**ICE Trade Vault Service and Pricing Schedule:**

**Credit Asset Class**

The following fee structure for ICE Trade Vault is applicable to the reporting of data in respect of swaps (as defined in the Dodd-Frank Act) (“Swaps”) in the Credit Asset Class to the ICE SDR Service:

· Repository Fees will be charged based on a published rate per quantity unit for each market type in the Credit Asset Class.  The Repository Fee rates for the Credit Asset Class are set forth in Annex A.

· Repository Fees for the Credit Asset Class will be assessed upon acceptance of the initial trade record for a Swap by the SDR and will be charged as follows:

· Uncleared/Bilateral Swap or Uncleared/Bilateral Option[footnoteRef:2] – A Repository Fee will be charged to each Participant that is a party to the Trade, except that only the party that is not the designated reporting party under CFTC Regulations will be charged in the case of a voluntary supplemental report (as such term is used in Part 45 of the CFTC Regulations);  [2:  The references to Uncleared/Bilateral Swap and Uncleared/Bilateral Option include an original (aka “alpha”) Swap or Option that is not executed on a swap execution facility or designated contract market but is submitted for clearing following execution.] 

· On-Facility “Intended-To-Be-Cleared” (ITBC) Trades[footnoteRef:3] – No Repository Fee will be charged to either Participant that is a party to an original (aka “alpha”) Swap or Option executed on a swap execution facility or designated contract market and submitted for clearing contemporaneously with execution; and  [3:  This term refers to trades that are (i) of a type accepted for clearing by a DCO and (ii) intended to be submitted for clearing contemporaneously with execution.] 

· Clearing Swap or Clearing Option – A Repository Fee will be charged to the Derivatives Clearing Organization (“DCO”) that cleared the Swap or Option.

· Investment Manager Participants[footnoteRef:4]: Investment Manager Participants reporting trades on behalf of the funds and client accounts they manage or advise will be charged as a single entity for all trade sides for which they are listed as adviser. The underlying funds and client accounts will not be charged a fee. The minimum and cap listed herein will be applied at the Asset/Investment Manager/Agent Participant level, inclusive of their own trades or any trades reported by them as an Agent. [4:  The term “Investment Manager Participant” refers to a firm that provides investment advice to or otherwise acts as investment manager for third party accounts or funds for compensation.] 

· For all transactions reported by a Third Party Reporter, the Third Party Reporter will only be charged a Repository Fee for those transactions it reports on behalf of non-Participants of ICE Trade Vault Europe and will be charged in the following manner:

· If the Third Party Reporter is reporting only for one non-Participant, it will be charged the Repository Fee.

· If the Third Party Reporter is reporting for both the non-Participant for whom they are acting as a Third Party Reporter for and their counterparty, it will be charged 1.5x the Repository Fee.

· The minimum and cap listed herein will be applied to each non-participant for which the Third Party Reporter is reporting.

· For all transactions reported by a Third Party Reporter on behalf of a Participant, the Participant will only be charged a Repository Fee for those transactions.

· The minimum monthly invoice per Participant will be $375 across all asset classes.  In a given month, each Participant shall be invoiced the greater of (i) the total of all Repository Fees incurred by Participant across all asset classes, or (ii) $375.  The minimum monthly invoice only applies to Participants who have open positions in any asset class in the SDR.   

· The maximum monthly invoice (“Cap”) per Participant (other than Trusted Sources) will be $44,500 across all asset classes, including Commodities, Credit, FX, and Interest Rates.  In a given month, no fee will be due to ICE Trade Vault from a Participant (other than a Trusted Source) above this amount. 

· No rebates, share of profits, or dividends will be paid to any Participant or group of Participants.

· No additional fees will be assessed by ICE Trade Vault for storing trade data, processing life-cycle events, valuations, supporting upgrades, integrating and maintaining APIs, or help desk assistance.  ICE Trade Vault will only assess fees as detailed above.  All fees charged by ICE Trade Vault are uniform, equitable and non-discriminatory.  

· No fees will be assessed by ICE Trade Vault for the transfer of Swaps in the Credit Asset Class which were previously reported to another SDR. For the avoidance of doubt, any Swaps in the Credit Asset Class reported after the transfer date will be invoiced in accordance with this Fee Schedule.

· A Participant has 30 days from the date of invoice to reconcile and dispute any charges, after which the Participant will be deemed to have accepted all charges as correct.

****

# **Service and Pricing Schedule**

# Annex A: Repository Fees for the Credit Asset Class

Set forth below are the Repository Fee Rates to be applied upon acceptance of an initial trade record in respect of Swaps in the Credit Asset Class to the ICE SDR Service:

***CREDIT ASSET CLASS***

Repository Fee rates for the Credit Asset Class will be as follows:

***Contract Type                                                  Cleared Swap Rate                                      Cleared Option Rate***

Single name corporate & sovereigns      	   $1.13 per $1mm notional                             $1.13 per $1mm notional

Index                                                                 $0.45 per $1mm notional                             $0.45 per $1mm notional

***Contract Type                                                  Uncleared/Bilateral Swap                            Uncleared/Bilateral Option***

Single name corporate & sovereigns      	   $1.13 per $1mm notional                             $1.13 per $1mm notional

Index                                                                 $0.45 per $1mm notional                             $0.45 per $1mm notional

******

**ICE Trade Vault Service and Pricing****Schedule:**

**Commodity, FX and Interest Rates Asset Classes**

The following fee structure for ICE Trade Vault is applicable to the reporting of data in respect of swaps in the Commodity, FX and Interest Rates Asset Class to the ICE SDR Service:

· Repository Fees will be charged based on a published rate per quantity unit for each market type in the Commodity, FX and Interest Rates Asset Class.  

· The Repository Fee rates for the Commodity Asset Class are set forth in Annex B. The Repository Fee rates for the FX Asset Class are set forth in Annex C. The Repository Fee rates for the Interest Rates Asset Class are set forth in Annex D. Repository Fees for these asset classes will be assessed upon acceptance of the initial trade record for a Swap by the SDR and will be charged as follows:

· Uncleared/Bilateral Swap or Uncleared/Bilateral Option[footnoteRef:5] – A Repository Fee will be charged to each Participant that is a party to the Trade, except that only the party that is not the designated reporting party under CFTC Regulations will be charged in the case of a voluntary supplemental report (as such term is used in Part 45 of the CFTC Regulations); [5:  The references to Uncleared/Bilateral Swap and Uncleared/Bilateral Option include an original (aka “alpha”) Swap or Option that is not executed on a swap execution facility or designated contract market but is submitted for clearing following execution.] 

· On-Facility “Intended-To-Be-Cleared” (ITBC) Trades[footnoteRef:6] – No Repository Fee will be charged to either Participant that is a party to an original (aka “alpha”) Swap or Option executed on a swap execution facility or designated contract market and submitted for clearing contemporaneously with execution; [6:  This term refers to trades that are (i) of a type accepted for clearing by a DCO and (ii) intended to be submitted for clearing contemporaneously with execution.] 

· Clearing Swap or Clearing Option – A Repository Fee will be charged to the Derivatives Clearing Organization (“DCO”) that cleared the Swap or Option; and

· Exchange for Related Position (“EFRP”) – No Repository Fee will be charged to Participants that are a party to the EFRP.

· Investment Manager Participants[footnoteRef:7]: Investment Manager Participants reporting trades on behalf of the funds and client accounts they manage or advise will be charged as a single entity for all trade sides for which they are listed as adviser. The underlying funds and client accounts will not be charged a fee. The minimum and cap listed herein will be applied at the Asset/Investment Manager/Agent Participant level, inclusive of their own trades or any trades reported by them as an Agent. [7:  The term “Investment Manager Participant” refers to a firm that provides investment advice to or otherwise acts as investment manager for third party accounts or funds for compensation.] 

· For all transactions reported by a Third Party Reporter, the Third Party Reporter will only be charged a Repository Fee for those transactions it reports on behalf of non-Participants of ICE Trade Vault Europe and will be charged in the following manner:

· If the Third Party Reporter is reporting only for one non-Participant, it will be charged the Repository Fee.

· If the Third Party Reporter is reporting for both the non-Participant for whom they are acting as a Third Party Reporter for and their counterparty, it will be charged 1.5x the Repository Fee.

· The minimum and cap listed herein will be applied to each non-participant for which the Third Party Reporter is reporting.

· For all transactions reported by a Third Party Reporter on behalf of a Participant, the Participant will only be charged a Repository Fee for those transactions.

· The minimum monthly invoice per Participant will be $375 across all asset classes.  In a given month, each Participant shall be invoiced the greater of (i) the total of all Repository Fees incurred by Participant across all asset classes, or (ii) $375.  The minimum monthly invoice only applies to Participants who have open positions in any asset class in the SDR.   

· The maximum monthly invoice (“Cap”) per Participant (other than Trusted Sources) will be $44,500 across all asset classes, including Commodities, Credit, FX, and Interest Rates.  In a given month, no fee will be due to ICE Trade Vault from a Participant (other than a Trusted Source) above this amount. 

· No rebates, share of profits, or dividends will be paid to any Participant or group of Participants.

· No additional fees will be assessed by ICE Trade Vault for storing trade data, processing life-cycle events, valuations, supporting upgrades, integrating and maintaining APIs or help desk assistance.  

· ICE Trade Vault will only assess fees as detailed above.  All fees charged by ICE Trade Vault are uniform, equitable and non-discriminatory and payments are due 30 calendar days from the invoice date.

·  ICE Trade Vault invoices will be available by the 4th business day of each month via the web portal and it is the responsibility of each Participant to print and/or export the invoices for payment as the invoices will not be sent to Participants.  An accounting contact should be maintained in the Contact page to receive notifications of ICE Trade Vault invoice availability.  

· A Participant has 30 days from the date of invoice to reconcile and dispute any charges, after which the Participant will be deemed to have accepted all charges as correct.

· No fees will be assessed by ICE Trade Vault for the transfer of Swaps in any asset class which were previously reported to another SDR. For the avoidance of doubt, any Swaps reported after the transfer date will be invoiced in accordance with this Fee Schedule.

****

# **Service and Pricing Schedule**

# Annex B: Repository Fees for the Commodity Asset Class 

Set forth below are the Repository Fee Rates to be applied upon acceptance of an initial trade record in respect of Swaps in the Commodity Asset Class to the ICE SDR Service:

**Uncleared/Bilateral Swap, Uncleared/Bilateral Option, Cleared Swap or Cleared Option:**

# Annex C: Repository Fees for the FX Asset Class

Set forth below are the Repository Fee Rates to be applied upon acceptance of an initial trade record in respect of Swaps in the FX Asset Class to the ICE SDR Service:

# Annex D: Repository Fees for the Interest Rates Asset Class

Set forth below are the Repository Fee Rates to be applied upon acceptance of an initial trade record in respect of Swaps in the Interest Rates Asset Class to the ICE SDR Service:

Last Update: November 21January 3, 20176	Page 4

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