LCH.Clearnet SA Fees Fixed income Clearing Services

Effective from 1 April 2016
LCH.Clearnet SA Fees
Fixed income Clearing
Services
Contents:
Clearing fees ................................................................................................................................................... 2
Clearing services ............................................................................................................................................ 3
IDB services .................................................................................................................................................... 4
Web Fixed income .......................................................................................................................................... 4
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
The clearing fees as described in this section are common at Group level.
A. Minimum Activity Charge (MAC)
A single Minimum Activity Charge will apply to all clearing members registered in LCH.Clearnet SA and/or
LCH.Clearnet Ltd accounts for Fixed income / Repoclear operations.
Calculated on a monthly basis, the MAC is the minimum monthly amount to be paid by each clearing
member. This MAC is a common one for LCH.Clearnet SA and LCH.Clearnet Ltd; members registering
operations on both “segments” will be charged the MAC amount once only.
For all debts SA & Ltd
Group level MAC amount – monthly payable
€ 7,500.00
The MAC is only levied if the total amount of clearing fees (see below) is lower than the amount of the MAC.
In that case, the member is charged with the difference between these two amounts as follows:
If  feesm < MACm  charge of [ (MACm) -  feesm ]
Where:
 feesm represents the total clearing fees levied on buy/sell and repo transactions,
on both LCH.Clearnet SA and LCH.Clearnet Ltd, in the course of the month ‘m’.
MACm represents the Minimum Activity Charge for the same month.
LCH.Clearnet SA invoices the MAC in the course of the month following that for which it is due.
For General Clearing Members, LCH.Clearnet SA invoices the MAC for their transactions or their group
ones if necessary and per trading member cleared (for example: a general clearing member is required to
pay each month a minimum of € 7,500 per number of trading member cleared).
B. Clearing fees
LCH.Clearnet SA charges a fee for each transaction cleared. The clearing fees are invoiced on a monthly
basis.

Buy / Sell transactions:
The cash clearing fee is composed of two distinct elements:
A fixed processing fee of €1 per cash trade
Plus an ad valorem registration fee (applied to the nominal of the cash trade) of €0.50 per million
nominal is charged.
These clearing fees are calculated as soon as the transaction is registered.
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
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The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.

Repo transactions:
The Repo clearing fee is composed of two distinct elements:
- A fixed processing fee of €2.85 per repo trade
- Plus an ad-valorem component (applied to the nominal value of the repo) based on the term of the
trade, calculated incrementally against a tiered annualised rate:
o The first 1-90 days:
0.00375%
o The next 91+ days:
0.00250%
Clearing fees for repo transactions are calculated on the basis of duration i.e. the number of calendar days
between the commencement date and the termination date of the repo (excluding the commencement
date), with an annual basis of 360 days. They are charged after the termination date falls due.
Clearing services
A. Recovery of settlement related costs
LCH.Clearnet SA re-charges members with settlement related costs as follows:
French debt:
 €1.65 per settlement instruction sent to Euroclear France
 Fails will not be charged.
Italian debt:
 €2.63 per settlement instruction sent to Target 2 securities
Spanish debt:
 €1.45 per settlement instruction sent to Iberclear
1
 Net fails : a penalty of €3,000 is charged, except if the member has already been fined directly by
Iberclear.
B. Recovery of Euroclear France Découpage2 charges
3
Euroclear France charges a cost per découpage event to the counterparty that failed to deliver bonds;
LCH.Clearnet SA is also charged on an equivalent basis to other market participants.
LCH.Clearnet SA recovers découpage related costs incurred as a result of the failure by a member to
deliver bonds on the scheduled date.
LCH.Clearnet SA applies the following rules to determine the appropriate members and amounts to be
recharged:
1
Please refer to the related instruction for the net fail qualification
Découpage is the name given by Euroclear France to an end-of-day process used to optimise settlement efficiency by delivering
against payment any bonds that remain in the seller’s account that form part of an unsettled delivery obligation. Découpage is
equivalent to a partialling process.
3
Currently, this charge is €230 (excluding VAT) per decoupage event
2
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
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The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.

The distribution is per member, per date and per ISIN Code.

All members who fail to deliver by the end of the RGV day process are recharged, if LCH.Clearnet
has been charged by Euroclear France for a découpage on the same day and for the same ISIN
code. This rule applies irrespective of whether a member has delivered part or none of the delivery
obligation by this time.

The amount recharged per member is the result of T divided by N where:
o
T = Total découpage fee charged to LCH.Clearnet by Euroclear France, per day, per ISIN
code.
o
N = Number of members who fail to deliver to LCH.Clearnet SA by the end of the RGV day
process.
Découpage charges are recovered on a monthly basis.
IDB services
A fixed fee of € 0.15 per million nominal is charged to the IDB for each transaction received which the IDB is
counterparty. These IDB fees are calculated as soon as the transactions are received.
Web Fixed income
Please refer to the Technical fee grid for the access cards fees.
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
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