CurveGlobal Markets - Fee Schedule
Interest Rate Futures Fee Schedule
All fees are paid to the Designated Clearing House by the Clearing Member for the product in question. This happens at the time specified in the relevant statement issued to the Member by the Designated Clearing House. Note that separate fees are charged for trading and clearing.
Details of fee incentive programs are listed here. Any new incentive programs or temporary adjustments to any fees shall be notified to Members by way of a market notice and corresponding update to the Fee Schedule document (and these Web Pages).
All fees are charged to both counterparties.
A full description of the CurveGlobal Markets Fee Schedule together with details on the Billing Process can be found in the document library. (Links to both documents also at foot of this page)
Current incentive offers
CurveGlobal Markets currently offers the following incentive schemes:
- A Principal Trading (PT) scheme,
- A Designated Liquidity Provider (DLP) scheme, operated via a tender process, and
- A Pre-Paid (PP) trading fee scheme which is available to all Members and their clients.
Contact the CurveGlobal team if you are interested in the incentive schemes.
|
Fee Type |
Short Term
Interest Rate Futures |
Medium /
Long Term Interest Rate Futures |
||||||
|
Three month Euribor® |
Three month Sterling |
Three month SONIA |
One month SONIA |
Schatz |
Bobl |
Bund |
Long Gilt |
|
|
Trade
fee |
EUR |
GBP |
GBP |
GBP |
EUR |
EUR |
EUR |
GBP |
|
BNT1
fee (including Block Trades) |
||||||||
|
LCH Clearing fee |
EUR |
GBP |
GBP |
GBP |
EUR |
EUR |
EUR |
GBP |
|
Physical
Delivery |
|
|
|
|
EUR |
EUR |
EUR |
GBP |
|
Settlement |
EUR 0.07
per lot |
GBP 0.07
per lot |
GBP 0.07
per lot |
GBP 0.07
per lot |
|
|
|
|
Note:
1. Please refer to the Bilaterally Negotiated Trade Guidance available at the CurveGlobal Markets Document Library at www.lseg.com/derivatives/document-library for definitions and further details.
Principal Traders2 benefit from reduced fees and Volume Discount3,4, as follows:
|
Fee Type |
Short Term
Interest Rate Futures |
Medium /
Long Term Interest Rate Futures |
||||||
|
Three month Euribor® |
Three month Sterling |
Three month SONIA |
One month SONIA |
Schatz |
Bobl |
Bund |
Long Gilt |
|
|
Trade
fee |
EUR |
GBP |
GBP |
GBP |
EUR |
EUR |
EUR |
GBP |
|
BNT
fee (including Block Trades) |
||||||||
|
LCH Clearing fee |
EUR |
GBP |
GBP |
GBP |
EUR |
EUR |
EUR |
GBP |
|
Physical
Delivery |
|
|
|
|
EUR |
EUR |
EUR |
GBP |
|
Settlement |
EUR 0.07
per lot |
GBP 0.07
per lot |
GBP 0.07
per lot |
GBP 0.07
per lot |
|
|
|
|
Notes:
2. A Principal Trader is defined as a firm that trades exclusively against its own proprietary capital. Firms must apply and be accepted on to the Principal Trading Scheme by CurveGlobal Markets before the reduced fees can apply. For further details please contact the CurveGlobal Markets Products team at products@curveglobalmarkets.com.
3. Until 30 June 2020 the Principal Trading Scheme Trade Fee, BNT Fee and LCH Clearing Fee benefit from a 50% fee discount.
4. To qualify for the scheme’s fees a valid client reference must be provided for each trade according to the process set out in the CurveGlobal Markets Fee Schemes and Billing Process document, available on the document library https://www.lseg.com/derivatives/document-library.
5. The Three month Sterling contract has a fixed element of third party license costs. This fixed cost does not benefit from the 50% discount.
Designated Liquidity Provider (DLP) Scheme
|
Fee Type |
Short Term
Interest Rate Futures |
Medium /
Long Term Interest Rate Futures |
||||||
|
Three month Euribor® |
Three month Sterling |
Three month SONIA |
One month SONIA |
Schatz |
Bobl |
Bund |
Long Gilt |
|
|
Trade
fee |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
BNT
fee (including Block Trades) |
||||||||
|
LCH Clearing fee |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
|
Physical
Delivery |
|
|
|
|
EUR |
EUR |
EUR |
GBP |
|
Settlement |
EUR 0.07
per lot |
GBP 0.07
per lot |
GBP 0.07
per lot |
GBP 0.07
per lot |
|
|
|
|
Pre-paid fee scheme subscribers can execute an unlimited number of lots in any CurveGlobal Markets Interest Rate derivatives product, over the period of the relevant scheme, for a fixed trading fee.
|
Term |
One Year
Scheme6 |
Three
Year Scheme |
|
Period |
1 Jan – 31
Dec 2020 |
Year 1 (1
Jan – 31 Dec 2020) |
|
Fee
Payable |
£250,000 |
Year 1
(£250,000) |
|
Application
Deadline |
30 Jun
20208 |
30 Jun
20208 |
Notes:
6. Further one year schemes are expected to be available from 2021.
7. Year 2 and Year 3 fees can be varied, subject to notice, but will not be higher than the amounts shown.
8. Year 1 fees will be prorated for any firm joining after 1 January 2020 up to the Application Deadline.
Document Links
CurveGlobal Markets Fee Schedule: https://www.lseg.com/sites/default/files/content/documents/Fee Schedule.pdf.
CurveGlobal Markets Fee Schemes and Billing Process: https://www.lseg.com/sites/default/files/content/documents/CurveGlobal Markets Fee Schemes and Billing Process.pdf.