| LCH circular number: | 4371 |
| Date: | March 10, 2026 |
| To: | All LCH ForexClear Clearing Members |
Dear ForexClear Participant,
We are writing to inform you of changes made to the ForexClear fee plans on 1 January 2026 and the forthcoming changes due to take effect from 1 April 2026, subject to regulatory review.
LCH ForexClear conducts periodic reviews of clearing member and client fee structures and their components. The fee adjustments outlined below take into consideration investment into new and in-flight initiatives, service growth, usage and inflation.
A summary table of the changes is included in Appendix A.
Fee Change Details
Effective 1st January 2026:
- Gold fixed fee increase;
- Gold options included volume increased and excludes non-deliverable options;
- Gold options variable fee per million decreased;
- Gold annual cap increased;
- Introduced fee rebate incentive;
- Replaced standard deliverable forwards fee with Silver, Bronze and Copper deliverable forwards fee plans;
- Removal of Zinc deliverable fee plan; and
- Amendments made to compression fees and fee caps.
Effective 1 April 2026:
- Silver NDF fixed fee will increase; and
- Bronze NDF fixed fee will increase.
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.
LCH is committed to supporting you as you review the changes. We thank you very much for your continued support and look forward to working with you in 2026 and beyond.
Kind regards,
ForexClear
Appendix A
Summary of fee changes effective 1 January 2026
Gold Member Plan – Combined Non-Deliverable and Deliverable
| Fee | 2025 structure | Structure effective 1 January 2026 |
| Fixed | £1,250,000 | £1,250,000 |
| Options Variable | £3 per FXO and NDO $1 million notional cleared beyond the first $60bn cumulative notional cleared in each calendar year | £2 per FXO $1 million notional cleared beyond the first $150bn cumulative notional cleared in each calendar year |
| Annual Cap | £2,000,000 | £2,250,000 |
| Rebate | n/a | Rebate of up to £90,000 linked to deliverable forwards participation. [Note 1] |
1) For more information on rebate eligibility, visit LCH ForexClear Fee Structure | LSEG. Back to note 1
Deliverable forwards fee plans
| Fee | 2025 structure | Structure effective 1 April 2026 [Note 2] |
| Fixed | All members: £200,000 | Gold members: n/a Silver members: £300,000 Bronze members: $150,000 Copper members: $100,000 |
| Variable | n/a | Gold members: n/a Silver members: n/a Bronze members: $1 per $1 million notional cleared Copper members: $1.50 per $1 million notional cleared |
2) For Silver, Bronze and Copper members, the deliverable forwards fees in this table only apply to outright deliverable forwards (i.e. those that are not hedges). Back to note 2
Compression
| Fee | 2025 structure | Structure effective 1 January 2026 |
|---|---|---|
| Variable | All member groups: $1 per $1 million house account notional reduced | Gold members: $0.50 per $1 million house account notional reduced beyond the first $50bn cumulative house account notional reduced in each calendar year Copper, Bronze and Silver members: $0.50 per $1 million house account notional reduced |
| Annual Cap | All member groups: $125,000 | Gold members: $100,000 Copper, Bronze and Silver members: $200,000 |
| Client account compression remains free in 2026. | ||
Summary of fee changes effective 1 April 2026
Silver Member Plan – Non-Deliverable
| Fee | 2025 structure | Structure effective 1 April 2026 |
|---|---|---|
| Fixed | £950,000 | £1,200,000 [Note 3] |
3) 2026 rate 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 3
Bronze Member Plan – Non-Deliverable
| Fee | 2025 structure | Structure effective 1 April 2026 |
|---|---|---|
| Fixed | $350,000 | $375,000 [Note 4] |
| Variable | $2 per NDF $1 million notional cleared $4 per NDO $1 million notional cleared |
$2 per NDF $1 million notional cleared $4 per NDO $1 million notional cleared |
4) This fee increase of $25,000 in 2026 only 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 4