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| Originating department: | Commercial Services |
| Company Circular No: | LCH.Clearnet Ltd Circular No 2910 |
| Service Circular No: | LCH EnClear No 342 |
| Date: | 18 July 2011 |
| To: | All LCH.Clearnet EnClear Members |
Reductions in Clearing Fees for the OTC freight clearing service
Members are advised that with immediate effect, from Monday 18 July 2011, headline rates for the Cape Timecharter Swap (CTC) and Option (CTO) contracts will be reduced to $7 per lot, from current rates of $12 and $15 respectively.
Additionally, our tiered fee structure will be amended, to include further tiers and greater reductions, as set out below:
| Lots per month | Reduction in fees | |
| Tier 1 | >1500 | 15% |
| Tier 2 | >2500 | 30% |
| Tier 3 | >5000 | 40% |
| Tier 4 | >7500 | 50% |
| Tier 5 | >10000 | 75% |
| Tier 6 | >15000 | 85% |
| Tier 7 | >20000 | 90% |
| Tier 8 | >25000 | 95% |
We will continue to inform you at the end of every month which accounts are due a rebate based on the reduced fees charged by LCH.Clearnet. These rebates are highlighted and reflected in your monthly invoice statements.
Details of all our fees can be found on our website at http://www.lchclearnet.com/freight/ffas/fees.asp.
If you have any questions, please do not hesitate to contact Isabella Kurek-Smith on +44 20 7426 7460 or [email protected] or Holly Shaw on +44 20 7426 7027 or [email protected]
Isabella Kurek-Smith
Director, Head of Energy and Freight Markets
Commercial Services