| LCH circular number: | 4402 |
| Date: | November 09, 2026 |
| To: | All LCH Ltd SwapClear Clearing Members |
Dear SwapClear Clearing Member,
We are writing to inform you of the forthcoming changes to the SwapClear member fees, which will take effect from 1 January 2027, subject to regulatory review.
LCH's SwapClear service is dedicated to providing the global financial sector with a market-leading clearing solution. Investments in product and service enhancements continue to strengthen SwapClear's offering and support evolving market, regulatory and member requirements.
SwapClear has continued to invest in the functionality of its Margin Analytics service, providing members with enhanced tools to support improved capital optimisation and broader risk management objectives, in line with regulatory requirements this is now included as part of the member fee tariffs rather than an optional add-on. Further investment has expanded LCH’s eligible collateral, while new operational models, including the Agency Trust Model and Custodial Segregation enhancements, provide greater flexibility in how members and clients access and manage clearing services.
SwapClear will continue to conduct annual reviews of member tariffs and caps with the option of adjusting these in line with usage, inflation, platform and/or product enhancements. This will allow us to continue to provide the level of service, product development and enhancements our members have come to expect.
If you have any comments or want to discuss any aspects of the changes in more detail, please contact your LCH representative or get in touch via LCHSales@lseg.com.
We thank you very much for your continued support and look forward to working with you in 2027 and beyond.
Kind regards,
LCH Relationship Management
Appendix A
Summary of Changes for Member Tariffs and Caps
For the purpose of these fees, tariffs are applied at the Corporate Group level, meaning a member and its Affiliates (ie a subsidiary or with the same holding company as the member). References to SwapClear Clearing Members shall include FCM Clearing Members, as applicable.
Platinum Member Tariff
| Fee | 2026 Pricing | 2027 Pricing |
| Platinum tariff | £3,250,000 | £3,640,000 |
| Prior-year new trade floor threshold | 35,000 trades | 150,000 trades |
| Inclusive Core trades | Unlimited | Unlimited |
| Inflation capped tariff included? | Yes | Yes |
| NDIRS capped tariff included? | Yes | Yes |
| Margin Analytics included? | No | Yes |
Gold Member Tariff
| Fee | 2026 Pricing | 2027 Pricing |
| Gold tariff | £2,400,000 | £2,640,000 |
| Prior-year new trade floor threshold | 32,000 trades | 35,200 trades |
| Inclusive Core trade registration | Unlimited | Unlimited |
| Inflation capped tariff included? | No | No |
| NDIRS capped tariff included? | No | No |
| Margin Analytics included? | No | Yes |
Silver Member Tariff
| Fee | 2026 Pricing | 2027 Pricing |
| Silver tariff | £1,500,000 | £1,575,000 |
| Inclusive Core trade registration | 20,000 | 21,000 |
| Trade booking fee | £75 | £75 |
| Tariff fee cap | £2,400,000 | £2,640,000 |
| Inflation capped tariff included? | No | No |
| NDIRS capped tariff included? | No | No |
| Margin Analytics included? | No | Yes |
Bronze Member Tariff
| Fee | 2026 Pricing | 2027 Pricing |
| Bronze tariff | £500,000 | £625,000 |
| Inclusive Core trade registration | 0 | 1,000 |
| Trade booking fee | £75 | £75 |
| Trade maintenance fee per month | £6 | £6 |
| Bronze tariff fee cap (if <=21,000 trades registered) | £1,500,000 | £1,575,000 |
| Bronze tariff fee cap (if >21,000 trades registered) | £2,400,000 | £2,640,000 |
| Inflation capped tariff included? | No | No |
| NDIRS capped tariff included? | No | No |
| Margin Analytics included? | No | Yes |
Non-Deliverable Interest Rate Swaps (NDIRS)
| Fee | 2026 Pricing | 2027 Pricing |
| Trade booking fee | £75 | £75 |
| Trade maintenance fee per month | £6 | £6 |
| NDIRS tariff annual fee cap | £260,000 | £287,000 |
Inflation Swaps
| Fee | 2026 Pricing | 2027 Pricing |
| Inflation tariff | £30,000 | £30,000 |
| Inclusive Inflation trade registration | 200 | 200 |
| Trade booking fee | £120 | £120 |
| Trade maintenance fee per month | £12 | £12 |
| Inflation tariff annual fee cap | £420,000 | £463,000 |
Member Compression
| Compression Fee Tariffs | 2026 Pricing | 2027 Pricing |
|---|---|---|
| Fee per trade - LCH Compression | £10 | £10 |
| Fee per trade - ACSP Compression | £8 | £10 |
| Member Compression cap | £2,000,000 | £2,080,000 |
Member Portfolio Transfers
| Portfolio Transfer Fee Tariffs | 2026 Pricing | 2027 Pricing |
|---|---|---|
| Inclusive Portfolio Transfer annual allowance | 500 trades | 500 trades |
| Fee per trade | £12.50 | £12.50 |
| Member Portfolio Transfer Cap | £300,000 | £500,000 |
Member Margin Analytics
| Margin Analytics Fee Tariffs | 2026 Pricing | 2027 Pricing |
|---|---|---|
| Premium User Interface (UI) - accessible via LCH Portal | £18,000 per user per annum £85,000 unlimited users per annum |
Included within Membership |
| API – REST + Java Library | Free Trial available | |
| Analytics Package - Unlimited Premium UI licences + APIs | £250,000 per annum |