Business Streams

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.

Registration fees:

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%
The next 8-90 days @ 0.00350%
The next 91+ days @ 0.00200%
See application example below.

*€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:

Examples of Composite Rates on Differing Term Repo Trades
TermEffective Ad Valorem RateProcessing Fee
1 day trade0.00375%+€2.75 / £2.30 / $3.75
7 day trade0.00375%+€2.75 / £2.30 / $3.75
90 day trade0.00352%+€2.75 / £2.30 / $3.75
180 day trade0.00276%+€2.75 / £2.30 / $3.75
360 day trade0.00238%+€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

Belgian securities:
DvP settlement€7.75 per net DvP settlement
Cash only settlement€7.75 per movement
FOP settlement€7.75 per settlement
Failed settlementNo charge
UK Gilts:
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
All other securities
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

Sterling GC
DvP settlement£7.90 per DBV instruction
Cash only settlement£0.80 per cash instruction
Failed settlement£3.75 per intended instruction
€GC
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