LCH.Clearnet SA Fees Euronext Derivatives Markets

Effective from 4 January 2016
LCH.Clearnet SA Fees
Euronext Derivatives Markets
Contents:
Clearing fees ................................................................................................................................................... 2
Amsterdam clearing segment: ..................................................................................................................... 2
Brussels clearing segment: .......................................................................................................................... 3
Lisbon clearing segment: ............................................................................................................................. 3
Paris clearing segment: ................................................................................................................................ 4
Commodities (Amsterdam and Paris): ......................................................................................................... 5
Flex products (all segments): clearing fees ................................................................................................. 6
Exercise (Tender) / Assignment, Cash Settlement and Delivery fees ...................................................... 7
Amsterdam clearing segment: ..................................................................................................................... 7
Brussels clearing segment: .......................................................................................................................... 8
Lisbon clearing segment: ............................................................................................................................. 8
Paris clearing segment: ................................................................................................................................ 9
Commodities (Amsterdam and Paris): ......................................................................................................... 9
Flex products (all segments): Exercise/tender/assignment ....................................................................... 10
Clearing services .......................................................................................................................................... 11
Clearing services common to all clearing segments .................................................................................. 11
Clearing services specific to Commodities ................................................................................................ 11
For further information on fees, please send your request to [email protected]
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
Clearing fees
A clearing fee is charged for each contract cleared. This fee varies according to the type of contract
involved. Liquidity Providers / Market Makers and Electronic Locals benefit from special conditions (please
look at each fee grid for details).
Except for Paris commodity derivatives (monthly fee collection), all fees described into this section are
collected on a daily basis.
Amsterdam clearing segment:
Product type (Central Market and Prof trades)
(fee per contract)
Brokers
Client
Equity
options
Central
Market
Liquidity
Providers
House-Dealer
Premium <= € 0.20
€ 0.02
€ 0.05
Premium > € 0.20
€ 0.03
€ 0.03
Prof trades
1
Single Stock Futures*
€ 0.05
€ 0.02
Single Stock Dividend Futures*
€ 0.50
€ 0.30
Tracker options
€ 0.05
€ 0.03
AEX Index options
€ 0.05
€ 0.03
€ 0.13
AEX Index futures
AMX Index options* and futures*
€ 0.05
€ 0.03
AEX Index mini options*
€ 0.015
€ 0.01
€ 0.015
AEX Index mini futures*
AEX Dividend index futures*
€ 0.13
€ 0.05
Euronext SEBI NR options*
€ 0.05
€ 0.03
Euronext SEBI NR futures*
€ 0.13
€ 0.05
Currency options and futures
€ 0.05
€ 0.03
€ 40
Maximum fee per order (except for products
marked with an “*”)
(including combination orders)
1
€ 20
€ 10
A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Liquidity Providers
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
2/12
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
Brussels clearing segment:
Product type
(fee per contract)
Brokers
Market Makers
(Client and House accounts)
€ 0.05
€ 0.03
€ 0.05
€ 0.02
€ 0.50
€ 0.30
®
€ 0.13
€ 0.05
®
€ 0.40
€ 0.12
Equity options
Single Stock Futures
2
Single Stock Dividend Futures
BEL20 Index options (BEL)
BEL20 Index futures (BXF)
Lisbon clearing segment:
Product type
(fee per contract)
Brokers
PSI 20 Index futures
Single Stock Futures
3
Single Stock Dividend Futures
2
3
Market Makers
(Client and House accounts)
€ 0.05
€ 0.03
€ 0.05
€ 0.02
€ 0.50
€ 0.30
A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers
A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
3/12
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
Paris clearing segment:
Product type
(fee per contract)
Brokers
Equity options – contract size of 100
Market Makers
Client
House
€0.023
€ 0.05
Equity options – contract size of 10
€ 0.01
€ 0.05
€ 0.02
Single Stock Dividend Futures
€ 0.50
€ 0.30
Tracker options
€ 0.05
€ 0.03
CAC40 options – PXA (€10)
€ 0.13
€ 0.05
Single Stock Futures
€ 0.13
CAC40 futures
Previous
“Electronic
5
Locals” status
€ 0.03
€ 0.02
6
4
NA
€ 0.05
7
CAC40 Dividend index futures
€ 0.13
€ 0.05
€ 0.05
FTSEurofirst 80 and FTSEurofirst 100
futures
€ 0.05
€ 0.03
€ 0.05
€0.015
CAC40 mini futures
NA
€0.05
FTSE EPRA/NAREIT Euro Zone and
FTSE EPRA/NAREIT Europe futures
Paris Market Making scheme


Equity and Index options (MONEP): Total annual clearing and exercise/assignment fees payable by
Market Makers on equity and index options (MONEP) may not exceed €100,000
Tracker options: Total annual clearing and exercise/assignment fees payable by Market Makers on
tracker options may not exceed €10,000 for General Market Makers.
Paris “Large trades” on Individual Equity Options (MONEP)
Large trades on equity options benefit from specific fees. “Large trades” are defined as posted trades with:
 At least 60,000 equity option contracts for contract size of 10 shares
 At least 6,000 equity option contracts for contract size of 100 shares
Client account
€ 40 / posting
House account
€ 20 / posting
Market Maker account
€ 20 / posting
4
This specific market maker fees are only applied to members having special arrangements giving specific undertakings under contrat
d’animation agreements with the Euronext Derivatives Markets in scheme that has been approved by LCH.Clearnet SA. For further
information, please contact Euronext department on +31 (0)20 550 5110, email: [email protected]. See also Paris market
making scheme section.
5
These specific fees only apply to a previous status that is not open to new applicants.
6
A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers
7
Where a transaction (on the same maturity) is cancelled out with a converse transaction in the course of the same trading session so
that the result is a zero sum, fees are reduced by 50%.
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
4/12
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
Commodities (Amsterdam and Paris):
Product type
(fee per contract)
Commodity futures
Brokers
Client and House
Market Makers
€ 0.70
(except for Milling Wheat N°3, see below)
NA
8
Commodity options
Late netting fees:
For commodity contracts, LCH.Clearnet SA applies an additional fee per contract which should have
been netted in D day (such late netting fees are applied when the number of netted/offset contracts in D is
superior to the sum of buy and sell contracts posted in D) on the basis of the following grid:
 € 1 per contract from 50 to 500 no netted contracts
 € 2 per contract from 501 to 1,000 no netted contracts
 € 6 per contract over 1,001 no netted contracts
‘BEST-OF FEE’ SCHEME for Milling Wheat N°3 future and option contracts:
A ‘Best-of’ fee scheme is introduced for new trading activity on Milling Wheat N°3 futures and options
contracts.
Whenever applicable, the ‘Best-of’ fee scheme on trading activity via the Euronext central order book is
evaluated on a commodity per commodity product basis (futures and options combined i.e. BMS + OBS).
In that case, commodity clearing fees are rebated to Clearing Members on a quarterly basis using the most
favourable rebate between two separate monthly rebate calculations:
1) A volumetric sliding scale rebate based on the cumulative volumes (excluding any market-maker
volumes) of all commodities included in the ‘Best Of’ scheme registered by a Trading member during a
month.
From
1
150,001
250,001
500,001
800,001
1,000,001
To
150,000
250,000
500,000
800,000
1,000,000
and more
Fee/contract
€ 0.70
€ 0.675
€ 0.65
€ 0.625
€ 0.60
€ 0.50
2) A volume in excess rebate:
 For each Trading member, a rolling 12-month member trading volume average in central order book
(excluding any market-maker volumes) is assessed per commodity (futures and options combined).
9
 Applicable towards any central order book volume in excess of this rolling average, a rebate of 2%
per 1% of incremental activity is rebated. This rebate will be capped at 80% of the amount initially
computed for such excess volume in any case (which would represent a 40% or higher incremental
volume).
Notes:

LCH.Clearnet accepts no liability for any errors, omissions or any underpayment resulting from inaccurately
submitted business.

In the event LCH.Clearnet determines, in its absolute discretion, that a member fails to act in good faith or in case
of abusive behaviour from a member or from a beneficial client acting via one or several members, LCH.Clearnet
may decide, in its absolute discretion, to take one or more of the following actions:
o Not to credit some or all of the rebates for the period or periods affected by the failure; and
o

To re-charge some or all of the rebates paid in respect of any period affected by the failure.
LCH.Clearnet may decide to amend and/or terminate at any time the ‘Best-of’ fee scheme with reasonable prior
notice.
8
For the Wood Pellet Futures contract, a clearing fee holiday applies until 31 January 2016. Normal clearing fees will
apply from 1 February 2016.
9
For new products, the 12-month rolling average of the members’ activity will be initiated at zero lots. Similarly for new
members with no prior activity through another member, the 12-month rolling average will be initiated at zero lots.
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
5/12
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
Flex products (all segments): clearing fees
Product type
Market
Equity options
ALL
ETF options
Amsterdam
Single Stock futures
ALL
AEX index options
Amsterdam
AEX index mini options
Amsterdam
BEL20 index options
Brussels
CAC40 index options
Paris
Fee type
Fee per contract
Maximum fee per posting
Fee per contract
Maximum fee per posting
Fee per contract
Maximum fee per posting
Fee per contract
Maximum fee per posting
Fee per contract
Maximum fee per posting
Fee per contract
Maximum fee per posting
Fee per contract
Broker
Member
(client account)
(own account)
€0.05
€40
€20
€0.05
€40
€20
€0.05
€75
€75
€0.05
€40
€20
€0.015
€40
€20
€0.13
€40
€20
€0.13
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
6/12
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
Exercise (Tender) / Assignment, Cash Settlement and Delivery fees
Except for Amsterdam clearing segment (daily fee collection), fees described into this section are collected
on a monthly basis.
Amsterdam clearing segment:
Product type
(fee per contract)
Brokers
Fee type
Equity options
Client
Single Stock Futures*
Single Stock Dividend
Futures*
€ 0.40
€ 0.30
€ 0.30
Tender/Assignment
Tender/
Assignme
nt
House-Dealer
€ 0.90
Exercise/Assignment
10
Liquidity
Providers
€ 0.05
Dividend
group
Same fees for all origins
< €0.50
€ 1.00
0.50-0.99
€ 4.00
≥ € 1.00
€ 6.00
Tracker options
Exercise/Assignment
€ 0.90
€ 0.40
€ 0.30
AEX and AMX Index
options
Exercise/Assignment
€ 0.90
€ 0.40
€ 0.30
AEX and AMX Index
futures
Tender/Assignment
€ 2.40
AEX Index mini options
Exercise/Assignment
€ 0.30
AEX Index mini futures
Tender/Assignment
€0.30
Dividend index futures*
Tender/Assignment
Euronext SEBI NR
options* and futures*
Exercise/
Tender/Assignment
€ 0.90
€ 0.40
€ 0.30
Currency options and
futures
Exercise/Tender/Assig
nment
€ 0.90
€ 0.40
€ 0.30
€ 1,000
€ 600
€ 500
€ 0.10
€ 0.05
€ 0.10
€ 0.30
Maximum fee per individual Exercise/Tender
and Assignment (except for products marked
with an “*”)
10
€ 1.00
€ 0.05
A cap of € 200 per individual tender/assignment is applied.
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
7/12
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
Brussels clearing segment:
Product type
(fee per contract)
Brokers
Fee type
Market Makers
(Client and House accounts)
Equity options
Single Stock Futures
11
Single Stock Dividend
Futures
Exercise/Assignment
€ 0.30
€ 0.05
Cash settlement
€ 0.30
€ 0.05
Cash
settlement
Dividend
group
Same fees for all origins
< €0.50
€ 1.00
0.50-0.99
€ 4.00
≥ € 1.00
€ 6.00
BEL20 Index options
Exercise/Assignment
€ 0.30
€ 0.05
BEL20 Index futures
Cash settlement
€ 0.90
€ 0.17
Brokers
Market Makers
Lisbon clearing segment:
Product type
(fee per contract)
Fee type
(Client and House accounts)
PSI 20 Index futures
Single Stock futures
12
Single Stock Dividend
Futures
11
12
Cash settlement
€ 0.30
€ 0.05
Cash settlement
€ 0.30
€ 0.05
Cash
Dividend
settlement
group
Same fees for all origins
< €0.50
€ 1.00
0.50-0.99
€ 4.00
≥ € 1.00
€ 6.00
A cap of € 200 per individual cash settlement is applied.
A cap of € 200 per individual cash settlement is applied.
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
8/12
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
Paris clearing segment:
Product type
(fee per contract)
Brokers
Fee type
(Client and House
accounts)
Market
13
Makers
Equity options (100)
Exercise/Assignment
€ 0.30
€ 0.05
Equity options (10)
Exercise/Assignment
Cash settlement
€ 0.05
€ 0.02
Cash settlement
€ 0.30
€ 0.05
Single Stock Futures
Single Stock
Futures
15
Dividend
Cash
settlement
Dividend
group
Same fees for all origins
< €0.50
€ 1.00
0.50-0.99
€ 4.00
≥ € 1.00
€ 6.00
Previous
“Electronic
Locals”
14
status
NA
Tracker options
Exercise/Assignment
€ 0.30
€ 0.05
CAC40 options - PXA
Exercise/Assignment
€ 0.30
€ 0.05
€ 0.30
€ 0.05
CAC40 futures
Cash settlement
CAC40 Dividend Index
futures
Cash settlement
€ 0.30
€ 0.05
€ 0.30
FTSEurofirst 80 and
FTSEurofirst 100 futures
Cash settlement
€ 0.30
€ 0.05
€ 0.30
CAC40 mini futures
Cash settlement
FTSE EPRA/NAREIT
Euro Zone
FTSE EPRA/NAREIT
Europe futures
€ 0.10
NA
€0.30
Cash settlement
Commodities (Amsterdam and Paris):
Product type
(fee per contract)
Fee type
Brokers
Commodity futures
Delivery
€ 1.00
Commodity options
Exercise/Assignment
€ 1.00
Market Makers
(Client and House accounts)
NA
13
Equity/Index/Tracker Option Exercise and Assignment fees are taken into account for the market maker annual cap on fees (see
also Paris Market making scheme section)
14
These specific fees only apply to a previous status that is not open to new applicants.
15
A cap of € 200 per individual cash settlement is applied
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
9/12
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
Flex products (all segments): Exercise/tender/assignment
Product type
Market
Equity options and ETF
options
All
Single Stock Futures
All
AEX index options
Amsterdam
AEX index mini options
Amsterdam
BEL20 index options
CAC40 index options
Brussels
Paris
Fee type
Fee per contract
Maximum fee per
individual Ex&Ass
Fee per contract
Maximum fee per
individual Ex&Ass
Fee per contract
Maximum fee per
individual Ex&Ass
Fee per contract
Maximum fee per
individual Ex&Ass
Fee per contract
Fee per contract
Broker
Member
(client account)
(own account)
€0.20
€200
€0.30
€365
€0.90
€1,000
€0.40
€600
€0.30
€1,000
€0.10
€600
€0.30
€0.30
€0.30
€0.30
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
10/12
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
Clearing services
Fees described into this section are collected on a monthly basis.
Clearing services common to all clearing segments
 A fee of € 0.06 is charged per contract for both Internal and External corrections and Internal and
External transfers (except transfer for restructuring see below).
The keys for fee distribution between sending Clearing Member and receiving Clearing Member are
(distribution decision is made by the sending member only):
- Case n°1: 0% for sending Clearing Member - 100% for receiving Clearing Member
- Case n°2: 50% for sending Clearing Member - 50% for receiving Clearing Member
- Case n°3: 100% for sending Clearing Member - 0% for receiving Clearing Member
- Case n°4: 0% for sending Clearing Member - 0% for receiving Clearing Member; this case is
not applicable, therefore the fees will be by default the Case n°2: 50% for sending Clearing
Member - 50% for receiving Clearing Member.
 Transfer fee for restructuring:
Transfers of positions resulting from the decision of an order-giver to change clearer, a change in the
accounts attributed to the order-giver or a Clearing Member’s closure are subject to special rates.
A fee of € 3.80 is charged per transfer. The total amount may not exceed € 300 per request and per
16
financial market . The fee is payable by the Clearing Member receiving the transfer (the above keys for
fee distribution do not apply here).
 The creation of positions on the position account of the Clearing Member is subject to special rates.
The positions are updated in real time on the account of the Clearing Member. Only LCH.Clearnet SA is
authorized to use the function of positions’ creation. The fees for this operation are:
A creation of position between 0 and 100 lots:
€ 10.00
A creation of positions over 100 lots:
€ 50.00
Clearing services specific to Commodities
Delivery administration fee
LCH.Clearnet SA levies delivery administration fees on the buying member and selling member for each
contract giving rise to a delivery notice as part of a CCP delivery (“livraison MATIF”) and also for positions
cleared one day after the maturity date.
16
Amsterdam, Brussels, Lisbon, Paris commodities or Paris financials
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
11/12
The rates indicated below are expressed in euro and are subject to VAT at the applicable rate.
Contract
Milling wheat
Corn
Rapeseed Oil
Skimmed Milk Powder
Rapeseed
Malting Barley
Amount
€ 15.00
€ 30.00
Set charge for delivery costs
All costs concerning approval, analysis and forwarding of samples charged by service providers to
LCH.Clearnet SA to manage CCP delivery (“livraison MATIF”) in accordance with the Clearing Rules will be
passed back to the involved buyer and seller Clearing members on an equal basis.
The cost of additional analyses, which may be requested by a buying Clearing Member, will be invoiced to
the buying Clearing Member at the actual cost billed to LCH.Clearnet SA.
LCH.Clearnet SA 18, rue du Quatre Septembre 75002 Paris tél. +33 (0) 1 70 37 65 00 - fax. +33 (0) 1 70 37 65 01 N° TVA CEE: FR65 692032485
Banque Centrale de Compensation - Société Anonyme au capital de 113 066 860,26 € Siège social : 18, rue du Quatre Septembre - 75002 Paris - 692 032 485 RCS Paris
12/12