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Via CFTC Portal

20 December 2022

Mr Christopher J. Kirkpatrick

Office of the Secretariat

Commodity Futures Trading Commission

Three Lafayette Centre

1155 21st Street NW

Washington, DC 20581

Re: Updated LCH SA CDSClear Fee Grid for 2023

Dear Mr. Kirkpatrick,

Pursuant to CFTC regulation §40.6(a), LCH SA (“LCH SA”), a derivatives clearing organization (“DCO”) 

registered with the Commodity Futures Trading Commission (the “CFTC”), is submitting for selfcertification the updated CDSClear fee grid to be applicable in 2023 (the “Proposed Rule Change”).

The new fee grid applicable to CDSClear service is expected to be effective as of January 5

th

, 2023

however, in no event, will either be implemented earlier than 10 business days after the proposed 

changes are filed with the CFTC.

The text of the Proposed Rule Change is attached hereto as Appendix.

Part I: Explanation and Analysis

The purpose of the proposed fee changes is for LCH SA CDSClear to take into account the evolution of 

the CDSClear business and new clearing services offered.

The proposed fee changes reflect the ongoing development and new product scope of the CDSClear 

service with the objective to meet clearing members and clients’ expectations

In this context, LCH SA needs to update its current CDSClear existing fee grid.

Part II: Description of Rule Changes

As specified in Appendix A, LCH SA is proposing to amend the CDSClear fee grid for 2023 as follows.
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1) Clearing fees for Sovereign Index and Single Name CDS activity

LCH SA CDSClear currently offers an Unlimited Tarif for General Members that covers all self-clearing 

Corporate and Financials CDS Index and Single Names activity for a Financial Group of a Clearing Member 

for an annual fixed fee of €1,350,000 (no variable fees).

Asthe scope of products covered by the Unlimited Tarif for General Members does not include Sovereign

Single Names CDS, the proposed change introduces a distinct fixed fee of €180,000 per annum (one 

twelfth being charge every month) for General Members to cover all self-clearing Sovereign Single 

Names CDS activity for a Financial Group of a Clearing Member. General Members can opt-in for this 

tariff or pay variable fees to clear Sovereign Single Name CDS as per the current fee grid.

It is reminded that as per the existing fee grid, CDSClear offers a full discount of Sovereign Single Names 

variable fees for 1 calendar year from the launch date of this initiative (i.e, from 14-Dec-2022 to 14-Dec2023 included).

LCH SA proposes to authorise General Members to switch between the annual fixed fee tariff and the 

variable fees for Sovereign Single Name CDS no more than once per year, such change to be effective

from the start of the next month following a 15 business days’ notice period.

2) General Members’ Introductory Tariff

General Members under the Introductory Tariff pay an annual Membership and clearing fixed fee to 

cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity of:

• EUR 200,000 if the total annual gross notional cleared is under €10bn.

• EUR 400,000 if the total annual gross notional cleared is over €10bn.

Besides, currently:

• Where the total annual gross notional cleared by a General Member under the Introductory 

Tariff reaches €10bn in any calendar year, then no further fixed fees are payable that year and 

the General Member will automatically be invoiced at the higher tariff of EUR 400,000 for the 

following year.

• Where the total annual gross notional cleared by a General Member under the Introductory 

Tariff on the higher tariff of EUR 400,000 falls below €10bn in any calendar year, the General 

Member will automatically be invoiced at the lower tariff of EUR 200,000 for the following year.

One twelfth of this fee is charged each month 

Going forward, General Members under the Introductory Tariff will be charged an annual Membership 

and clearing fee of EUR 400,000 for any given calendar year (one twelfth being charged each month) but 

those having cleared less than €10bn in that year would get a rebate in their last bill for the year such 

that their annual Membership and clearing fee amount to EUR 200,000.

3) Select Members’ Tariff

Select Members currently pay an annual Membership and clearing fixed fee to cover all selfclearing Corporate, Financials and Sovereign Index and Single Names activity of:

• EUR 250,000 if the total annual gross notional cleared is under €20bn.
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• EUR 450,000 if the total annual gross notional cleared is over €20bn.

With the proposed change, Select Members would pay an annual Membership and clearing fixed fee to 

cover all self-clearing Corporate, Financials and Sovereign Index and Single Names activity of:

• EUR 250,000 if the total annual gross notional cleared is under €10bn (instead of €20bn).

• EUR 450,000 if the total annual gross notional cleared is over €10bn (instead of €20bn).

Besides, currently:

• Where the total annual gross notional cleared by a Select Member reaches €20bn in any calendar 

year, then no further fixed fees are payable that year and the Select Member will automatically 

be invoiced at the higher tariff of EUR 450,000 for the following year.

• Where the total annual gross notional cleared by a Select Member on the higher tariff of EUR 

450,000 falls below €20bn in any calendar year, the Select Member will automatically be 

invoiced at the lower tariff of EUR 250,000 for the following year.

One twelfth of this fee is charged each month 

Going forward, Select Members will be charged an annual membership and clearing fee of EUR 450,000 

for any given calendar year (one twelfth being charged each month) but those having cleared less than 

€10bn in that year would get a rebate in their last bill for the year such that their annual Membership 

and clearing fee amount to EUR 250,000.

4) CCP Switch Programme

The updated CDSClear fee grid is now referring to the incentive fee programme offered to existing and 

new potential clearing members (CCP Switch Programme) recently rule certified with the CFTC1

5) High Turnover Fee Plan

The proposed CDSClear fee grid also includes the introduction of a High Turnover Fee Plan (HTFP) for 

Clients and Select Members.

Currently, CDSClear Clearing Members are charged a fee on their client clearing flows per EUR/USD 

million of gross notional cleared defined as follows:

Variable fee 

Client Clearing

Per million gross notional cleared

1 LCH SA_CDSClear_CCP Switch_Full CFTC SelfCert_9 Sept 2022.pdf
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EUR 

indices 

EUR single 

names

Credit Index 

Options –

EUR Indices

US 

indices

US single 

names

Credit Index 

Option –

US Indices 

€4 €12 €4 $5 $17 $4

Similarly, Select Members are charged a variable fee on their House flows per EUR/USD million of gross 

notional cleared defined as follows:

Variable fee 

Select Members self-clearing

Per million gross notional cleared

EUR 

indices 

EUR single 

names

Credit Index 

Options –

EUR Indices

US 

indices

US single 

names

Credit Index 

Option –

US Indices 

€4 €10 €10 $5 $13 $10

The proposed incentive scheme defines a variable fee grid based on notional in order to make it more 

attractive for new Select Members as well as new buy-side clients to select CDSClear as their CCP and/or 

CDSClear existing Select Members and clients to clear more by decreasing the marginal variable fee past 

predefined notional thresholds as detailed below in Appendix A.

The buckets apply to the actual notional cleared in a given calendar year distinctly for EUR denominated 

Indices, USD denominated Indices, EUR denominated Single Names and USD denominated Single Names 

only. 

Finally, the HTFP will exclude from the determination of the total cleared notional:

- the notional cleared for which a CCP Switch credit note was used to zero out the clearing fees 

- the notional cleared part of a CCP Switch that thus didn’t attract any clearing fees.

6) LSOC account structure fees

LCH SA CDSClear proposes to not charge any account structure fees for Legally Segregated, Operationally 

Commingled (LSOC) account structures.
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7) Extension of the fee holiday period for Options cleared by Clients

LCH SA is proposing to renew the fee holiday for Client cleared Options in 2023.

Part III: Core Principle Compliance

LCH SA reviewed the introduction of the Proposed Rule Change against the requirements of the 

Commission’s regulations and DCO Core Principles and has concluded that its compliance with all the 

requirements and standards therein and in particular with the following principle and Commission’s 

regulations including, but not limited to § 39.21 would not be adversely affected by this proposed fee 

change.

DCO Core Principle L – Public Information. LCH SA has determined that the Proposed Rule Changes are 

consistent with the DCOs requirements of CFTC Regulation 39.21 to make available publicly each 

clearing and other fee charged to Clearing Members. As usual, the proposed fee change will be 

publicly available on LCH website and the DCO will ensure that sufficient information is provided to 

market participants so that they can identify and evaluate accurately the fees associated with using the 

relevant clearing services. The webpage on CDSClear fees will be updated with the proposed changes 

set out in Appendix A once they become effective. As a result, LCH SA believes that this proposed 

change is consistent with the requirements of Core Principle L and Commission Rule 39.21(c).

Part IV: Public Information

LCH SA has posted a notice of pending certifications with the CFTC and a copy of the submission on LCH’s 

website at: https://www.lch.com/resources/rulebooks/proposed-rule-changes

Part V: Opposing Views

There were no opposing views expressed to LCH SA by governing board or committee members, 

members of LCH SA that were not incorporated into the rule.

Certification

LCH SA hereby certifies to the CFTC, pursuant to the procedures set forth in the Commission regulation 

§ 40.6, that attached changes submission complies with the Commodity Exchange Act, as amended, and 

the regulations promulgated there under.

Should you have any questions please contact me.

Francois Faure

Chief Compliance Officer

+33 1 70 37 65 96

françois.faure@lseg.com
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APPENDIX A

Current LCH SA CDSClear Fee Grid 

Self-Clearing Tariff for Corporates, Financials and Sovereign Index and Single Name CDS

Membership Annual Fixed Fee Self-Clearing / Variable Fees

EUR 

Indices

EUR 

Single 

Names

USD 

Indices

USD 

Single 

Names

General 

Member –

Unlimited 

Tariff

€ 1,350,000 No Variable Fee Covers all self-clearing:

- Corporate and 

Financials Index and 

Single Name activity

- Sovereign Index 

activity

for a Financial Group of 

a Clearing Member

No Fixed Fee

NA

€10

Per 

million 

gross 

notional 

cleared

NA

$13 Per 

million 

gross 

notional 

cleared

Applies to all selfclearing Sovereign

Single Names activity

Full discount of Sovereign Single Names variable fees for 1 calendar year from go-live

General 

Member –

Introductory 

Tariff

€200,000 if the total annual 

gross notional cleared is 

under €10billion

€3.5

Per 

million 

gross 

notional 

cleared

€10

Per 

million 

gross 

notional 

cleared

$4.5

Per 

million 

gross 

notional 

cleared

$13

Per 

million 

gross 

notional 

cleared

Covers all self-clearing 

Financial and Sovereign 

Index and Single Names 

activity

€400,000 if the total annual 

gross notional cleared is 

over €10billion

€3.5

Per 

million 

gross 

notional 

cleared

€10

Per 

million 

gross 

notional 

cleared

$4.5

Per 

million 

gross 

notional 

cleared

$13

Per 

million 

gross 

notional 

cleared

Full discount of Sovereign Single Names variable fees for 1 calendar year from go-live
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Select 

Member

€250,000 if the total annual 

gross notional cleared is 

under €20billion

€4

Per 

million 

gross 

notional 

cleared

€10

Per 

million 

gross 

notional 

cleared

$5

Per 

million 

gross 

notional 

cleared

$13

Per 

million 

gross 

notional 

cleared

Covers all self-clearing 

Corporate, Financials 

and Sovereign Index and 

Single Names activity

€450,000 if the total annual 

gross notional cleared is 

over €20billion

Client Clearing Tariff for Corporate, Financials and Sovereign Index and Single Names CDS

Client 

Clearing

Self-Clearing / Variable Fees

EUR 

Indices

EUR 

Single 

Names

USD 

Indices

USD 

Single 

Names

Variable Fees €4

Per 

million 

gross 

notional 

cleared

€12

Per 

million 

gross 

notional 

cleared

$5

Per 

million 

gross 

notional 

cleared

$17

Per 

million 

gross 

notional 

cleared

Covers all self-clearing 

Corporate, Financials 

and Sovereign* Index 

and Single Names 

activity

Annual Account Fees

A yearly fee is charged for each ISA or OSA account as indicated in the table below.

ISA OSA Net OSA Gross

Fee €3,500 €3,500 €3,500*

*Gross OSA account charges:

• Main value segregated collateral account operated by the Clearing Member, only one per 

Clearing Member. The main Gross OSA* is charged at €0/€0.

• Each additional Gross OSA will be charged at €1,750 for each 6-month period (comparison 

annual cost €3,500)

Options Tariff 

Introductory Tariff Can cover either one or multiple legal entities under conditions below 

(no Affiliate coverage)
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General 

Member

In-year switches are not permitted

No EEP usage fees in 2022

Clearing Fees $8 per million of option notional on US Indices

€8 per million of option notional on European 

Indices

Floor on clearing fees €115k Per calendar year (no pro-rating) for 1 entity

€150k Per calendar year (no pro-rating) for 2 entities of 

the same Financial Group of a Clearing Member 

€190k Per calendar year (no pro-rating) for 3 or more 

entities of the same Financial Group of a Clearing 

Member 

Unlimited Tariff Cover all Affiliates of a given Financial Group of a Clearing Member 

Cover all clearing fees for Credit Option House activity for both iTraxx 

and CDX.NA underlying index families 

In-year switches are not permitted

No EEP usage fees in 2022

Fixed fee (annual) €375k Per calendar year (no pro-rating)

Discounted Rates €115k if notionals cleared strictly above €15bn

New Market 

Participant Tariff

Can apply to either one or multiple legal entities under conditions 

below (no affiliate coverage)

Available for new joiners only (i.e. no entity of the same Financial 

Group of a Clearing Member registered to the Option clearing service 

under the Introductory or the Unlimited tariff in the last 3 calendar 

years), for 1 calendar year, renewable once only

In-year switches are not permitted

No EEP usage fees in 2022

€10 Per million notional on European Indices

$10 Per million notional on US Indices

Onboarding Fees

(both Introductory & 

unlimited)

€30k One-off fee per Legal Entity under the 

Introductory tariff or per Financial Group of a 

Clearing Member under the Unlimited tariff.
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Client Options Clearing Fees $4 per million of option notional on US Indices 

€4 per million of option notional on European 

Indices 

2022: Full discount of client variable fees

Affiliates clearing as Client (all products)

Affiliates 

clearing as 

Clients

Full rebate on variable clearing fees for the Affiliate of a Clearing Member onboarded as client of 

such Clearing Member under the following conditions:

• The Clearing Member is a General Member under the Unlimited Tariff;

• The Affiliate is a legal entity part of the same Financial Group as the Clearing Member;

• The rebate applies to 1 trade account per affiliate and for all clearing services for which 

the Clearing Member is under the Unlimited Tariff (i.e. Index & Single Names and/or 

Options);

• The rebate cannot apply to any account opened for CCM Indirect Clients; and

A fixed annual account fee of €100,000 is charged per affiliate of a Clearing Member 

onboarded as a client and benefiting from the full rebate on variable fees.

Select Member Introductory Tariff Cover only one legal entity (no affiliate coverage) 

In-year switches are not permitted

No EEP usage fees in 2022

Clearing Fees $10 per million of option notional on US Indices

€10 per million of option notional on European 

Indices

Unlimited Tariff Cover all Affiliates of a given Financial Group of a Clearing Member 

Cover all clearing fees for Credit Option House activity for both iTraxx 

and CDX.NA underlying index families

In-year switches are not permitted

No EEP usage fees in 2022

Fixed fee (annual) €400k Per calendar year (no pro-rating)

Discounted Rates €115k if notionals cleared strictly above €15bn

Onboarding Fees (both 

Introductory & unlimited

€30k One-off fee per Legal Entity under the 

Introductory tariff or per Financial Group of a 

Clearing Member under the Unlimited tariff 
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Proposed CDSClear Fee Grid effective from January 5

th, 2023*

Self-Clearing Tariff for Corporates, Financials and Sovereign Index and Single Name CDS

Membership Annual Fixed Fee Self-Clearing / Variable Fees

EUR 

Indices

EUR 

Single 

Names

USD 

Indices

USD 

Single 

Names

General 

Member –

Unlimited 

Tariff

€ 1,350,000 No Variable Fee Covers all self-clearing:

- Corporate and 

Financials Index and 

Single Name activity

- Sovereign Index 

activity

for a Financial Group of 

a Clearing Member

Fixed Fee: €180,000 No Variable Fees Applies to all selfclearing Sovereign* 

Single Names 

General Members –

Unlimited can choose 

between the Fixed Fee 

Tariff and the Variable 

Fees for their Sovereign 

Single Name CDS 

clearing activity.

In-year switches 

permitted once per year 

between the Fixed Fee 

Tariff and the Variable 

Fees one.

The Fixed Fee Tariff 

covers all self-clearing 

Sovereign Single Name 

activity for a Financial 

Group of a Clearing 

Member

No FixedVariable Fees NA €10

Per € 

million 

gross 

notional 

cleared

NA $13

Per $ 

million 

gross 

notional 

cleared

Full discount of Sovereign Single Names 

variable fees for 1 calendar year from 

go-livefrom 14-Dec-2022 to 14-Dec-2023 

included

General 

Member –

Introductory 

Tariff

€200,000 if the total annual 

gross notional cleared is 

under €10billion

€3.5

Per 

million 

gross 

€10

Per 

million 

gross 

$4.5

Per 

million 

gross 

$13

Per 

million 

gross 

Covers all self-clearing 

Corporate, Financial and 

Sovereign Index and 

Single Names activity
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notional 

cleared

notional 

cleared

notional 

cleared

notional 

cleared

The fixed fee is charged 

assuming more than 

€10bn notional will be 

cleared. Any amount 

overdue (for GMs 

having cleared less than 

€10bn will be returned 

to the Member in the 

last bill of the year)

€400,000 if the total annual 

gross notional cleared is 

over €10billion

€3.5

Per 

million 

gross 

notional 

cleared

€10

Per 

million 

gross 

notional 

cleared

$4.5

Per 

million 

gross 

notional 

cleared

$13

Per 

million 

gross 

notional 

cleared

Full discount of variable fees for Sovereign Single Names from 14-Dec-2022 to 14-Dec-2023 

includedFull discount of Sovereign Single Names variable fees for 1 calendar year from go-live

Select 

Member

€250,000 if the total annual 

gross notional cleared is 

under €20billion10billion

€4

Per 

million 

gross 

notional 

cleared

€10

Per 

million 

gross 

notional 

cleared

$5

Per 

million 

gross 

notional 

cleared

$13

Per 

million 

gross 

notional 

cleared

Covers all self-clearing 

Corporate, Financials 

and Sovereign Index and 

Single Names activity

The fixed fee is charged 

assuming more than 

€10bn notional will be 

cleared. Any amount 

overdue (for SMs having 

cleared less than €10bn 

will be returned to the 

Member in the last bill 

of the year)

€450,000 if the total annual 

gross notional cleared is 

strictly over 

€20billion10billion

Client Clearing Tariff for Corporate, Financials and Sovereign Index and Single Names CDS

Client Clearing Self-Clearing / Variable Fees

EUR 

Indices

EUR 

Single 

Names

USD 

Indices

USD 

Single 

Names

Variable Fees €4

Per 

million 

gross 

notional 

cleared

€12

Per 

million 

gross 

notional 

cleared

$5

Per 

million 

gross 

notional 

cleared

$17

Per 

million 

gross 

notional 

cleared

Covers all self-clearing 

Corporate, Financials 

and Sovereign Index and 

Single Names activity
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Annual Account Fees

A yearly fee is charged for each ISA or OSA account as indicated in the table below.

ISA OSA Net OSA Gross LSOC

Fee €3,500 €3,500 €3,500*

1 $0

*1Gross OSA account charges:

• Main value segregated collateral account operated by the Clearing Member, only one per 

Clearing Member. The main Gross OSA*

1

is charged at €0/€0.

• Each additional Gross OSA will be charged at €1,750 for each 6-month period (comparison 

annual cost €3,500)

Options Tariff 

General 

Member

Introductory Tariff Can cover either one or multiple legal entities under conditions below 

(no Affiliate coverage)

In-year switches are not permitted

No EEP usage fees in 20232

Clearing Fees $8 per million of option notional on US Indices

€8 per million of option notional on European 

Indices

Floor on clearing fees €115k Per calendar year (no pro-rating) for 1 entity

€150k Per calendar year (no pro-rating) for 2 entities of 

the same Financial Group of a Clearing Member 

€190k Per calendar year (no pro-rating) for 3 or more 

entities of the same Financial Group of a Clearing 

Member 

Unlimited Tariff Cover all Affiliates of a given Financial Group of a Clearing Member 

Cover all clearing fees for Credit Option House activity for both iTraxx® 

and CDXTM.NA underlying index families 

In-year switches are not permitted

No EEP usage fees in 20232

Fixed fee (annual) €375k Per calendar year (no pro-rating)

Discounted Rates €115k if notionals cleared strictly above €15bn
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Client Options Clearing Fees $4 per million of option notional on US Indices 

New Market 

Participant Tariff

Can apply to either one or multiple legal entities under conditions 

below (no affiliate coverage)

Available for new joiners only (i.e. no entity of the same Financial 

Group of a Clearing Member registered to the Option clearing service 

under the Introductory or the Unlimited tariff in the last 3 calendar 

years), for 1 calendar year, renewable once only

In-year switches are not permitted

No EEP usage fees in 20232

€10 Per million notional on European Indices

$10 Per million notional on US Indices

Onboarding Fees

(both Introductory & 

unlimited)

€30k One-off fee per Legal Entity under the 

Introductory tariff or per Financial Group of a 

Clearing Member under the Unlimited tariff.

Select Member Introductory Tariff Cover only one legal entity (no affiliate coverage) 

In-year switches are not permitted

No EEP usage fees in 20232

Clearing Fees $10 per million of option notional on US Indices

€10 per million of option notional on European 

Indices

Unlimited Tariff Cover all Affiliates of a given Financial Group of a Clearing Member 

Cover all clearing fees for Credit Option House activity for both iTraxx®

and CDXTM.NA underlying index families

In-year switches are not permitted

No EEP usage fees in 20232

Fixed fee (annual) €400k Per calendar year (no pro-rating)

Discounted Rates €115k if notionals cleared strictly above €15bn

Onboarding Fees (both 

Introductory & unlimited

€30k One-off fee per Legal Entity under the 

Introductory tariff or per Financial Group of a 

Clearing Member under the Unlimited tariff 
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€4 per million of option notional on European 

Indices 

20223: Full discount of client variable fees

CCP switch Incentive Programme No fees will be charged by CDSClear for new transactions cleared at 

CDSClear under the CCP Switch Incentive Programme

A credit equal to the fees associated with closing out the positions 

at a market participant’s current CDS CCP will be applied to the 

market participant’s account. The credit will be applicable towards 

fees related to future transactions cleared at CDSClear. The amount 

of credit applied will be calculated using the published fees at the 

market participant’s current CDS CCP

High Turnover Fee plan The HTFP applies on the notional cleared in a calendar year but 

excludes from the determination of the total cleared notional:

- the notional cleared for which a CCP Switch credit note was 

used to zero out the clearing fees 

- the notional cleared part of a CCP Switch that thus didn’t 

attract any clearing fees

Options are excluded from the High Turnover Fee plan

The High Turnover Fee plan does not apply to General Members

Bucket 1 €4 per million of EUR Indices gross notional cleared if the total 

annual gross notional cleared of EUR Indices is strictly below 

€60billion

€12 per million of EUR Single Names gross notional cleared if the 

total annual gross notional cleared of EUR Single Names is strictly 

below €5billion

$5 per million of USD Indices gross notional cleared if the total 

annual gross notional cleared of USD Indices is strictly below 

$60billion

$17 per million of USD Single Names gross notional cleared if the 

total annual gross notional cleared of USD Single Names is strictly 

below $5billion

Bucket 2 €3 per million of EUR Indices gross notional cleared if the total 

annual gross notional cleared of EUR Indices is above €60billion and 

strictly below €120billion

€9 per million of EUR Single Names gross notional cleared if the 

total annual gross notional cleared of EUR Single Names is above 

€5billion and strictly below €10billion
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$4 per million of USD Indices gross notional cleared if the total 

annual gross notional cleared of USD Indices is above $60billion and 

strictly below $120billion

$12 per million of USD Single Names gross notional cleared if the 

total annual gross notional cleared of USD Single Names is above 

$5billion strictly below $10billion

Bucket 3 €2 per million of EUR Indices gross notional cleared if the total 

annual gross notional cleared of EUR Indices is above €120billion 

and strictly below €240billion

€6 per million of EUR Single Names gross notional cleared if the 

total annual gross notional cleared of EUR Single Names is above 

€10billion and strictly below €20billion

$3 per million of USD Indices gross notional cleared if the total 

annual gross notional cleared of USD Indices is above $120billion 

and strictly below $240billion

$7 per million of USD Single Names gross notional cleared if the 

total annual gross notional cleared of USD Single Names is above 

$10billion strictly below $20billion

Bucket 4 €1 per million of EUR Indices gross notional cleared if the total 

annual gross notional cleared of EUR Indices is above €240billion 

and strictly below €480billion

€3 per million of EUR Single Names gross notional cleared if the 

total annual gross notional cleared of EUR Single Names is above 

€20billion and strictly below €40billion

$2 per million of USD Indices gross notional cleared if the total 

annual gross notional cleared of USD Indices is above $240billion 

and strictly below $480billion

$2 per million of USD Single Names gross notional cleared if the 

total annual gross notional cleared of USD Single Names is above 

$20billion strictly below $40billion

Bucket 5 Free of charge if the total annual EUR Indices gross notional cleared 

of EUR Indices is above €480billion

Free of charge if the total annual EUR Single Names gross notional 

cleared of EUR Single Names is above €40billion

Free of charge if the total annual USD Indices gross notional cleared 

of USD Indices is above $480billion

Free of charge if the total annual USD Single Names gross notional 

cleared of USD Single Names is above $40billion

Affiliates clearing as Client (all products)
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Affiliates 

clearing as 

Clients

Full rebate on variable clearing fees for the Affiliate of a Clearing Member onboarded as client of 

such Clearing Member under the following conditions:

• The Clearing Member is a General Member under the Unlimited Tariff;

• The Affiliate is a legal entity part of the same Financial Group as the Clearing Member;

• The rebate applies to 1 trade account per affiliate and for all clearing services for which 

the Clearing Member is under the Unlimited Tariff (i.e. Index & Single Names and/or 

Options);

• The rebate cannot apply to any account opened for CCM Indirect Clients; and

A fixed annual account fee of €100,000 is charged per affiliate of a Clearing Member 

onboarded as a client and benefiting from the full rebate on variable fees.

* Subject to any appropriate regulatory review and/or approval process duly completed