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

Document Version 2.22.3 © iSwap Euro BV 2020-2021

TP ICAP Classification: Public

iSwap Euro BV SEF/MTF

Fee Structures and Incentives

Applicable from 4 May1 June 2021
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iSwap Euro MTF/SEF/MTF Fee Structures and Incentives May 2021

Document Version 2.22.3 © 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 MTF/SEF/MTF Fee Structures and Incentives May 2021

Document Version 2.22.3 © 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 the accompanying Appendix1.7 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 Appendix 11.8 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

co-location services to platform Participants.
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iSwap Euro MTF/SEF/MTF Fee Structures and Incentives May 2021

Document Version 2.22.3 © iSwap Euro BV 2020-2021

TP ICAP Classification: Public

Parameters

Outright

GBP: Floating/Floating Single Ccy Basis,

EUR: Traded as Two Fixed/Floating Swaps

A Transaction in a single interest rate

instrument from the list of Tradable Instruments

above (“Interest Rate Products”)

ISWAP SEF/MTF

1.5. Tradable Instruments

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

Curve Spread A Transaction in two Interest Rate Products of

differing tenors

FRA

Basis Spread

Forward Rate Agreements

A Transaction in two Interest Rate Products of

the same tenor

Interest Rate Swap

Butterfly A Transaction in three Interest Rate Products of

differing tenors

Overnight Index Swap

Fixed/Floating,

Interest Rate Swap & Future Strategies

Overnight Index Swaps

An interest Rate Product transacted as a

package with a futures instrument transaction

Financial Instruments

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

Package Transactions):

Transaction Types Parameters (where applicable)

Single Currency Basis Swap
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iSwap Euro MTF/SEF/MTF Fee Structures and Incentives May 2021

Document Version 2.22.3 © 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.