NEX SEF LIMITED

FEE SCHEDULE

November 1, 2020 April 1NovemberApril 154, 20221

CONFIDENTIAL TREATMENT REQUESTED BY NEX SEF LIMITED
NEX SEF FEE SCHEDULE | NOVEMBER 1, 2020 APRILNOVEMBERAPRIL 154, 20221

CONFIDENTIAL TREATMENT REQUESTED BY NEX SEF LIMITED

PRIVATE & CONFIDENTIAL

NEX SEF NDF FEES AND INCENTIVE PROGRAMS

Terms defined in the NEX SEF Rulebook and NEX SEF Fee Schedule shall have the same meaning when used in this pricing 

schedule. Other terms are defined below. Pursuant to NEX SEF Rule 211, NEX SEF assesses its participants the following fees in 

connectionfor with access and connectivity to the Facility. In addition, NEX SEF assesses separate volume-based transaction fees

and other SEF specific fees. based on transaction Incentives and Market Maker Programs are also available, and the eligibility and 

criteria are outlined herein. are avai

Access and Connectivity fees

Connectivity charges are billed through EBS Dealing Resources, Inc. (for customers in the US), EBS Dealing Resources Japan

Limited (for customers in Japan), and EBS Dealing Resources International Limited for customers in the rest of the world (other 

than where required in accordance with local law). Changes may be made to this fee schedule from time to time on notice to 

customers.

LOCATION INTERFACE/HANDOFF MONTHLY CHARGE MINIMUM 

COMMITMENT 

PERIOD PER 

CONNECTION

NOTES

GLINK

SECAUCUS AND SLOUGH 10 Gbps USD 1,000 12 months Installation Charge USD 2,000

(waived on orders prior to Jan

2022)

ECONNECT*

NY5 AND NY4 1 Gbps USD 1,000 12 months

10 Gbps USD 1,000 12 months

165 HALSEY AND 111 8TH 1 Gbps USD 1,000 12 months

10 Gbps USD 1,000 12 months

LNET*

1 Gbps USD 1,000 12 months

10 Gbps USD 1,000 12 months

HUB ACCESS*

LONDON, HONG KONG, 

SEOUL, SINGAPORE, 

TOKYO

1 Gbps USD 1,000 12 months

10 Gbps USD 1,000 12 months

CLIENT INTERNETLink

SECAUCUS AND SLOUGH N/A USD 500 6 months

ON SEF SESSION ENTITLEMENT FEE MONTHLY RECURRING CHARGE*

USD 3,000

* Connections and order entry sessions may be entitled to one or more EBS product segments. Total fees for a given connection or order entry 

session are determined based on the sum of fees applicable to the entitled EBS product segments. Product segments include Spot/Metals, SEF 

NDF and EBS NDF – see applicable fee schedule for each.

Asian On-SEF NDF tTransaction Ffees

Terms defined in the NEX SEF Rulebook and NEX SEF Fee Schedule shall have the same meaning when used in this pricing 

schedule. Other terms are defined below.
NEX SEF FEE SCHEDULE | NOVEMBER 1, 2020 APRILNOVEMBERAPRIL 154, 20221

CONFIDENTIAL TREATMENT REQUESTED BY NEX SEF LIMITED

PRIVATE & CONFIDENTIAL

Non-Deliverable Forward Transaction Fees

Transaction fees for EBS Non-Deliverable Forward currency pairs traded on NEX SEF are volume based, on a price per million 

basis with separate prices for make and take volumes.

Asian EBS NDF Currency Pairs

Monthly Volume Tiers Make Volume Price* Take Volume Price*

$0 - $2bn US$ 15.00 US$ 20.00

$2bn - $4bn US$ 10.00 US$ 15.00

$4bn - $6bn US$ 8.00 US$ 12.00

$6bn - $12bn US$ 7.00 US$ 11.00

Greater than $12bn US$ 6.00 US$ 10.00

*US$ price per $ million traded.

• This pricing schedule is non-retroactive.

• For each month, NEX SEF shall calculate the aggregated size in US Dollars (the “Monthly Volume”) of the underlying 

sizes of transactions carried out by the Participant at all of its specified sites within the same legal entity whether as a 

maker or a taker. 

• The total Monthly Volume is collated aggregated to calculate the Monthly Volume Tiers. The appropriate make and 

take price is applied to each deal code in the billing group on a pro rata basis.

• For Example: if a deal code trades monthly volume of $1.2bn of a total of $3bn across the whole legal entity then that 

deal code will be apportioned 40% ($1.2bn/$3.0bn) of each volume tier. The Participant would be charged with respect 

to that deal code at $15.00/$20.00 on their proportion of the first tier ($0.8bn of $2.0bn) and then $10.00/$15.00 on 

the next tier ($0.4bn of $1.0bn

Asian EBS NDF Currency PairsTOM

Transaction fees for EBS Non-Deliverable Forward currency pairs traded are volume based, on a price per million 

basis with separate prices for make and take volumes.

TOM Package – KRW, INR, CNY, TWD

NDF Monthly Volume Tiers Volume Price

$0 - $2bn US$ 8.00

Greater than $2bn US$ 6.00

US$ price per US$ million traded

TOM Package - MYR, IDR, PHP

NDF Monthly Volume Tiers Volume Price

$0 - $1bn US$ 9.00
NEX SEF FEE SCHEDULE | NOVEMBER 1, 2020 APRILNOVEMBERAPRIL 154, 20221

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PRIVATE & CONFIDENTIAL

Greater than $1bn US$ 6.50

US$ price per US$ million traded

• This pricing schedule is non-retroactive. For example, if a Participant transacts Asian NDF volume of $1.2bn in a month 

then the Participant would be charged at $17.50/$25.00 (Make/Take) for the first $0.5bn, then $15.00/$22.00 

(Make/Take) for the next $0.7bn.

• NDF volume is not included in calculating overall FX Group Volume Pricing tiers available for other products and is billed 

separately as set out above. Monthly tiers are calculated for each operational trading floor code.

• NDF brokerage for TOM trades are charged on the near leg only and discounted by currency grouping. For Example, if a 

Participant transacts $1.5bn in MYR, IDR & PHP combined for the month, then the Participant would be charged at 

$9.00/mil for the first $1bn, then $6.50/mil for the next $0.5bn.

Transaction fees for EBS Non-Deliverable Forward currency pairs traded are volume based, on a price per million 

basis with separate prices for make and take volumes.

Latin American (“LATAM”)ATAM EBS NDF Currency Pairs

Currency Pair Make Volume Price* Take Volume Price*

BRL Jan – Dec (EOM) US$ 7.00 US$ 15.00

CLP 1m US$ 12.00 US$ 18.00

COP 1m US$ 15.00 US$ 21.00

PEN 1m US$ 15.00 US$ 25.00

ARS 1m US$ 15.00 US$ 35.00

* US$ price per US$ million traded

• NDF volume is not included in calculating overall FX Group Volume Pricing tiers available for other products and is billed 

separately as set out above. Monthly tiers are calculated for each operational trading floor code.

NEX SEF - EBS Discount Requirements & Rates

EBS BRL EOM discounts will be awarded in accordance to the table below per month. 

Currency 

Standard Rates 

($0 – $0.5bn)

Make/Take

Tier 1

($0.5 bn – $1 bn)

Make/Take

Tier 2

($1 bn and Greater)

Make/Take

BRL EOM $7/15 $5/10 $5/5

*US$ price per $ million traded.

Authorized Traders must be accessing the EBS CLOB via Workstation or Global Access.

For each calendar month that an eligible Participant meets the above volume tiers, the Participant shall receive reduced 

brokerage rates for the month’s Make and Take trades above the volume tiers shown in the grid.
NEX SEF FEE SCHEDULE | NOVEMBER 1, 2020 APRILNOVEMBERAPRIL 154, 20221

CONFIDENTIAL TREATMENT REQUESTED BY NEX SEF LIMITED

PRIVATE & CONFIDENTIAL

EBS CLP, COP, and PEN 1M discounts will be awarded in accordance to the table below per month. 

Currency 

Standard Rates

($0 – $0.3bn)

Make/Take

Tier 1

($0.3 bn – $0.7bn)

Make/Take

Tier 2

($0.7bn and Greater)

Make/Take

CLP 1M $12/18

COP 1M $15/21 $10/16 $7/12

PEN 1M $15/25

*US$ price per $ million traded.

The above table will apply to CLP, COP, and PEN NDFs. NEX SEF will amend the standard base rates per currency pair, and then 

set volume tiers for combined total monthly volumes across the three pairs. The Tier rates will be applied to all three pairs, if 

achieved. The Participant shall receive reduced brokerage rates for the month’s Make and Take trades above the volume tiers 

shown in the grid.

African and Middle East NDF 

Currency Pair Make 

Volume Price*

Take 

Volume Price*

NGN 1M US$ 25.00 US$ 35.00

KES 1M US$ 25.00 US$ 35.00

ZMW 1M US$ 30.00 US$ 50.00

GHS 1M US$ 30.00 US$ 50.00

EGP 1M US$ 25.00 US$ 35.00

EGP 2M US$ 25.00 US$ 40.00

EGP 3M US$ 25.00 US$ 45.00

TRY 1M US$ 25.00 US$ 35.00

*US$ price per $ million traded.

• NDF volume is not included in calculating overall FX Group Volume Pricing tiers available for other products and is billed 

separately as set out above.

LATAM NDF EBS STREAMING iIncentive and Market Maker Programs

LATAM EBS NDF STREAMINGStreaming Incentive Program INCENTIVE

Program Purpose

In accordance with SEF guidelines, this program is being offered to incentivize market makers to provide passive liquidity in the 

listed products on the EBS order book offered by NEX SEF Limited (“NEX SEF”). The resulting additional central limit order book 
NEX SEF FEE SCHEDULE | NOVEMBER 1, 2020 APRILNOVEMBERAPRIL 154, 20221

CONFIDENTIAL TREATMENT REQUESTED BY NEX SEF LIMITED

PRIVATE & CONFIDENTIAL

liquidity benefits all market participants. This program will be open to all API market makers. The goal is to provide incentives for 

all eligible trading desks that provide dealable prices in Latin American (“LatAm”) currency pairs on the EBS order book during 

the designated hours. 

Product Scope

Latin AmericanLatAm Non-Deliverable Forwards offered on the EBS order book.

Criteria

Participants must quote two-way (i.e., bid and offer) prices in any of the LatAm NDF instruments listed by NEX SEF on the EBS 

order book. All requirements are listed on the following page in the NEX SEF Streaming Discount Requirements Grid.

Participants must be NEX SEF Trading Privilege Holders. 

Program Details

The top three Participants, in terms of average daily volume in each LatAm NDF pair as listed in the Requirements Grid shown on 

the following page (ARS 1mth, BRL EOM, CLP 1mth, COP 1mth and PEN 1mth), will receive the brokerage rates outlined in the 

NEX SEF Participant Discount Schedule shown on the following page for the following month’s Make and Take transactions, for 

each respective pair. 

NEX SEF may, from time to time, add or subtract from the aforementioned requirements as it deems necessary.

Program Term

The EBS streaming incentive program will run until February 28, 2022 June 30, 2022. NEX SEF may choose to extend the 

program at its discretion.

Hours

CCY Open Close Time Zone

BRL 9:00am 6:00pm Sao Paulo

CLP 9:00am 1:00pm Santiago

COP 9:00am 1:00pm Bogota

PEN 9:00am 1:00pm Lima

ARS 10:00am 3:00pm Buenos Aires

NEX SEF Streaming Discount Program Requirements Grid

EBS Non-Deliverable Forward Central Limit Order Book (CLOB) Market Making Requirements must be maintained in accordance 

with the table below per month.

Pair Tenor Minimum Order 

Size Max Spread % Trading hours with two way price

BRL EOM Jan-Dec (EOM) 2mn 60 pips 50%

CLP 1m 1mn 150 pips 50%

COP 1m 1mn 600 pips 50%

PEN 1m 1mn 100 pips 50%

ARS 1m 1mn - 50%

NEX SEF Participant Discount Schedule

If the above criteria are met by any Participant, NEX SEF will provide the participant discounted brokerage rates for the LatAm 

instrument(s) in which the participant satisfies quoting requirements in accordance with the table below per month for the 

following qualifying month’s Make and Take transactions.
NEX SEF FEE SCHEDULE | NOVEMBER 1, 2020 APRILNOVEMBERAPRIL 154, 20221

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Pair Tenor Make Take

BRL EOM Jan-Dec $0/mn $15/mn

CLP 1m $0/mn $18/mn

COP 1m $0/mn $21/mn

PEN 1m $0/mn $25/mn

ARS 1m $0/mn $35/mn

Monitoring and Termination of Status

EBS will monitor trading activity and participants’ performance. If EBS determines that a participant has not met its quoting 

obligations during one (1) calendar month over the course of the Program but is within twenty percent (20%) of the time-inmarket obligation(s), the participant will be eligible to receive the incentives for that applicable month.

If EBS determines that a participant has not met its quoting obligations during one (1) additional calendar month, the participant 

will be eligible to receive the incentives for that applicable month.

Upon utilizing the leniencies set forth above, participants that fail to meet quoting obligations in any additional month may be 

removed from the Program.

AFRICAN AND MIDDLE EAST ON- NDF 

TRANSACTON FEES

Transaction fees for EBS Non-Deliverable Forward currency pairs are volume based, on a price per million basis with separate 

prices for make and take volumes. 

African NDF Currency Pairs African and Middle East NDF Market Maker Program

Currency Pair Make 

Volume Price*

Take 

Volume Price*

NGN 1M US$ 25.00 US$ 35.00

KES 1M US$ 25.00 US$ 35.00
NEX SEF FEE SCHEDULE | NOVEMBER 1, 2020 APRILNOVEMBERAPRIL 154, 20221

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ZMW 1M US$ 30.00 US$ 50.00

GHS 1M US$ 30.00 US$ 50.00

EGP 1M US$ 25.00 US$ 35.00

EGP 2M US$ 25.00 US$ 40.00

EGP 3M US$ 25.00 US$ 45.00

TRY 1M US$ 25.00 US$ 35.00

*US$ price per $ million traded.

• NDF volume is not included in calculating overall FX Group Volume Pricing tiers available for other products and is billed 

separately as set out above.

Programme Purpose

This Market Maker Programme, renewing on November 1, 202101, is being offered to market makers who provide two-way pricing in the listed 

products below. The program aims to incentivise traders to provide dealable prices in on-SEF African & Middle East NDF currency pairs from the 

hours of 08:00 BST to 17:00 BST and/or prevailing market hours.

On-SEF Market Making Criteria 

Length of Program 1 year, to be reviewed at the end of the period (10/31/20221)

Offer

For each calendar month that an eligible participant meets its 

quoting obligations the participant shall be eligible for free makes 

for all of that month’s trades in the pair which they have quoted. 

Participants will also receive a discounted take rate should they 

aggress.

Product Scope

Nigerian Naira (NGN 1MS), Zambian Kwacha (ZMW 1MS) 

Ghanaian Cedi (GHS 1MS), Kenyan Shilling (KES 1MS)

Egyptian Pound (EGP 1M, 2M, 3M), Turkish Lira (TRY 1M)

Coverage period 08:00 – 17:00 (BST)

Max Spreads (points) 1 (NGN); 0.4 (ZMW);

0.05 (GHS); 0.5 (KES); 0.1 (EGP); 1.0 (TRY)

Obligations

Participants in the programme must quote two-way (bid and offer) 

prices in all of the above on-SEF African & Middle East NDF 

instruments for at least 50% of trading hours. 

Monitoring and Termination of Status

EBS will monitor trading activity and participants’ performance. If EBS determines that a participant has not met its quoting 

obligations for a particular currency pair(s) during one (1) calendar month over the course of the Programme but is within 

twenty percent (20%) of the time-in-market obligation(s), the participant will be eligible to receive the incentives for that 

applicable month.
NEX SEF FEE SCHEDULE | NOVEMBER 1, 2020 APRILNOVEMBERAPRIL 154, 20221

CONFIDENTIAL TREATMENT REQUESTED BY NEX SEF LIMITED

PRIVATE & CONFIDENTIAL

If EBS determines that a participant has not met its quoting obligations during one (1) additional calendar month, the participant 

will be eligible to receive the fee waiver incentive for that applicable month.

Upon utilizing the leniencies set forth above, participants that fail to meet quoting obligations in any additional month may be 

removed from the Program.

Incentive Schedule

As per above criteria EBS will provide any eligible participants free make rates for the African & Middle East instrument(s) in 

which they satisfy quoting requirements.

Market Maker Incentive Rates

Pair Tenor Min Order 

Size

Max Spread

(points) Make Take (MMP)

NGN 1M 1mln 1 $0/mln $25/mln

ZMW 1M 1mln 0.4 $0/mln $25/mln

GHS 1M 1mln 0.05 $0/mln $25/mln

KES 1M 1mln 0.5 $0/mln $25/mln

EGP 1M 1mln 0.1 $0/mln $25/mln

EGP 2M 1mln 0.1 $0/mln $25/mln

EGP 3M 1mln 0.1 $0/mln $25/mln

TRY 1M 1mln 1.0 $0/mln $25/mln

Other ON-SEF Fees

Basis Risk Reduction Services (“BRRS”) Crossing Access Fee 

Intermediaries that arrange Permitted Transactions for execution resulting from BRRS may cross any number of transactions on 

NEX SEF for $30,000 per month. An additional one-time technology set up fee may be applicable for on-boarding of the IB onto 

the Pre-Arranged Crossing platform. 

Shield Order Book Access and Transaction Fees 

Access to the Shield Order Book will cost $10,000 per month. In addition to the applicable access fee, transactions are charged 

at a flat rate of $2,000 per side. 

Independent Software Vendors (“ISVs”) Access Fees 

Access to NEX SEF Order Books for ISVs will cost $25,000 per month. 
NEX SEF FEE SCHEDULE | NOVEMBER 1, 2020 APRILNOVEMBERAPRIL 154, 20221

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NDF ON-SEF TRANSACTION FEE DEFINITIONS

Third Party Fees

The SEF will pass through any incremental charges from third party providers that charge transaction based fees for reference 

data or additional services that are not trade execution or access or set up fees as noted above. Such fees are expected to 

include copyright and licensing fees, charged from an outside provider on each trade execution for certain types of products 

traded.

Definitions

“EOM” means end of month.

“TOM” means tomorrow one month against the fix.

“Make” means, in relation to any Transaction (as defined below), either:

A. The party to a Transaction who made available a bid or offer which was executed through the EBS Orderbook; or

B. If a Transaction is effected by Automatch, the party or parties who placed the first bid or offer in relation to which a 

Transaction was effected.

“Take” means, in relation to any Transaction (as defined below), either:

A. The party or parties to a Transaction who accepted the bid or offer made on the EBS CLOB by a Counterparty, whether 

as buyer or seller; or

B. If a Transaction is effected by Automatch (as defined above), the party or parties who placed the subsequent or later 

bid or offer which 

“Transaction” means a trade(s) in currencies affected by the Participant through the EBS CLOB as described in the NEX SEF 

Trading System Protocols.

“Automatch” means the matching by the EBS CLOB of one party’s (or parties’) bid(s) or offer(s) with any other party’s (parties’) 

bid(s) or offer(s) so as to effect a Transaction.
NEX SEF FEE SCHEDULE | NOVEMBER 1, 2020 APRILNOVEMBERAPRIL 154, 20221

CONFIDENTIAL TREATMENT REQUESTED BY NEX SEF LIMITED

PRIVATE & CONFIDENTIAL

Copyright © 20202 NEX SEF Limited, a CME Group Company. All rights reserved. No part of this document may be reproduced or disclosed in 

any form or by any means (whether graphic, electronic or mechanical or otherwise, including, without limitation, photocopying, recording, 

taping or information storage and retrieval systems) without the written consent of NEX SEF Limited.
NEX SEF LIMITED

FEE SCHEDULE

April 4, 2022

CONFIDENTIAL TREATMENT REQUESTED BY NEX SEF LIMITED
NEX SEF FEE SCHEDULE | APRIL 4, 2022

CONFIDENTIAL TREATMENT REQUESTED BY NEX SEF LIMITED

PRIVATE & CONFIDENTIAL

NEX SEF FEES AND INCENTIVE PROGRAMS

Pursuant to NEX SEF Rule 211, NEX SEF assesses its participants the following fees in for access and connectivity to the Facility. In 

addition, NEX SEF assesses separate volume-based transaction fees and other SEF specific fees. Incentives and Market Maker 

Programs are also available, and the eligibility criteria are outlined herein. 

Access and Connectivity fees

Connectivity charges are billed through EBS Dealing Resources, Inc. (for customers in the US), EBS Dealing Resources Japan

Limited (for customers in Japan), and EBS Dealing Resources International Limited for customers in the rest of the world (other 

than where required in accordance with local law). Changes may be made to this fee schedule from time to time on notice to 

customers.

LOCATION INTERFACE/HANDOFF MONTHLY CHARGE MINIMUM 

COMMITMENT 

PERIOD PER 

CONNECTION

NOTES

GLINK

SECAUCUS AND SLOUGH 10 Gbps USD 1,000 12 months Installation Charge USD 2,000

(waived on orders prior to Jan

2022)

ECONNECT*

NY5 AND NY4 1 Gbps USD 1,000 12 months

10 Gbps USD 1,000 12 months

165 HALSEY AND 111 8TH 1 Gbps USD 1,000 12 months

10 Gbps USD 1,000 12 months

LNET*

1 Gbps USD 1,000 12 months

10 Gbps USD 1,000 12 months

HUB ACCESS*

LONDON, HONG KONG, 

SEOUL, SINGAPORE, 

TOKYO

1 Gbps USD 1,000 12 months

10 Gbps USD 1,000 12 months

CLIENT INTERNETLink

SECAUCUS AND SLOUGH N/A USD 500 6 months

ON SEF SESSION ENTITLEMENT FEE MONTHLY RECURRING CHARGE*

USD 3,000

* Connections and order entry sessions may be entitled to one or more EBS product segments. Total fees for a given connection or order entry 

session are determined based on the sum of fees applicable to the entitled EBS product segments. Product segments include Spot/Metals, SEF 

NDF and EBS NDF – see applicable fee schedule for each.

Transaction Fees

Transaction fees for EBS Non-Deliverable Forward currency pairs traded on NEX SEF are volume based, on a price per million 

basis with separate prices for make and take volumes.
NEX SEF FEE SCHEDULE | APRIL 4, 2022

CONFIDENTIAL TREATMENT REQUESTED BY NEX SEF LIMITED

PRIVATE & CONFIDENTIAL

Asian EBS NDF Currency Pairs

Monthly Volume Tiers Make Volume Price* Take Volume Price*

$0 - $2bn US$ 15.00 US$ 20.00

$2bn - $4bn US$ 10.00 US$ 15.00

$4bn - $6bn US$ 8.00 US$ 12.00

$6bn - $12bn US$ 7.00 US$ 11.00

Greater than $12bn US$ 6.00 US$ 10.00

*US$ price per $ million traded.

• This pricing schedule is non-retroactive.

• For each month, NEX SEF shall calculate the aggregated size in US Dollars (the “Monthly Volume”) of the underlying 

sizes of transactions carried out by the Participant at all of its specified sites within the same legal entity whether as a 

maker or a taker. 

• The total Monthly Volume is aggregated to calculate the Monthly Volume Tiers. The appropriate make and take price is 

applied to each deal code in the billing group on a pro rata basis.

• For Example: if a deal code trades monthly volume of $1.2bn of a total of $3bn across the whole legal entity then that 

deal code will be apportioned 40% ($1.2bn/$3.0bn) of each volume tier. The Participant would be charged with respect 

to that deal code at $15.00/$20.00 on their proportion of the first tier ($0.8bn of $2.0bn) and then $10.00/$15.00 on 

the next tier ($0.4bn of $1.0bn

Asian EBS NDF TOM

TOM Package – KRW, INR, CNY, TWD

NDF Monthly Volume Tiers Volume Price

$0 - $2bn US$ 8.00

Greater than $2bn US$ 6.00

US$ price per US$ million traded

TOM Package - MYR, IDR, PHP

NDF Monthly Volume Tiers Volume Price

$0 - $1bn US$ 9.00

Greater than $1bn US$ 6.50

US$ price per US$ million traded

• This pricing schedule is non-retroactive. For example, if a Participant transacts Asian NDF volume of $1.2bn in a month 

then the Participant would be charged at $17.50/$25.00 (Make/Take) for the first $0.5bn, then $15.00/$22.00 

(Make/Take) for the next $0.7bn.

• NDF volume is not included in calculating overall FX Group Volume Pricing tiers available for other products and is billed 

separately as set out above. Monthly tiers are calculated for each operational trading floor code.
NEX SEF FEE SCHEDULE | APRIL 4, 2022

CONFIDENTIAL TREATMENT REQUESTED BY NEX SEF LIMITED

PRIVATE & CONFIDENTIAL

• NDF brokerage for TOM trades are charged on the near leg only and discounted by currency grouping. For Example, if a 

Participant transacts $1.5bn in MYR, IDR & PHP combined for the month, then the Participant would be charged at 

$9.00/mil for the first $1bn, then $6.50/mil for the next $0.5bn.

Latin American (“LATAM”) EBS NDF Currency Pairs

Currency Pair Make Volume Price* Take Volume Price*

BRL Jan – Dec (EOM) US$ 7.00 US$ 15.00

CLP 1m US$ 12.00 US$ 18.00

COP 1m US$ 15.00 US$ 21.00

PEN 1m US$ 15.00 US$ 25.00

ARS 1m US$ 15.00 US$ 35.00

* US$ price per US$ million traded

• NDF volume is not included in calculating overall FX Group Volume Pricing tiers available for other products and is billed 

separately as set out above. Monthly tiers are calculated for each operational trading floor code.

EBS Discount Requirements & Rates

EBS BRL EOM discounts will be awarded in accordance to the table below per month. 

Currency 

Standard Rates 

($0 – $0.5bn)

Make/Take

Tier 1

($0.5 bn – $1 bn)

Make/Take

Tier 2

($1 bn and Greater)

Make/Take

BRL EOM $7/15 $5/10 $5/5

*US$ price per $ million traded.

Authorized Traders must be accessing the EBS CLOB via Workstation or Global Access.

For each calendar month that an eligible Participant meets the above volume tiers, the Participant shall receive reduced 

brokerage rates for the month’s Make and Take trades above the volume tiers shown in the grid.

EBS CLP, COP, and PEN 1M discounts will be awarded in accordance to the table below per month. 

Currency 

Standard Rates

($0 – $0.3bn)

Make/Take

Tier 1

($0.3 bn – $0.7bn)

Make/Take

Tier 2

($0.7bn and Greater)

Make/Take

CLP 1M $12/18

COP 1M $15/21 $10/16 $7/12

PEN 1M $15/25

*US$ price per $ million traded.

The above table will apply to CLP, COP, and PEN NDFs. NEX SEF will amend the standard base rates per currency pair, and then 

set volume tiers for combined total monthly volumes across the three pairs. The Tier rates will be applied to all three pairs, if 

achieved. The Participant shall receive reduced brokerage rates for the month’s Make and Take trades above the volume tiers 

shown in the grid.
NEX SEF FEE SCHEDULE | APRIL 4, 2022

CONFIDENTIAL TREATMENT REQUESTED BY NEX SEF LIMITED

PRIVATE & CONFIDENTIAL

African and Middle East NDF 

Currency Pair Make 

Volume Price*

Take 

Volume Price*

NGN 1M US$ 25.00 US$ 35.00

KES 1M US$ 25.00 US$ 35.00

ZMW 1M US$ 30.00 US$ 50.00

GHS 1M US$ 30.00 US$ 50.00

EGP 1M US$ 25.00 US$ 35.00

EGP 2M US$ 25.00 US$ 40.00

EGP 3M US$ 25.00 US$ 45.00

TRY 1M US$ 25.00 US$ 35.00

*US$ price per $ million traded.

• NDF volume is not included in calculating overall FX Group Volume Pricing tiers available for other products and is billed 

separately as set out above.

Incentive and Market Maker Programs

LATAM EBS NDF Streaming Incentive Program

Program Purpose

In accordance with SEF guidelines, this program is being offered to incentivize market makers to provide passive liquidity in the 

listed products on the EBS order book offered by NEX SEF. The resulting additional central limit order book liquidity benefits all 

market participants. This program will be open to all API market makers. The goal is to provide incentives for all eligible trading 

desks that provide dealable prices in LatAm currency pairs on the EBS order book during the designated hours. 

Product Scope

LatAm Non-Deliverable Forwards offered on the EBS order book.

Criteria

Participants must quote two-way (i.e., bid and offer) prices in any of the LatAm NDF instruments listed by NEX SEF on the EBS 

order book. All requirements are listed on the following page in the NEX SEF Streaming Discount Requirements Grid.

Participants must be NEX SEF Trading Privilege Holders. 

Program Details

The top three Participants, in terms of average daily volume in each LatAm NDF pair as listed in the Requirements Grid shown on 

the following page (ARS 1mth, BRL EOM, CLP 1mth, COP 1mth and PEN 1mth), will receive the brokerage rates outlined in the 

NEX SEF Participant Discount Schedule shown on the following page for the following month’s Make and Take transactions, for 

each respective pair. 
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NEX SEF may, from time to time, add or subtract from the aforementioned requirements as it deems necessary.

Program Term

The EBS streaming incentive program will run until June 30, 2022. NEX SEF may choose to extend the program at its discretion.

Hours

CCY Open Close Time Zone

BRL 9:00am 6:00pm Sao Paulo

CLP 9:00am 1:00pm Santiago

COP 9:00am 1:00pm Bogota

PEN 9:00am 1:00pm Lima

ARS 10:00am 3:00pm Buenos Aires

Streaming Discount Program Requirements Grid

EBS Non-Deliverable Forward Central Limit Order Book (CLOB) Market Making Requirements must be maintained in accordance 

with the table below per month.

Pair Tenor Minimum Order 

Size Max Spread % Trading hours with two way price

BRL EOM Jan-Dec (EOM) 2mn 60 pips 50%

CLP 1m 1mn 150 pips 50%

COP 1m 1mn 600 pips 50%

PEN 1m 1mn 100 pips 50%

ARS 1m 1mn - 50%

Participant Discount Schedule

If the above criteria are met by any Participant, NEX SEF will provide the participant discounted brokerage rates for the LatAm 

instrument(s) in which the participant satisfies quoting requirements in accordance with the table below per month for the 

qualifying month’s Make and Take transactions.

Pair Tenor Make Take

BRL EOM Jan-Dec $0/mn $15/mn

CLP 1m $0/mn $18/mn

COP 1m $0/mn $21/mn

PEN 1m $0/mn $25/mn

ARS 1m $0/mn $35/mn

Monitoring and Termination of Status

EBS will monitor trading activity and participants’ performance. If EBS determines that a participant has not met its quoting 

obligations during one (1) calendar month over the course of the Program but is within twenty percent (20%) of the time-inmarket obligation(s), the participant will be eligible to receive the incentives for that applicable month.

If EBS determines that a participant has not met its quoting obligations during one (1) additional calendar month, the participant 

will be eligible to receive the incentives for that applicable month.

Upon utilizing the leniencies set forth above, participants that fail to meet quoting obligations in any additional month may be 

removed from the Program.
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African and Middle East NDF Market Maker Program

Program Purpose

This Market Maker Programme, renewing on November 1, 2021, is being offered to market makers who provide two-way pricing in the listed 

products below. The program aims to incentivise traders to provide dealable prices in on-SEF African & Middle East NDF currency pairs from the 

hours of 08:00 BST to 17:00 BST and/or prevailing market hours.

Market Making Criteria 

Length of Program 1 year, to be reviewed at the end of the period (10/31/2022)

Offer

For each calendar month that an eligible participant meets its 

quoting obligations the participant shall be eligible for free makes 

for all of that month’s trades in the pair which they have quoted. 

Participants will also receive a discounted take rate should they 

aggress.

Product Scope

Nigerian Naira (NGN 1MS), Zambian Kwacha (ZMW 1MS) 

Ghanaian Cedi (GHS 1MS), Kenyan Shilling (KES 1MS)

Egyptian Pound (EGP 1M, 2M, 3M), Turkish Lira (TRY 1M)

Coverage period 08:00 – 17:00 (BST)

Max Spreads (points) 1 (NGN); 0.4 (ZMW);

0.05 (GHS); 0.5 (KES); 0.1 (EGP); 1.0 (TRY)

Obligations

Participants in the programme must quote two-way (bid and offer) 

prices in all of the above on-SEF African & Middle East NDF 

instruments for at least 50% of trading hours. 

Monitoring and Termination of Status

EBS will monitor trading activity and participants’ performance. If EBS determines that a participant has not met its quoting 

obligations for a particular currency pair(s) during one (1) calendar month over the course of the Programme but is within 

twenty percent (20%) of the time-in-market obligation(s), the participant will be eligible to receive the incentives for that 

applicable month.

If EBS determines that a participant has not met its quoting obligations during one (1) additional calendar month, the participant 

will be eligible to receive the fee waiver incentive for that applicable month.
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Upon utilizing the leniencies set forth above, participants that fail to meet quoting obligations in any additional month may be 

removed from the Program.

Incentive Schedule

As per above criteria EBS will provide any eligible participants free make rates for the African & Middle East instrument(s) in 

which they satisfy quoting requirements.

Market Maker Incentive Rates

Pair Tenor Min Order 

Size

Max Spread

(points) Make Take (MMP)

NGN 1M 1mln 1 $0/mln $25/mln

ZMW 1M 1mln 0.4 $0/mln $25/mln

GHS 1M 1mln 0.05 $0/mln $25/mln

KES 1M 1mln 0.5 $0/mln $25/mln

EGP 1M 1mln 0.1 $0/mln $25/mln

EGP 2M 1mln 0.1 $0/mln $25/mln

EGP 3M 1mln 0.1 $0/mln $25/mln

TRY 1M 1mln 1.0 $0/mln $25/mln

Other ON-SEF Fees

Basis Risk Reduction Services (“BRRS”) Crossing Access Fee 

Intermediaries that arrange Permitted Transactions for execution resulting from BRRS may cross any number of transactions on 

NEX SEF for $30,000 per month. An additional one-time technology set up fee may be applicable for on-boarding of the IB onto 

the Pre-Arranged Crossing platform. 

Shield Order Book Access and Transaction Fees 

Access to the Shield Order Book will cost $10,000 per month. In addition to the applicable access fee, transactions are charged 

at a flat rate of $2,000 per side. 

Independent Software Vendors (“ISVs”) Access Fees 

Access to NEX SEF Order Books for ISVs will cost $25,000 per month. 
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NDF ON-SEF TRANSACTION FEE DEFINITIONS

Third Party Fees

The SEF will pass through any incremental charges from third party providers that charge transaction based fees for reference

data or additional services that are not trade execution or access or set up fees as noted above. Such fees are expected to 

include copyright and licensing fees, charged from an outside provider on each trade execution for certain types of products 

traded.

Definitions

“EOM” means end of month.

“TOM” means tomorrow one month against the fix.

“Make” means, in relation to any Transaction (as defined below), either:

A. The party to a Transaction who made available a bid or offer which was executed through the EBS Orderbook; or

B. If a Transaction is effected by Automatch, the party or parties who placed the first bid or offer in relation to which a 

Transaction was effected.

“Take” means, in relation to any Transaction (as defined below), either:

A. The party or parties to a Transaction who accepted the bid or offer made on the EBS CLOB by a Counterparty, whether 

as buyer or seller; or

B. If a Transaction is effected by Automatch (as defined above), the party or parties who placed the subsequent or later 

bid or offer which 

“Transaction” means a trade(s) in currencies affected by the Participant through the EBS CLOB as described in the NEX SEF 

Trading System Protocols.

“Automatch” means the matching by the EBS CLOB of one party’s (or parties’) bid(s) or offer(s) with any other party’s (parties’) 

bid(s) or offer(s) so as to effect a Transaction.
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Copyright © 2022 NEX SEF Limited, a CME Group Company. All rights reserved. No part of this document may be reproduced or disclosed in 

any form or by any means (whether graphic, electronic or mechanical or otherwise, including, without limitation, photocopying, recording, 

taping or information storage and retrieval systems) without the written consent of NEX SEF Limited.