| LCH circular number: | 4301 |
| Date: | April 16, 2024 |
| To: | All LCH Ltd EquityClear Clearing Members |
Dear LCH Ltd EquityClear Clearing Member
We are pleased to advise our LCH Ltd (LCH) EquityClear Clearing Members that we will be making changes to our billing of ETN/ ETC products settling in Euroclear Bank.
From 1st May 2024, and if the below conditions are met, eligible Clearing Members will receive a rebate of €3.50 per eligible ETN/ ETC settlement instruction alongside the existing rebate applicable to ETF settlement instructions in Euroclear Bank.
To be eligible for the per-settlement instruction rebate, a Clearing Member’s volumes must equal or exceed the below thresholds:
- A combined 6-month rolling average* of 15,000 monthly ETF, ETN and ETC settlements in Euroclear Bank
- An Average Daily Volume (ADV) measured over a 6-month rolling* period of 10,000 cleared trade sides with subsequent settlements in Euroclear UK & International (EUI)
*6-month rolling averages will be taken for previous 6 months of activity up to and including the current billing month.
If you have any questions relating to this please contact: securitiesclientserviceLTD@lch.com
Yours Sincerely
Ivan Gilmore
Head of Cash Equities, LCH Ltd & LCH SA