LCH.Clearnet SA Fees Euronext Derivatives Markets

Transcription

Effective from 2 March 2015
LCH.Clearnet SA Fees
Euronext Derivatives Markets
Contents:
Clearing fees ................................................................................................................................................... 2
Amsterdam clearing segment: ..................................................................................................................... 2
Brussels clearing segment: .......................................................................................................................... 3
Lisbon clearing segment: ............................................................................................................................. 3
Paris clearing segment: ................................................................................................................................ 4
Exercise (Tender) / Assignment, Cash Settlement and Delivery fees ...................................................... 6
Amsterdam clearing segment: ..................................................................................................................... 6
Brussels clearing segment: .......................................................................................................................... 7
Lisbon clearing segment: ............................................................................................................................. 7
Paris clearing segment: ................................................................................................................................ 8
Clearing services ............................................................................................................................................ 9
Clearing services common to all clearing segments .................................................................................... 9
Clearing services specific to Paris clearing segment ................................................................................... 9
For further information on fees, please send your request to [email protected]
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
Clearing fees
A clearing fee is charged for each contract cleared. This fee varies according to the type of contract
involved. Liquidity Providers / Market Makers and Electronic Locals benefit from special conditions (please
look at each fee grid for details).
Except for Paris commodity derivatives (monthly fee collection), all fees described into this section are
collected on a daily basis.
Amsterdam clearing segment:
Product type (Central Market and Prof trades)
(fee per contract)
Brokers
Client
Liquidity
Providers
House-Dealer
Equity and index derivatives
Equity
options
Central
Market
Premium <= € 0.20
€ 0.02
€ 0.05
Premium > € 0.20
€ 0.03
€ 0.03
Prof trades
12
Single Stock Futures*
€ 0.05
€ 0.02
Single Stock Dividend Futures*
€ 0.50
€ 0.30
Tracker options
€ 0.05
€ 0.03
AEX Index options
€ 0.05
€ 0.03
€ 0.13
AEX Index futures
AMX Index options*
€ 0.05
€ 0.03
AMX Index futures*
€ 0.05
€ 0.03
AEX Index mini options*
€ 0.015
€ 0.01
€ 0.015
AEX Index mini futures*
AEX Dividend index futures*
€ 0.13
€ 0.05
Euronext SEBI NR options*
€ 0.05
€ 0.03
Euronext SEBI NR futures*
€ 0.13
€ 0.05
Currency options
€ 0.05
€ 0.03
Currency futures
€ 0.05
€ 0.03
Currency derivatives
€ 40
Maximum fee per order (except for products
marked with an “*”)
(including combination orders)
1
2
€ 20
€ 10
A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Liquidity Providers
A clearing fee holiday applies from 16 February until 30 April 2015. Normal clearing fees will apply from 1 May 2015.
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Brussels clearing segment:
Product type
(fee per contract)
Brokers
Market Makers
(Client and House accounts)
€ 0.05
€ 0.03
€ 0.05
€ 0.02
€ 0.50
€ 0.30
®
€ 0.13
€ 0.05
®
€ 0.40
€ 0.12
Equity options
Single Stock Futures
34
Single Stock Dividend Futures
BEL20 Index options (BEL)
BEL20 Index futures (BXF)
Lisbon clearing segment:
Product type
(fee per contract)
Brokers
PSI 20 Index futures
Market Makers
56
€ 0.05
€ 0.03
€ 0.05
€ 0.02
€ 0.50
€ 0.30
3
A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers
5
6
4
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Paris clearing segment:
Product type
(fee per contract)
Brokers
Market Makers
7
Previous
“Electronic
8
Locals” status
Equity and Index derivatives
Equity options – contract size of 100
€ 0.05
€ 0.03
Equity options – contract size of 10
€ 0.02
€ 0.01
€ 0.05
€ 0.02
€ 0.50
€ 0.30
Tracker options
€ 0.05
€ 0.03
CAC40 options – PXA (€10)
€ 0.13
€ 0.05
910
€ 0.13
CAC40 futures
NA
€ 0.05
11
CAC40 Dividend index futures
€ 0.13
€ 0.05
€ 0.05
FTSEurofirst 80 and FTSEurofirst 100
futures
€ 0.05
€ 0.03
€ 0.05
€0.015
CAC40 mini futures
NA
€0.05
FTSE EPRA/NAREIT Euro Zone and
FTSE EPRA/NAREIT Europe futures
Commodity derivatives (*)
Commodity futures
Commodity options
12
€ 0.70
(except for Milling Wheat
N°3, see below)
€0.075
€ 0.30
-
(*) LCH.Clearnet SA applies an additional fee per contract which should have been netted in D day (such
late netting fees are applied when the number of netted/offset contracts in D is superior to the sum of buy
and sell contracts posted in D) on the basis of the following grid:
 € 1 per contract from 50 to 500 no netted contracts
 € 2 per contract from 501 to 1,000 no netted contracts
 € 6 per contract over 1,001 no netted contracts
‘BEST-OF FEE’ SCHEME for Milling Wheat N°3 future and option contracts:
A ‘Best-of’ fee scheme is introduced for new trading activity on Milling Wheat N°3 futures and options
contracts.
Whenever applicable, the ‘Best-of’ fee scheme on trading activity via the Euronext central order book is
evaluated on a commodity per commodity product basis (futures and options combined i.e. BMS + OBS).
In that case, commodity clearing fees are rebated to Clearing Members on a quarterly basis using the most
favourable rebate between two separate monthly rebate calculations:
7
This specific market maker fees are only applied to members having special arrangements giving specific undertakings under contrat
d’animation agreements with the Euronext Derivatives Markets in scheme that has been approved by LCH.Clearnet SA. For further
information, please contact Euronext department on +31 (0)20 550 5110, email: [email protected]. See also Paris market
making scheme section.
8
These specific fees only apply to a previous status that is not open to new applicants.
9
10
11
Where a transaction (on the same maturity) is cancelled out with a converse transaction in the course of the same trading session so
that the result is a zero sum, fees are reduced by 50%.
12
For participants in the New Market Participants (NMP) programme, a discounted clearing fee of €0.26 will be applied from 1st April
2014 to 31st March 2015 (please refer to Euronext Derivatives Markets INFO-FLASH dated 17 March 2014 for the programme details).
This discounted clearing fee will be applied with one month in arrears (standard fees applied first and then rebates to be processed).
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1) A volumetric sliding scale rebate based on the cumulative volumes (excluding any market-maker
volumes) of all commodities included in the ‘Best Of’ scheme registered by a Trading member during a
month.
From
To
Fee/contract
1
150,000
€ 0.70
150,001
250,000
€ 0.675
250,001
500,000
€ 0.65
500,001
800,000
€ 0.625
800,001
1,000,000
€ 0.60
1,000,001
and more
€ 0.50
2) A volume in excess rebate:
For each Trading member, a rolling 12-month member trading volume average in central order book
(excluding any market-maker volumes) is assessed per commodity (futures and options combined).
13
Applicable towards any central order book volume in excess of this rolling average, a rebate of 2%
per 1% of incremental activity is rebated. This rebate will be capped at 80% of the amount initially
computed for such excess volume in any case (which would represent a 40% or higher incremental
volume).
Notes:
LCH.Clearnet accepts no liability for any errors, omissions or any underpayment resulting from
inaccurately submitted business.
In the event LCH.Clearnet determines, in its absolute discretion, that a member fails to act in good faith
or in case of abusive behaviour from a member or from a beneficial client acting via one or several
members, LCH.Clearnet may decide, in its absolute discretion, to take one or more of the following
actions:
o Not to credit some or all of the rebates for the period or periods affected by the failure; and
o
To re-charge some or all of the rebates paid in respect of any period affected by the failure.
LCH.Clearnet may decide to amend and/or terminate at any time the ‘Best-of’ fee scheme with
reasonable prior notice.
Paris Market Making scheme
Equity and Index options (MONEP): Total annual clearing and exercise/assignment fees payable by
Market Makers on equity and index options (MONEP) may not exceed €100,000
Tracker options: Total annual clearing and exercise/assignment fees payable by Market Makers on
tracker options may not exceed €10,000 for General Market Makers.
Paris “Large trades” on Individual Equity Options (MONEP)
Large trades on equity options benefit from specific fees. “Large trades” are defined as posted trades with:
 At least 60,000 equity option contracts for contract size of 10 shares
 At least 6,000 equity option contracts for contract size of 100 shares
Client account
€ 40 / posting
House account
€ 20 / posting
Market Maker account
€ 20 / posting
13
For new products, the 12-month rolling average of the members’ activity will be initiated at zero lots. Similarly for new
members with no prior activity through another member, the 12-month rolling average will be initiated at zero lots.
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Exercise (Tender) / Assignment, Cash Settlement and Delivery fees
Except for Amsterdam clearing segment (daily fee collection), fees described into this section are collected
on a monthly basis.
Amsterdam clearing segment:
Product type
(fee per contract)
Brokers
Fee type
Client
Liquidity
Providers
House-Dealer
Equity and index derivatives
Equity options
€ 0.90
Exercise/Assignment
14
Single Stock Futures*
Single Stock Dividend
Futures*
€ 0.30
€ 0.30
Tender/Assignment
Tender/
Assignme
nt
€ 0.40
€ 0.05
Dividend
group
Same fees for all origins
< €0.50
€ 1.00
0.50-0.99
€ 4.00
≥ € 1.00
€ 6.00
Tracker options
Exercise/Assignment
€ 0.90
€ 0.40
€ 0.30
AEX and AMX Index
options
Exercise/Assignment
€ 0.90
€ 0.40
€ 0.30
AEX and AMX Index
futures
Tender/Assignment
€ 2.40
AEX Index mini options
Exercise/Assignment
€ 0.30
AEX Index mini futures
Tender/Assignment
€0.30
Dividend index futures*
Tender/Assignment
€ 1.00
€ 0.10
€ 0.05
€ 0.10
€ 0.30
€ 0.05
Euronext SEBI NR
options*
Exercise/Assignment
€ 0.90
€ 0.40
€ 0.30
Euronext SEBI NR
futures*
Tender/Assignment
€ 0.90
€ 0.40
€ 0.30
Currency options
Exercise/Assignment
€ 0.90
€ 0.40
€ 0.30
Currency futures
Tender/Assignment
€ 0.90
€ 0.40
€ 0.30
€ 1,000
€ 600
€ 500
Currency derivatives
Maximum fee per individual Exercise/Tender
and Assignment (except for products marked
with an “*”)
14
A cap of € 200 per individual tender/assignment is applied.
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Brussels clearing segment:
Product type
(fee per contract)
Brokers
Fee type
Market Makers
Equity options
15
Futures
Exercise/Assignment
€ 0.30
€ 0.05
Cash settlement
€ 0.30
€ 0.05
Cash
settlement
Dividend
group
< €0.50
€ 1.00
0.50-0.99
€ 4.00
≥ € 1.00
€ 6.00
BEL20 Index options
Exercise/Assignment
€ 0.30
€ 0.05
BEL20 Index futures
Cash settlement
€ 0.90
€ 0.17
Brokers
Market Makers
Lisbon clearing segment:
Product type
(fee per contract)
Fee type
PSI 20 Index futures
16
Single Stock futures
Futures
15
16
Cash settlement
€ 0.30
€ 0.05
Cash settlement
€ 0.30
€ 0.05
Cash
Dividend
settlement
group
< €0.50
€ 1.00
0.50-0.99
€ 4.00
≥ € 1.00
€ 6.00
A cap of € 200 per individual cash settlement is applied.
A cap of € 200 per individual cash settlement is applied.
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Paris clearing segment:
Product type
(fee per contract)
Brokers
Fee type
(Client and House
accounts)
Market
17
Makers
Previous
“Electronic
Locals”
18
status
Equity and Index derivatives
Equity options (100)
Exercise/Assignment
€ 0.30
€ 0.05
Equity options (10)
Exercise/Assignment
Cash settlement
€ 0.05
€ 0.02
Cash settlement
€ 0.30
€ 0.05
Single Stock
Futures
19
Dividend
Cash
settlement
Dividend
group
< €0.50
€ 1.00
0.50-0.99
€ 4.00
≥ € 1.00
€ 6.00
NA
Tracker options
Exercise/Assignment
€ 0.30
€ 0.05
CAC40 options - PXA
Exercise/Assignment
€ 0.30
€ 0.05
€ 0.30
€ 0.05
CAC40 futures
Cash settlement
CAC40 Dividend Index
futures
Cash settlement
€ 0.30
€ 0.05
€ 0.30
FTSEurofirst 80 and
FTSEurofirst 100 futures
Cash settlement
€ 0.30
€ 0.05
€ 0.30
CAC40 mini futures
Cash settlement
FTSE EPRA/NAREIT
Euro Zone
FTSE EPRA/NAREIT
Europe futures
€ 0.10
NA
Cash settlement
€0.30
Commodity futures
Delivery
€ 1.00
Commodity options
Exercise/Assignment
€ 1.00
Commodity derivatives
17
Equity/Index/Tracker Option Exercise and Assignment fees are taken into account for the market maker annual cap on fees (see
also Paris Market making scheme section)
18
These specific fees only apply to a previous status that is not open to new applicants.
19
A cap of € 200 per individual cash settlement is applied
8/10
Clearing services
Fees described into this section are collected on a monthly basis.
Clearing services common to all clearing segments
A fee of € 0.06 is charged per contract for both Internal and External corrections and Internal and
External transfers (except transfer for restructuring see below).
The keys for fee distribution between sending Clearing Member and receiving Clearing Member are
(distribution decision is made by the sending member only):
- Case n°1: 0% for sending Clearing Member - 100% for receiving Clearing Member
- Case n°4: 0% for sending Clearing Member - 0% for receiving Clearing Member; this case is
not applicable, therefore the fees will be by default the Case n°2: 50% for sending Clearing
Member - 50% for receiving Clearing Member.
Transfer fee for restructuring:
Transfers of positions resulting from the decision of an order-giver to change clearer, a change in the
accounts attributed to the order-giver or a Clearing Member’s closure are subject to special rates.
A fee of € 3.80 is charged per transfer. The total amount may not exceed € 300 per request and per
20
financial market . The fee is payable by the Clearing Member receiving the transfer (the above keys for
fee distribution do not apply here).
The creation of positions on the position account of the Clearing Member is subject to special rates.
The positions are updated in real time on the account of the Clearing Member. Only LCH.Clearnet SA is
authorized to use the function of positions’ creation. The fees for this operation are:
A creation of position between 0 and 100 lots:
€ 10.00
A creation of positions over 100 lots:
€ 50.00
Clearing services specific to Paris clearing segment
Special conditions applying to commodity contracts
Delivery administration fee
LCH.Clearnet SA levies delivery administration fees on the buying member and selling member for each
contract giving rise to a delivery notice as part of a CCP delivery (“livraison MATIF”) and also for positions
cleared one day after the maturity date.
20
Amsterdam, Brussels, Lisbon, Paris commodities or Paris financials
9/10
Contract
Milling wheat
Corn
Rapeseed Oil
Skimmed Milk Powder
Rapeseed
Malting Barley
Amount
€ 15.00
€ 30.00
Set charge for delivery costs
All costs concerning approval, analysis and forwarding of samples charged by service providers to
LCH.Clearnet SA to manage CCP delivery (“livraison MATIF”) in accordance with the Clearing Rules will be
passed back to the involved buyer and seller Clearing members on an equal basis.
The cost of additional analyses, which may be requested by a buying Clearing Member, will be invoiced to
the buying Clearing Member at the actual cost billed to LCH.Clearnet SA.
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LCH.Clearnet SA Fees Euronext Derivatives Markets

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