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iSwap Euro SEF/MTF Fee Structures and Incentives May 2021

Document Version 2.3 © iSwap Euro BV 2020-2021

TP ICAP Classification: Public

iSwap Euro BV SEF/MTF 

Fee Structures and Incentives 

Applicable from 1 June 2021
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iSwap Euro SEF/MTF Fee Structures and Incentives May 2021

Document Version 2.3 © iSwap Euro BV 2020-2021

TP ICAP Classification: Public

Contents

INTRODUCTION 3

1.1. General 3

1.2. Execution Fees 3

1.3. Discounts/Incentives 3

1.4. Co-Location 3

ISWAP SEF/MTF 4

1.5. Tradable Instruments 4

1.6. Access Fees 5

1.7. Execution Fees 7

1.8. Discount Structure 8

1.9. Market Maker Programme Criteria 9
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iSwap Euro SEF/MTF Fee Structures and Incentives May 2021

Document Version 2.3 © iSwap Euro BV 2020-2021

TP ICAP Classification: Public

INTRODUCTION

1.1. General

The fees payable by a Venue User will be calculated monthly in arrears and are payable upon 

presentation of an invoice. For further details on payment of fees please refer to the iSwap Euro B.V. 

Terms of business on our website: https://regulatory.tpicap.com/icap/uk/iswapmtf

Venue Users are responsible for the payment of any applicable taxes and charges of any public agency 

or authority, including without limitation any financial transactions tax or value added tax.

1.2. Execution Fees

Transactions arranged within the venue will be subject to an execution fee, as specified for the relevant 

product in 1.7 Execution Fees for each market segment of the Venue.

1.3. Discounts/Incentives

If the execution fees incurred by a Venue User exceed the discount thresholds specified for the relevant 

product in 1.8 Discount Structure, then the discounts shown shall be applied to the execution fees 

payable by the Venue User in the relevant month. 

1.4. Co-Location

Operator has outsourced the hosting of its servers to Equinix UK. The iSwap SEF / MTF does not offer colocation services to platform Participants.
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iSwap Euro SEF/MTF Fee Structures and Incentives May 2021

Document Version 2.3 © iSwap Euro BV 2020-2021

TP ICAP Classification: Public

ISWAP SEF/MTF

1.5. Tradable Instruments

Trading is permitted in the IRD Segment in the following Tradable Instruments:

Financial Instruments Parameters

Interest Rate Swap Fixed/Floating, 

Single Currency Basis Swap GBP: Floating/Floating Single Ccy Basis, 

EUR: Traded as Two Fixed/Floating Swaps 

FRA Forward Rate Agreements

Overnight Index Swap Overnight Index Swaps

Trading is permitted in the IRD Segment in the following types of Transactions (including 

Package Transactions):

Transaction Types Parameters (where applicable)

Outright A Transaction in a single interest rate 

instrument from the list of Tradable Instruments 

above (“Interest Rate Products”)

Curve Spread A Transaction in two Interest Rate Products of 

differing tenors

Basis Spread A Transaction in two Interest Rate Products of 

the same tenor

Butterfly A Transaction in three Interest Rate Products of 

differing tenors

Interest Rate Swap & Future Strategies An interest Rate Product transacted as a 

package with a futures instrument transaction 
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iSwap Euro SEF/MTF Fee Structures and Incentives May 2021

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TP ICAP Classification: Public

1.6. Access Fees

Category Monthly Fee Eligible 

Products

Additional Information

Member Participant - i-Swap 

Front End GUI User 

N/A All electronic 

products

Entitles access for up to 15 Authorised 

Traders through the i-Swap Front End GUI. 

Member Participant -

Application Programming 

Interface ("API") Full Usage 

including right to derive from 

data

EUR 15,000 

(from March 1st 

2018) 

All electronic 

products

Entitles connection via an API. Usage of data 

is subject to i-Swap Euro BV MTF Market 

Data Licence (Derive from API data). Under 

this agreement, data from the API may be 

aggregated and used to create Derived data 

for redistribution internally to authorised 

Member Participant users. Data may also 

be commingled with data from other 

sources. For a full description please see 

Market Data Licence.

Fee entitles up to 75 Authorised Traders 

within a Member Participant. Minimum Fee 

offset against net brokerage paid to i-Swap 

Euro BV within the calendar month by 

Member Participant

Member Participant -

Application Programming 

Interface ("API") Full Usage 

excluding right to derive 

from data

EUR 7,500 (from 

March 1st 2018) 

All electronic 

products

Entitles connection via an API. Usage of data 

is subject to i-Swap Euro BV MTF Market 

Data Licence (commingle API data). Under 

this agreement, data from the API may be 

commingled with other data, however. it 

may not be used to create Derived data, 

except for the purposes of trading on the iSwap Euro platform. For a full description 

please see Market Data Licence 

Fee entitles up to 75 Authorised Traders 

within a Member Participant. Minimum Fee 

offset against net brokerage paid to i-Swap 

Euro BV within the calendar month by 

Member Participant

Member Participant -

Application Programming 

Interface ("API") access for 

the purposes of Liquidity 

Provision to the Targeted 

Streaming Market 

N/A Targeted 

Streaming 

Market 

Connection via an API for the purposes of 

Liquidity Provision on the Targeted 

Streaming Market. 

Entitles up to 20 Authorised Traders within a 

Member Participant.

Member Participant -

Application Programming 

Interface ("API") access for 

the purposes of Trade 

Straight Through Processing 

N/A All electronic 

products 

Connection via an API for the purposes of 

Trade Straight Through Processing. 

Entitles up to 5 of Authorised STP logins 

within a Member Participant.
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iSwap Euro SEF/MTF Fee Structures and Incentives May 2021

Document Version 2.3 © iSwap Euro BV 2020-2021

TP ICAP Classification: Public

Category Monthly Fee Eligible 

Products

Additional Information

Member Participant -

Application Programming 

Interface ("API") Full Usage 

excluding right to derive 

from data for GBP market 

N/A GBP electronic 

products

Connection via an API. Usage of data is 

subject to i-Swap Euro BV MTF Market Data 

Licence. Under this agreement, data from 

the API may be aggregated. However. it 

may not be used to create Derived data, 

except for the purposes of trading on the iSwap Euro platform. For a full description 

please see Market Data Licence 

Entitles up to 20 Authorised Traders within a 

Member Participant.

Broker Participant -

Application Programming 

Interface ("API") Orderbook 

access, Full Usage including 

right to derive from data 

EUR 35,000 All electronic 

orderbook 

products

Connection via an API. Usage of data is 

subject to i-Swap Euro BV MTF Market Data

Licence (Derive from API data). Under this 

agreement, data from the API may be 

aggregated and used to create Derived data 

for redistribution internally to authorised 

Broker Participant users. Data may also be 

commingled with data from other sources. 

For a full description please see Market Data 

Licence.

Fee entitles access for up to 50 active 

Authorised Brokers through the i-Swap 

Front End GUI. 

Broker Participant with 

Application Programming 

Interface (“API”) Orderbook 

access, requiring processing 

of Future Cross transactions 

to the relevant exchange. 

EUR 15,000 All Future 

Cross Products

Fee permits unlimited use of the iSwap Euro 

MTF Future Cross processing facility in 

eligible instruments for up to 100 

Authorised Brokers. An additional one-time 

technology set up fee may be applicable for 

additional exchanges other than Eurex. 

Minimum Broker participation period 1 year.
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iSwap Euro SEF/MTF Fee Structures and Incentives May 2021

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1.7. Execution Fees

Product Currency Business Rate Measure Trade Execution Fee

Calculation Methodology

FIXED/FLOATING 

SWAP , Swap v 

Futures Cross and 

EONIA - Orderbook 

Market 

EUR 0.0002 % pa Brokerage will be charged at the headline 

rate. For Basis, Brokerage will be charged at 

the headline rate on one leg only, with the 

remaining leg being nett of brokerage 

(Zero Brokerage). Calculation method for 

Spread and Butterfly trades detailed below.

Member Participant (API) 25% discount 

applied to FIXED/FLOATING SWAP 

Orderbook Market (0.00015)

Single Currency Basis 

Swap (as two swaps) 

- Orderbook Market

EUR 0.0001 % pa

FIXED/FLOATING 

SWAP , Swap v 

Futures Cross and 

Basis - Targeted 

Streaming Market 

EUR 0.0001 % pa

FIXED/FLOATING 

SWAP - Orderbook 

Market 

GBP 0.0003 % pa Brokerage will be charged at the headline 

rate. Calculation method for Spread and 

Butterfly trades detailed below.

OVERNIGHT INDEX 

SWAP – Orderbook 

Market

GBP 0.0003 % pa

FLOATING/FLOATIN

G SWAP - Orderbook 

Market Single 

Currency Basis

GBP 0.0003 % pa

FIXED/FLOATING 

SWAP - Orderbook 

Market Future Yield 

Spread instrument

GBP 0.00015 % pa Brokerage will be charged at the headline 

rate.

OVERNIGHT INDEX 

SWAP – Orderbook 

Market Future Yield 

Spread Instrument

GBP 0.00015 % pa Brokerage will be charged at the headline 

rate.

Trade Execution Fees for Strategy Trades (Note C)

Spread Trades

Pay on the lower notional on the gap using the standard IRS Rate

Bro Rate Headline IRS RATE as detailed above

Amount Longer Duration Leg Notional

Swap Rate Longer Duration Leg

Tenor Gap Between Near/Far

NPV No NPV

Butterfly Trades

Butterflies will be charged at the sum of two spreads (using 1⁄2 the notional of the body for consideration in each 

spread)
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iSwap Euro SEF/MTF Fee Structures and Incentives May 2021

Document Version 2.3 © iSwap Euro BV 2020-2021

TP ICAP Classification: Public

1.8. Discount Structure

Monthly EUR discount is applied based upon the following thresholds, with the 10 year equivalent notional of each 

trade considered. This will include all legs of Spreads and Butterflies, and trades in the Targeted Streaming market.

Threshold Discount Equivalent Rate

€ 0 –

5,000,000,000 

10 year 

equivalent 

notional traded

No Discount 0.0002% p.a.

Member Participant API 0.00015% p.a.

€ 5,000,000,001 –

10,000,000,000 

10 year 

equivalent 

notional traded

25% Discount on Orderbook Trades 0.00015% p.a.

>€10,000,000,00

0 

10 year 

equivalent 

notional traded

50% Discount on Orderbook Trades

This will be the discount floor

0.0001% p.a.

Monthly GBP discount is applied based upon the following thresholds, with the 10 year equivalent notional of each 

trade considered. This will include all legs of Spreads and Butterflies. The Rate Floor for Futures Yield Spread 

Instrument is 0.00015% p.a

Threshold Discount Equivalent Rate

£ 0 – 500,000,000

10 year 

equivalent 

notional traded

No Discount 0.00030% p.a.

£500,000,001-

1,000,000,000

10 year 

equivalent 

notional traded

17% Discount 0.00025% p.a.

> £1,000,000,000

10 year 

equivalent 

notional traded

33% Discount

This will be the discount floor

0.00020% p.a.
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iSwap Euro SEF/MTF Fee Structures and Incentives May 2021

Document Version 2.3 © iSwap Euro BV 2020-2021

TP ICAP Classification: Public

1.9. Market Maker Programme Criteria

*Under MMP2 a market maker may replace both 5Y and 10Y Gadget with both A-EUR 7Y and A-EUR 30Y as 

alternatives. For the purposes of the API discount, Market Makers who quote all 9 MMP2 instruments, their highest 7 

ranked instruments will be taken into account.

Market Makers qualifying for MMP2 will also be ranked according to three equally weighted criteria:

 Percentage of Monitored Trading day at Top of Book;

 Percentage of Monitored Trading Day when quote compliance is achieved;

 Average bid/offer spread when quote compliance is achieved.

A rank will be calculated for each MMP2 instrument, and then one overall rank across the top 7 instruments 

quoted. A rank tie will be resolved by Percentage of Monitored Trading Day at Top of Book.

The number one overall ranked Qualifying Market Maker receives a 100% discount on their API Data license 

fee for that month. The second qualifying Market Maker will receive a 50% discount.

A Market Maker will be deemed to have met the qualifying Bid/Offer spread for any Programme Instrument 

if either its Bid or Offer is at the best price level, so long as the aggregate iSwap orderbook Bid/Offer spread 

in the Programme instrument at that time is no greater than the qualifying Bid/Offer Spread.

A Participant will not qualify as compliant with the Programme Eligibility Criteria if utilising an algorithmic 

“follow” routine which largely applies a simple arithmetical spread to the existing aggregate bid offer values 

available on the Programme Instruments, in order to achieve programme compliance.

Monitored Trading Day is 9am – 6pm Central European time.