Business Streams

SwapClear® Fees

Self-Clearing Fees

Under the standard SwapClear tariff, an annual clearing fee of GBP 1,250,000 is charged by the Clearing House to cover all self-clearing activity for a clearing member or affiliates.
An alternative tariff is available, comprising three elements:

A reduced annual clearing fee of GBP 500,000
A registration fee of GBP 75 per self-clearing trade
An ongoing monthly maintenance fee of GBP 6 per live self-clearing trade.

Client Clearing Fees

Clearing fees under the SwapClear Client Clearing service are charged to the clearing member under a choice of two pricing plans, with effect from Q2 2012.

Standard Pricing Plan

The Standard Pricing Plan has an up-front booking fee and an ongoing maintenance fee.

The booking fee for new trades is applied on a per million basis in the currency of the trade, per table 1 below. Booking fee for back-loaded trades is one-third of the fee for new trades.

Standard Pricing Plan
Table 1: Booking Fee
Transaction Maturity	per million notional
0 to 1	1
1+ to 3	2.50
3+ to 5	4.50
5+ to 7	6
7+ to 10	8
10+ to 12	9
12+ to 15	10
15+ to 20	15
20+ to 25	18
25+ to 50	20

The maintenance fee for each outstanding client trade is listed in table 2 below.

Standard Pricing Plan
Table 2: Maintenance Fee - Pricing Tiers
Number of Trades	USD/Day per trade	USD/Month
1-25	$0.66	$20
26-50	$0.53	$16
51-100	$0.43	$13
101-500	$0.33	$10
501-1000	$0.23	$7
1001-Any	$0.16	$5

High Turnover Plan

The High Turnover Plan also has an up-front booking fee and an on-going “risk consumption” fee. The up-front fee is a flat USD 25 per ticket fee (for new and back-loaded trades). The ongoing risk consumption fee is calculated at 10 basis points annualized on the client’s Initial Margin requirement.