Clearing Member Fee
Effective from 1st July 2025
A minimum monthly activity charge (MAC) per RepoClear clearing member [Note 1] of €8,500 is applied across all LCH Ltd and LCH 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.
[1] Sponsored Members are subject to a separate minimum activity charge, as described below. Back to note 1
Registration fees
Repo tiered processing fee:
| Monthly Trade Sides Cleared | Fee per trade |
|---|---|
| from 0 to 4,000 | £4.00 |
| from 4,001 to 5,000 | £3.25 |
| from 5,001 to 6,000 | £2.50 |
| from 6,001 to unlimited | £0.45 |
If two or more Members have the same ultimate parent within their legal structure, then all such Members will be treated as a single Member for the purposes of determining the processing fees payable by them.
Plus, a single ad valorem rate of 0.004% for sterling denominated trades.
See calculation example in ‘Example of Repo Registration Fee Calculation’ section.
Example of Repo Registration Fee Calculation
Based on a trade of £100m start cash amount for a 270-day term
| 270 days @ 0.004% |
(270/360) x (100,000,000x0.00004)= £3,000.00 |
| £4.00 processing fee | £4.00 [Note 2] |
| Total registration fee of | £ 3,004.00 |
[2] Assumed processing fee, variable based on above tiering. Back to note 2
Cash bond trade registration fee rate:
£1.25 per million cash amount + Processing Fee of £1.25
Settlement Related Charges
Settlement Related Charges relate to the overall cost that LCH incurs on behalf of RepoClear members in managing their respective settlement activity. This cost is invoiced retrospectively, on a monthly basis, based on settlement activity.
A penalty charge for a settlement credit event is also applicable where a member has insufficient funds to take delivery of securities from LCH. This is set at SONIA +100bps of the outstanding value of the fail.
Specific Collateral
| UK Gilts | |
|---|---|
| DvP settlement | £3.45 per net DvP settlement |
| Cash only settlement | £3.45 per movement |
| FOP settlement | £3.45 per settlement |
| Failed settlement | £40 per intended settlement |
General Collateral
| Term £GC | |
| Opening instruction (TDO) | £6.75 per TDO instruction |
| Ongoing settlement (TDO) | £6.75 per business day per settlement position |
| Closing instruction (TDR) | £2 per TDR instruction |
| Cash only settlement | £0.80 per cash instruction |
| Failed settlement | £3.75 per intended instruction |
| Amendment (TDA) | £1 per instruction |
RepoClear Default Fund Remuneration
Current applicable spreads are found here : LCH LTD Spreads / Fees on Collateral | LSEG
Sponsored Clearing Fees
Sponsored Member Registration and Settlement Fees
Sponsored Members are subject to the same Registration fees and Settlement charges as outlined above for RepoClear Clearing Members. Fees are charged at the Sponsored Member mnemonic level.
Minimum Activity Charge (MAC) Exceptions
For RepoClear Clearing Members joining after the 15th of each month, no MAC will be charged for activity in that first month.
Onboarding
Each new RepoClear Clearing Member will be charged an onboarding fee of £20,000 [Note 3] which includes the LCH Ltd application fee if applicable.
The onboarding fee is a one-time fee charged after the prospective member’s application (including all supporting documents) have been approved by the Executive Risk Committee of LCH Limited.
[3] The onboarding fee does not apply to agent members. Back to note 3
[4] For a new Investment Manager, the onboarding fee will not apply for any Sponsored Member of that Investment Manager, which onboards within the first 9 months after the first Sponsored Member under that manager joined. Back to note 4
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