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Company Circular No:

LCH.Clearnet Limited Circular No 3396

Service Circular No:RepoClear Circular No 209
Date:17 December 2013
To:All RepoClear Clearing Members

Fixed Income New Tariff Structure

Dear Fixed Income Participant,

Following a review of the RepoClear fee structure, the below updated tariffs will be applied to repo transactions with effect from 1st January 2014. The charges applicable to cash bond trades will remain unchanged.

In addition, the Member interest accrued on the RepoClear Default Fund will change to EONIA minus ten basis points (in respect of EURO Contributions) and SONIA minus ten basis points (in respect of GBP Contributions).

RepoClear® Fees

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.

Registration fees

Repo registration fee:

A processing fee of €2.75, £2.30, $3.75 (From €1.00, £0.70, $1.40).

Plus an ad valorem component of the repo tariff as follows:

The first 1-7 days @ 0.00375% (From 0.00275%)

The next 8-90 days @ 0.00350% (From 0.00225%)

The next 91+ days @ 0.00200% (From 0.001%)

*€GC fees waived until further notice

Cash trade registration fee rate: 0.4 per million nominal

RepoClear® Custody Services

Price of custody services (i.e. fees on margin cover collateral)

Credit Variation MarginNot allowed to cover a Debit Cash position
No charge or payment to cover IM or debit CVM
Performance BondsCharge 0.10% to cover IM and CVM after offset
SecuritiesCharge 0.10% to cover IM and CVM after offset


LDR – London Deposit Rate-the rate at which the Clearing House will pay or charge interest on credit cash balances (excluding DF Contributions)

LDR rates:

EURO – EONIA minus Spread* to achieve a Target Return of 17.5bps to LCH.Clearnet Ltd (from EONIA minus 35bps)

GBP – SONIA minus Spread* to achieve a Target Return of 17.5bps to LCH.Clearnet Ltd (from SONIA minus 30bps)

USD – Fed Funds minus Spread* to achieve a Target Return of 17.5bps to LCH.Clearnet Ltd (from Fed Funds minus 20bps)

JPY – TONAR minus 30bps

CAD – CORRA minus 30bps

SEK – STIBOR minus 30bps

NOK – NOWA minus 30bps

CHF – TOIS minus 30bps

DKK – DETNTIN minus 30bps

*For EURO, GBP & USD the Spread will be published periodically

This document constitutes a notice in respect of fees in accordance with clause 3.2 of the Clearing Membership Agreement.

For further information please contact:

Nigel de Jong, Group Head of Fixed Income Client Management, Marketing & Sales
Tel: + 44 (0) 20 7426 7273, Email: [email protected]

Nick Maggs
Tel. + 44 (0) 20 7426 7442 Email: [email protected]

Mr. Philippe Scavizzi
Tel: +33 1 70 37 67 21, E-mail: [email protected]

Ms. Manisha Mistry Tel: +44 20 7426 7199, E-mail: [email protected]