the passing back of the external costs that LCH.Clearnet incurs on behalf of RepoClear members in managing their respective settlement activity. These costs are invoiced retrospectively, on a monthly basis, based on activity.
Specific Collateral
| DvP settlement | €7.75 per net DvP settlement |
| Cash only settlement | €7.75 per movement |
| FOP settlement | €7.75 per settlement |
| Failed settlement | No charge |
| DvP settlement | £2.75 per net DvP settlement |
| Cash only settlement | £2.75 per movement |
| FOP settlement | £2.75 per settlement |
| Failed settlement | £3.75 per intended settlement |
| DvP settlement | €2.00 per DvP settlement |
| Cash only settlement | €2.00 per movement |
| FOP settlement | €2.00 per settlement |
| Failed settlement | €20.00 per intended settlement |
General Collateral
| DvP settlement | £7.90 per DBV instruction |
| Cash only settlement | £0.80 per cash instruction |
| Failed settlement | £3.75 per intended instruction |
| Settlement Instruction | €0.30 per instruction |
| Triparty Charge* (per annum) | Euroclear: 0.15 basis points
Clearstream Luxembourg: 0.35 basis points |
| Cash Only settlement | €2.00 per movement |
| Failed settlement | €5.00 per intended settlement |
* As a collateral giver in Triparty LCH.Clearnet will incur Triparty charges - these charges will be passed back to RepoClear participants on an equal 50/50 basis between collateral givers and takers.
Please refer to the relevant triparty provider for details of other charges that may apply to business settled in the respective Triparty environments