SUBMISSION COVER SHEET

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Organization Rules and Rule Amendments

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ICE Clear Europe Limited

ICE Clear Europe is specifying certain fees applicable to segregated EMIR customer accounts.

07/21/2015

✔

New Circular

✔
1 

ICE Clear Europe Limited 

Registered in England No.06219884 

Registered office: Milton Gate, 60 Chiswell Street, London EC1Y 4SA 

 July 21, 2015 

Mr. Christopher J. Kirkpatrick 

Office of the Secretariat 

Commodity Futures Trading Commission 

Three Lafayette Centre 

1155 21st Street, NW 

Washington, DC 20581 

Re: ICE Clear Europe Self-Certification Pursuant to Commission Rule 40.6: 

 Fees for EMIR Customer Accounts 

Dear Mr. Kirkpatrick: 

ICE Clear Europe Limited (“ICE Clear Europe”), a registered derivatives clearing 

organization under the Commodity Exchange Act, as amended (the “Act”), hereby 

submits to the Commodity Futures Trading Commission (the “Commission”), for 

self-certification pursuant to Commission Rule 40.6, the rule amendments discussed 

herein. The amendments are to become effective on the business day following the 

tenth business day after submission, or such later date as ICE Clear Europe may 

determine. 

Concise Explanation and Analysis 

The purpose of the rule amendment is for ICE Clear Europe to specify certain fees 

(and related volume discounts) applicable to segregated customer accounts, margin 

flow co-mingled accounts (also known as “individually segregated, operationally comingled” or “ISOC” accounts) and individually segregated sponsored accounts of 

Non-FCM/BD Clearing Members that are required to be made available under the 

European Market Infrastructure Regulation (EMIR) (collectively, the “EMIR 

Customer Accounts”). Certain such accounts may also be used by Non-FCM/BD 

Clearing Members prior to EMIR authorization of ICE Clear Europe. The 

amendments also specify the timing of payment of such fees. Attached hereto is a 

circular listing the applicable fees and discounts. 
2 

ICE Clear Europe Limited 

Registered in England No.06219884 

Registered office: Milton Gate, 60 Chiswell Street, London EC1Y 4SA 

Compliance with the Act and Commission Regulations 

The rule amendments are potentially relevant to core principles B (Financial 

Resources) and L (Public Information), and the applicable regulations of the 

Commission thereunder. 

 Financial Resources. ICE Clear Europe has determined that the fees set forth 

in the attached circular are appropriate given the costs and expenses to ICE 

Clear Europe in offering and maintaining EMIR Customer Accounts for NonFCM/BD Clearing Members. The fees are thus consistent with the 

requirements of Core Principle B and Commission Rule 39.11. 

 Public Information. Consistent with the requirements of Core Principle L and 

Commission Rule 39.21, ICE Clear Europe will disclose the applicable fees 

for EMIR Customer Accounts by publication of the attached circular. 

ICE Clear Europe hereby certifies that the amendments comply with the Act and the 

Commission’s regulations thereunder. 

ICE Clear Europe has received no substantive opposing views in relation to the 

proposed rule amendments. 

ICE Clear Europe has posted a notice of pending certification and a copy of this 

submission on its website concurrent with the filing of this submission. 

 

If you or your staff should have any questions or comments or require further 

information regarding this submission, please do not hesitate to contact the 

undersigned at patrick.davis@theice.com or +44 20 7065 7738, Dee Blake, Director 

of Regulation, at dee.blake@theice.com or +44 20 7065 7752 or Paul Swann, 

President & Managing Director, at paul.swann@theice.com or 

+44 20 7065 7700. 

Very truly yours, 

Patrick Davis 

Head of Legal and Company Secretary
ICE Clear Europe Ltd, a Recognised Clearing House ICE Clear Europe Circular C15/086 

under the Financial Services & Markets Act 2000 

Registered in England & Wales with Registered Office at 

Milton Gate, 60 Chiswell Street, London, EC1Y 4SA 

Company Registration No. 6219884 

 1 

 

ICE Clear Europe: Update on Charges for EMIR Customer 

Accounts 

Further to Circular C14/098 dated 04 August 2014, the purpose of this Circular is 

to clarify the mechanism for charging Application and Annual Fees and announce 

the introduction of volume discounts for setting up of multiple EMIR Customer 

Accounts at ICE Clear Europe (the “Clearing House”). 

Schedule for charging of Application and Annual Fees 

In order to facilitate the establishment and testing of EMIR Customer Accounts 

ahead of the implementation of any clearing obligations, the Annual Fee will 

become payable at the point where the EMIR Customer account is used. An 

account is defined as being used where the Account either has overnight open 

interest or where an account has had more than one instance of an opposite and 

equal offsetting transaction cleared. 

Further, Clearing Members are advised that the Annual Fee will become due on 31 

August 2015 and pro-rated around this date. For the avoidance of doubt, the 

Application and Annual Fees are as follows: 

Application Fee Annual Fee 

Segregated Customer 

Accounts (“F”, “S” and “T”) 

Waived Waived 

Individually Segregated 

Operationally Co-mingled 

(“ISOC”) Account (“I” and “J” 

Account) 

Waived €5,000 per annum per 

Individual Customer 

Individually Segregated 

Sponsored Account 

(“Sponsored Principal”) 

€10,000 per Sponsored 

Principal 

€25,000 per annum per 

Sponsored Principal 

Volume Discounts 

The Board of the Clearing House has also approved the following discounts where 

a client establishes a number of separate Individually Segregated Accounts: 

Number of 

Accounts 

Minimum 

number of 

Accounts 

Cost per 

ISOC 

Account 

(EUR 

p.a.) 

Minimum

cost of 

ISOC 

package 

Sponsor

ed 

Principal 

Applicati

on Fee 

Cost per 

SP 

Account 

(EUR 

p.a.) 

Minimum 

cost of SP 

package 

Individual 

Accounts 

1 5,000 5,000 10,000 25,000 35,000 

50 or more 50 3,300 165,000 N/A 16,500 825,000 

100 or 

more 

100 2,150 215,000 N/A 10,750 1,085,000 

CIRCULAR 

C15/086 

Category: 

Membership 

Attachments: 

None 

Summary of 

content: 

ICE Clear Europe: 

Update on 

Charges for EMIR 

Customer Accounts 

 

For more 

information 

please contact: 

Paul Swann 

President and 

Managing Director 

+44 (0) 20 7065 7615 

paul.swann@theice.com

Mark Woodward 

Vice President, 

Corporate 

Development 

+44 (0) 20 7065 7617 

mark.woodward@theice.

com
ICE Clear Europe Ltd, a Recognised Clearing House ICE Clear Europe Circular C15/086 

under the Financial Services & Markets Act 2000 

Registered in England & Wales with Registered Office at 

Milton Gate, 60 Chiswell Street, London, EC1Y 4SA 

Company Registration No. 6219884 

 2 

 

Clearing Fees 

Standard clearing fees apply to all EMIR Customer Accounts. 

Ongoing review 

The Board of the Clearing House has the right to review and amend any aspect of 

clearing and other fees. 

If you have any questions please contact either Paul Swann, President and 

Managing Director by phone on +44 (0)20 7065 7615 or by email 

paul.swann@theice.com or Mark Woodward, Vice President, Corporate 

Development by phone +44 (0)20 7065 7617, or by e-mail 

mark.woodward@theice.com.

Signed: 

Paul Swann 

President & Managing Director