ForexClear provides clearing members and their affiliates access to a comprehensive FX clearing service designed to support robust risk management and adherence to global regulatory standards.
The fees associated with the clearing services, and ancillary services that support the clearing workflow, are set out within the menu options on this page.
For the purposes of all fee plans:
- A reference to a “ForexClear Clearing Member” includes an “FCM ForexClear Clearing Member”.
- A "Corporate Group" means a ForexClear Clearing Member and its affiliated ForexClear Clearing Members, where “affiliated” includes any entity which is a subsidiary or has the same holding company as such first mentioned ForexClear Clearing Member, as those terms are defined in s.1159 of the Companies Act 2006. Changes in an entity's corporate ownership may lead to changes in the fee plan that applies to it.
- Terms which begin with a capital letter, but are not defined in any of these fee plans, shall have the meaning specified in the rulebook of LCH, which is located at LCH Ltd Rulebook.
Member Clearing Fee Plans
ForexClear Clearing Members may select to clear any of the ForexClear product offerings: non-deliverable forwards (“NDFs”), non-deliverable options (“NDOs”), deliverable options (“FXOs”) and deliverable forwards (“FWDs”).
For each of the selected products, ForexClear Clearing Members may choose one of the corresponding fee plans: Gold – combined plan across all products, Silver – unlimited volume, Bronze – fixed plus variable fees, or Copper – lower fixed plus higher variable fees. Each fee plan covers all house account trade registration activity for a ForexClear Clearing Member and its affiliated ForexClear Clearing Members, for the selected products.
| Clearing fee plans | Member [Note 1] | |||
| Copper [Note 2] | Bronze [Note 3] | Silver [Note 4] | Gold [Note 5] | |
| Non-deliverable (NDF/NDO) | £1,350,000 £2 per $’mn FXO applicable beyond the first $150bn cumulative notional cleared per calendar year |
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| Fixed fee per annum | $175,000 | $375,000 | £1,200,000 | |
| NDF variable fee per $’mn | $3.00 | $2.00 | n/a | |
| NDO variable fee per $’mn | $6.00 | $4.00 | n/a | |
| Deliverable FXO | ||||
| Fixed fee per annum | $150,000 | $300,000 | £900,000 | |
| FXO variable fee per $’mn | $6.00 | $3.50 | n/a | |
| Deliverable FWD [Note 6] | ||||
| Fixed fee per annum | $100,000 | $150,000 | £300,000 | |
| FWD variable fee per $’mn | $1.50 | $1.00 | n/a | |
| Onboarding fee [Note 7] | ||||
| Per entity onboarded, one-off | $70,000 | $70,000 | $70,000 | $70,000 |
| Lifetime cap | 5 charges | 5 charges | 5 charges | 5 charges |
Notes:
[1] Multiple product fee plans discount
A ForexClear Clearing Member is eligible for a discount of USD 50,000 off fixed fees for each additional product onboarded on the Copper or Bronze fee plans, or GBP 40,000 off the fixed fees for each additional product on the Silver fee plans. | Back to Note 1
[2] Copper non-deliverable fee plan
A ForexClear Clearing Member offering client clearing is not eligible for the Copper non-deliverable fee plan.
Non-deliverable Copper fixed fees are applicable on a monthly prorated basis from and including the month in which the ForexClear Clearing Member surpasses $5bn cumulative notional of non-deliverable ForexClear contracts cleared to its house account per calendar year. Up to this threshold, only variable fees apply. The $5bn threshold resets on 1 January each year. | Back to Note 2
[3] Bronze non-deliverable fee plan
This fee applies to those members that either (i) onboard to the Bronze non-deliverable fee plan after 1 April 2026, or (ii) are clearing under the Bronze non-deliverable member fee plan as of 1 April 2026 and that have been on such plan for longer than 12 months on 1 April 2026. On and from 1 January 2027, all members on the Bronze non-deliverable fee plan will pay $375,000 per annum .| Back to Note 3
[4] Silver non-deliverable fee plan discount
This fee applies to all members that onboard to the Silver non-deliverable fee plan after 1 April 2026. Existing members on the Silver non-deliverable plan as of 1 April 2026 will have their fees increased by £50,000 on 1 April 2026 and by £50,000 on 1 January year-on-year thereafter, up to but not exceeding the Silver non-deliverable fixed fee applicable for that year. | Back to Note 4
[5] Gold fee plan rebate (2026)
A ForexClear Clearing Member (and its affiliated ForexClear Clearing Members, if any) on the Gold fee plan (“Gold Member Group”) shall receive the rebate amount specified in the table below that corresponds to the number of Eligible Rebate Events it has achieved during (and by the end of) the applicable time period (up to a maximum total amount of GBP 90,000 for 2026).
An “Eligible Rebate Event” means, in respect of a Gold Member Group, that the ForexClear Clearing Member(s) and/or ForexClear Dealer(s) relating to such Gold Member Group have submitted and cleared outright FX forwards and/or outright FX swaps, once eligible at ForexClear, via any ATSP and/or ForexClear Approved Trade Source System, which (i) are cleared collectively as part of a distinct event or package (as determined by LCH), and (ii) have an aggregate notional amount of at least USD 1 billion (or currency equivalent).
For example, if a Gold Member Group submitted and cleared (i) a package of outright FX forwards and/or FX swaps with LCH via an ATSP run on 2 July 2026, where the package had an aggregate notional amount of USD 1.2 billion (or currency equivalent), and (ii) a package of outright FX forwards via an ForexClear Approved Trade Source System on 24 September 2026, where the package had an aggregate notional amount of USD 2.2 billion (or currency equivalent), then it would have achieved two separate Eligible Rebate Events and (if it achieved no other Eligible Rebate Events during Q3 2026) would receive a rebate of GBP 45,000 from LCH for Q3 2026.
*The terms “outright FX forwards”, and “outright FX swaps” mean any FX forward or FX swap transaction that is not a hedge transaction.
| Total number of Eligible Rebate Events achieved during and by the end of the applicable period | H1 2026 (1 January 2026 to 30 June 2026, inclusive) |
Q3 2026 (1 July 2026 to 30 September 2026, inclusive) |
Q4 2026 (1 October 2026 to 31 December 2026, inclusive) |
| 1 | zero | GBP 22,500 | GBP 15,000 |
| 2 | zero | GBP 45,000 | GBP 30,000 |
| 3 or more | zero | GBP 45,000 | GBP 45,000 |
| Back to Note 5
[6] Deliverable FX forwards fees
The fees under the heading “Deliverable FWD” only apply to outright deliverable FX forward transactions (i.e. those which are not hedges). | Back to Note 6
A one-off onboarding fee of USD 70,000 will be billed one month in arrears for each new ForexClear Clearing Member, FCM Clearing Member or ForexClear Dealer, which is a member of, or affiliated to, the same Corporate Group. This onboarding fee will be capped at five charges per Corporate Group, with subsequent entities not incurring any onboarding fees. | Back to Note 7
Changes to fee plans
A ForexClear Clearing Member can change fee plan at the start of each calendar quarter. To do so, the ForexClear Clearing Member must provide at least one calendar month’s written notice to LCH after which the new fee plan will become effective on and from the start of the next calendar quarter. From and including that quarter, the remaining monthly instalments of the calendar year will be payable at the newly elected fee plan (irrespective of fee amounts already invoiced under the ForexClear Clearing Member’s previous fee plan).
Fee calculations
Fixed fee calculation
Fixed member fees are pro-rated monthly where a ForexClear Clearing Member joins intra year.
Variable fee calculation
The variable fees are calculated on each trade as:
- [Notional amount of trade] * the per million (USD) notional fee from the relevant tier in the schedule above.
- ForexClear client clearing fees are calculated based on the total cleared notional in a calendar month for each independent Client Clearing Portfolio.
Client Clearing Fee Plans
| Client clearing [Note 8] | ForexClear Clearing Member |
|---|---|
| NDF variable fee per $’mn | $2.00 |
| NDO variable fee per $’mn | $4.00 |
For a ForexClear Clearing Member to offer client clearing they must be part of a fee-paying Corporate Group.
A "Client Clearing Portfolio" is a separate legally identified client account or client sub-account that LCH has opened in the name of a ForexClear Clearing Member. A Client Clearing Portfolio is unique to each ForexClear Clearing Member. | Back to Note 8
Compression Fees
A ForexClear Clearing Member (and its affiliated ForexClear Clearing Members, if any) may use the ForexClear compression services to reduce house account notional, subject to the fees and annual caps outlined below. Client account compression is also available, free of charge.
| Compression fees | Copper | Bronze | Silver | Gold |
| House account compression | ||||
| Variable fee per $’mn notional reduced [Note 9] | $0.50 | $0.50 | $0.50 | $0.50 |
| Annual fee cap [Note 10] | $200,000 | $200,000 | $200,000 | $100,000 |
| Client account compression [Note 11] | ||||
| Variable fee per $’mn reduced | free | free | free | free |
| Annual fee cap | n/a | n/a | n/a | n/a |
The variable compression fees are calculated on each compression run as the [notional amount reduced] * the per million (USD) fee specified in the table up to the maximum annual fee cap in the relevant plan. | Back to Note 9
A ForexClear Clearing Member (and its affiliated ForexClear Clearing Member, if any) will be charged variable compression fees to a maximum annual fee cap applicable on a cumulative basis across its Corporate Group. | Back to Note 10
LCH will not charge any Corporate Group fees for using the ForexClear compression services in respect of any of its client accounts in 2026. | Back to Note 11
Settlement Reduction Fees
LCH will impose a fee as part of the automated settlement reduction process for deliverable products, payable by ForexClear Clearing Members which are in breach of relevant settlement limits at end of day on settlement date -2.
| Settlement reduction fees | AUD | CHF | EUR | GBP | JPY |
| Basis points on notional [Note 12] | 0.26 | 0.23 | 0.2 | 0.22 | 0.2 |
Notes:
[12] Variable fee calculations
The fee is equal to the rate specified in the table, for the applicable currency, multiplied by the excess of a ForexClear Clearing Member’s Settlement Position Amount over the Settlement Position Limit, in respect of such currency. | Back to Note 12
Reporting Access Fees
ForexClear Clearing Members receive daily ForexClear reporting in relation to their clearing activity as part of their ForexClear membership plan.
An integrated vendor or third-party vendor may request access to, and use of, ForexClear reports relating to one or more consenting ForexClear Clearing Member(s) by entering into an agreement with LCH (in the form specified by LCH).
| Reporting access fees | Members | Integrated vendors | Third-party vendors |
| Member reporting access [Note 13] | |||
| Standard fee per Corporate Group, per month | Free | £1,000 | £1,000 |
| Access type | Unlimited | Unlimited | Unlimited |
| Permitted uses | n/a | Member outsourcing solution in respect of ForexClear Contracts and/or FCM ForexClear Contracts | Margin and risk optimisation services in respect of ForexClear Contracts and/or FCM ForexClear Contracts |
| Onboarding fee, one-off [Note 14] | n/a | £25,000 | £25,000 |
A vendor that is an ATSP is eligible for a 75% discount on the standard fee, in respect of a Corporate Group, if it:
(a) accesses and uses a limited number and type of ForexClear reports (as determined by LCH) exclusively for the purposes of performing its services and obligations, and/or exercising its rights, in its capacity as an ATSP under the relevant agreement between such ATSP and LCH, and
(b) has submitted at least one Final Transaction for clearing by a ForexClear Clearing Member within such Corporate Group to LCH within 12 months of LCH granting such ATSP access to, and use of, ForexClear reports relating to such Corporate Group. The point at which such access is granted by LCH to the ATSP will be determined by LCH in its sole and absolute discretion.
If an ATSP accesses and uses the ForexClear reports other than as described in (a) above and/or fails to satisfy the requirement in (b) above, in respect of a Corporate Group, it will not receive the discount and must pay the standard fee. | Back to Note 13
A vendor must pay a single, one-off fee of GBP 25,000 to LCH the first time that it accesses and uses any LCH report (irrespective of the LCH service to which such report relates). | Back to Note 14
Margin Calculator fees
ForexClear Clearing Members may request access to, and use of, the ForexClear margin calculators as part of their ForexClear membership plan.
A third-party vendor may request access to, and use of, the ForexClear margin calculators in respect of one or more consenting ForexClear Clearing Member(s) by entering into an agreement with LCH (in the form specified by LCH).
| Margin calculator fees | Members | Third-party vendors | |
| Margin calculator – Java library [Note 15] | |||
| Fixed fee per annum | Free | £75,000 | £275,000 |
| Variable fee per Corporate Group | Free | n/a | |
| License type [Note 16] | Limited | Limited | Extended |
| Margin calculator – REST API [Note 17] | |||
| Fixed fee per annum | Free | £15,000 | £250,000 |
| Variable fee per Corporate Group | Free | £15,000 | n/a |
| Annual fee cap | n/a | £75,000 | n/a |
| License type | Limited | Limited | Extended |
| Onboarding fee, one-off [Note 18] | |||
| Existing vendors | n/a | n/a | n/a |
| New vendors | n/a | £10,000 | £10,000 |
From 1 January 2026, the ForexClear Java library margin calculator will not be available to new third-party vendors. | Back to Note 15
A third-party vendor may use the margin calculator only within the limited or extended scope defined in their applicable vendor agreement with LCH. |Back to Note 16
[17] REST API early adopter discount
Early adopter discount: A third-party vendor will receive a 10% discount on all such fees incurred prior to 31 December 2026. | Back to Note 17
[18] Onboarding fee
A third-party vendor must pay a single, one-off fee of GBP 10,000 to LCH the first-time it accesses the ForexClear Java library or REST API margin calculator (except if it is an existing third-party vendor transitioning from the ForexClear Java library margin calculator to the ForexClear REST API margin calculator). | Back to Note 18
EMIR Account Fees
For information on EMIR account structure charges please click here.
Billing Schedule
| Billing schedule | Members and clients | Vendors |
| Fixed clearing fees | Billed monthly in arrears to the applicable Corporate Group. |
n/a |
| Variable clearing fees | ||
| Compression fees | ||
| Settlement reduction fees | ||
| EMIR account fees | Billed twice a year in arrears to the applicable Corporate Group. | |
| Reporting access fees | Free | Billed quarterly in arrears to the applicable vendor, unless otherwise agreed with LCH. |
| Margin calculator fees |
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