The following information is supplemented by the Notes sections.
Terms used on this page and not defined on this page have the meaning assigned to them in the Rulebook or FCM Rulebook of LCH, as applicable.
For the purposes of the below, a ‘trade’ or 'contract' means a “SwapClear Contract” or “FCM SwapClear Contract”, as applicable. References to “SwapClear Clearing Member” shall include “FCM Clearing Member", as applicable.
SwapClear client clearing fees for SwapClear Client Clearing Services and FCM SwapClear Clearing Services are charged to a Clearing Member under a choice of two pricing plans.
Standard Plan
The Standard Pricing Plan has an up-front booking fee and an ongoing maintenance fee.
Booking fee
New trades are charged on a per-million notional basis in the currency of the trade as set out in the table below. The booking fee is incurred at the time that the trade is cleared and collected monthly in arrears.
Maintenance Fee
The maintenance fee is incurred annually on the anniversary date of the registration of each trade, collected monthly in arrears and is not payable for trades terminated before their anniversary date. The fee is charged on a per-million notional basis in the currency of the trade as set out in the table below.
| Booking Fee | Interest Rate Swaps |
Non-Deliverable Interest Rate Swaps | Inflation Swaps | |
|---|---|---|---|---|
| Transaction Maturity | 0 - 1 year | 0.90 | 0.90 | 1.40 |
| 1 year+ to 3 year | 2.25 | 2.25 | 3.40 | |
| 3 year+ to 5 year | 4.05 | 4.05 | 6.10 | |
| 5 year+ to 7 year | 5.40 | 5.40 | 8.10 | |
| 7 year+ to 10 year | 7.20 | 7.20 | 10.80 | |
| 10 year+ to 12 year | 8.10 | 8.10 | 12.20 | |
| 12 year+ to 15 year | 9.00 | 9.00 | 13.50 | |
| 15 year+ to 20 year | 13.50 | 13.50 | 20.30 | |
| 20 year+ to 25 year | 16.20 | 16.20 | 24.30 | |
| 25 year + to 51 year | 18.00 | 18.00 | 27.00 | |
| Maintenance Fee | Fee per million of notional | 3.00 | 3.00 | 12.00 |
High-Turnover Fee plan changes as of 1st July 2025
As of 1st July, SwapClear will introduce a tiered trade registration model and tiered maintenance fees. This is to discourage inappropriate use of the HTO fee plan.
Maintenance Fee
The ongoing “risk consumption fee” is a tiered rate based on a client fee group's prior quarterly volume and calculated as basis points annualised on the client's initial margin (IM) requirement (regardless of type of collateral used to cover IM). It is calculated daily and paid monthly in arrears.
Trade Registration Fee
The “Trade Registration fee” is a tiered rate based on a client fee group's prior quarterly volume and charged per transaction registered at the service.
| Quarterly Trade Thresholds | IR Swaps * | Inflation | ||
|---|---|---|---|---|
| B1 | 3,001+ | Registration | $27.50 | $40.00 |
| Maintenance | 10bps | |||
| B2 | 601-3000 | Registration | $55.00 | $70.00 |
| Maintenance | 12bps | |||
| B3 | 0-600 | Registration | $200.00 | $250.00 |
| Maintenance | 14bps | |||
*Interest Rate Swap / Non-Deliverable Interest Rate Swap
Maximum Fund Threshold
There is maximum number of 75 funds from a single client group that can use the HTO plan. A client group with greater than 75 funds will incur a $10,000 charge per annum charged monthly in arrears for each additional fund over that maximum.
Active Market Maker plan
SwapClear’s active market maker plan offers SwapClear clearing members discounted compression fees (see Client Compression Fees | SwapClear for the regular fee schedule) in relation to their high-volume, market making clients, as described below (“Active Market Maker Plan”).
Fee reduction
If the eligibility criteria below is met, then the compression processing fees a SwapClear clearing member would ordinarily pay LCH for multilateral compression in relation to such client, which is undertaken by an approved compression service provider, will be reduced to zero. All other fees remain unchanged. This plan is applied in relation to a single client (not on an aggregate basis across several clients within a group).
Eligibility Criteria
The following criteria must be met to qualify for the Active Market Maker Plan in respect of a client:
- registration of greater than 18,000 SwapClear contracts and/or FCM SwapClear contracts in respect of such client, assessed on a quarterly basis and observed over the prior quarter; and
- self-identification of such client as a market maker, where “market maker” means (i) an entity registered as a swap dealer with the U.S. Commodity Futures Trading Commission and listed here (“U.S. Swap Dealer”), or (ii) an entity which is not a U.S. Swap Dealer, but which LCH considers undertakes activity that is equivalent to that undertaken by a U.S. Swap Dealer.
Equivalence determination
For the purposes of paragraph 2(ii) above, LCH will consider that the criteria under such paragraph is met where the client:
- is not a U.S. Swap Dealer;
- is not incorporated in a state within the U.S.; and
- identifies and notifies LCH that it falls within the definition of “Swap Dealer” under section 1a(49) of the Commodity Exchange Act and CFTC Regulation 1.3 (located at Code of federal Regulations), as supplemented by the new rules and interpretive guidance for such definition adopted by the CFTC and the Securities and Exchange Commission (located at CFTC).
LCH will determine whether the criteria under points one and two of the eligibility criteria above is met in its sole discretion and such determination shall be final and conclusive.
Blended Rate and Multilateral Compression
For each trade terminated from blended rate compression or multilateral compression, the following fees apply:
Per trade terminated = a) Registration replacement fee + b) Processing fee
a) Registration Replacement Fee
| Pricing Plan | |
|---|---|
| Fee for booking a notional offsetting position | Based on client's fee plan at the point of compression |
b) Processing Fee
Volume bands are based on the aggregate monthly sum of:
- Number of cleared contracts
- Number of contracts compressed using blended rate, standard and multilateral compression
| Volume Bands | Blended Rate (USD) | Multilateral (USD) |
|---|---|---|
| Volume greater or equal to 750 contracts | $25.00 | $25.00 |
| Volume greater or equal to 250 contracts but fewer than 750 contracts | $50.00 | $50.00 |
| Volume less than 250 contracts | $75.00 | $75.00 |
EMIR Account Structure
There is more information on account structure fees, including ISA and IGA account charges, under EMIR.
IBOR Fallback Fees
Unless notified otherwise by member circular, LCH will apply a monthly Fallback Fee for outstanding IBOR contracts which have a maturity date after the currency IBOR cessation date. Fallback fees will be applied for 3 months prior to the announced LCH conversion date, for outstanding positions as of the last business day of that month.
| Fee per outstanding contract | ||
|---|---|---|
| 3 months prior to LCH conversion date | 2 months prior to LCH conversion date | 1 month prior to LCH conversion date |
| £5.00 | £5.00 | £5.00 |
IBOR Conversion Fees
Unless notified otherwise by member circular, LCH will apply a conversion fee to client SwapClear Contracts which are converted by the LCH conversion tool.
| Fee per outstanding contract | |
|---|---|
| Conversion Fee | £30.00 |
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