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LCH Group Holdings Limited | LCH Limited | Banque Centrale de Compensation | LCH.Clearnet LLC

LCH Limited. Registered in England No. 25932 Registered Office: 10 Paternoster Square, London, EC4M 7LS

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VIA CFTC PORTAL

02 November 2023

Mr. Christopher Kirkpatrick

Commodity Futures Trading Commission

1155 21st Street NW

Three Lafayette Centre

Washington, DC 20581

LCH Limited Self-Certification: SwapClear fee changes

Dear Mr. Kirkpatrick,

Pursuant to Commodity Futures Trading Commission (“CFTC”) Regulation §40.6(a), LCH Limited 

(“LCH”), a derivatives clearing organization registered with the CFTC, is submitting for selfcertification fee changes in the SwapClear service.

Part I: Explanation and Analysis

LCH’s SwapClear service is proposing to amend its fee schedules for members and separately for 

clients on the High Turnover client fee plan (the HTO plan). This follows a review of all member and 

client tariff components, enhancements made to the platform and service, volumes and market 

conditions.

The member fee changes are scheduled to take effect from 1st January 2024, and the changes to 

the HTO plan are scheduled to take effect from 1st February 2024. 

Summary of Changes for Member Tariffs and Caps

Platinum Member Tariff

Fee 2023 Structure Structure Effective 1st Jan 2024

Platinum Tariff £2,900,000 £3,250,000

Expected minimum number of 

contracts 

30,000 35,000

Knock-in to Platinum tariff if 

Clear more than 35,000 trades per annum

Clear substantial number of NDIRS and Inflation Swaps, reaching the cap on one or both products
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Gold Member Tariff

Fee 2023 Structure Structure Effective 1st Jan 2024

Gold Tariff £2,250,000 £2,400,000

Expected minimum number of 

contracts 

30,000 32,000

Silver Member Tariff

Fee 2023 Structure Structure Effective 1st Jan 2024

Silver Tariff £1,500,000 £1,500,000

Maximum number of contracts 30,000 32,000

Number of contracts that do not 

incur a booking or maintenance fee

20,000 20,000

Contract booking fee £75 £75

Tariff fee cap £2,250,000 £2,400,000

Bronze Member Tariff

Fee 2023 Structure Structure Effective 1st Jan 2024

Bronze Tariff £500,000 £500,000

Contract booking fee £75 £75

Contract maintenance fee per 

month

£6 £6

Bronze Tariff fee cap £1,500,000 £1,500,000

Maximum number of contracts 

applicable to Bronze Tariff fee cap

20,000 20,000

Booking fee per contract if more 

than 20,000 contracts are cleared

£75 £75

Tariff fee cap £2,250,000 £2,400,000

Non-Deliverable Interest Rate Swaps (NDIRS)

Fee 2023 Structure Structure Effective 1st Jan 2024

Plan A £250,000 £260,000

Plan B £75 registration fee

£6 monthly maintenance fee per 

open trade

No change

A fixed fee for both NDIRS and inflation swaps will accrue from the first day of the month the 

account is opened (regardless of whether any contracts are registered in the relevant account).
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Inflation Swap Cap

Fee 2023 Structure Structure Effective 1st Jan 2024

Inflation Swap Cap £400,000 £420,000

A fixed fee for both NDIRS and inflation swaps will accrue from the first day of the month the 

account is opened (regardless of whether any contracts are registered in the relevant account).

Member Compression

Compression Fee Tariffs 2023 Structure Structure Effective 1st Jan 2024

No. of Trades Fee per Trade No. of Trades Fee per Trade

LCH Compression

0-35,000 £14

35,001-70,000 £10 All £10

70,000+ £7

ACSP Compression

0-35,000 £9

35,001-70,000 £7.5 All £8

70,000+ £6

Member Compression Cap £1,400,000 £2,000,000

Summary of Changes to the High Turnover Client Fee Plan

Type 2023 Structure Structure Effective 1st Feb 2024

Booking Fee (IRS, OIS, NDIRS) $25 $27.5

Booking Fee (Inflation Swaps) $37.5 $40

Maintenance Charge (basis points on 

Initial Margin) 10bps

Tiered maintenance charge based on trade 

volume:

11 bps (< 3,000 trades in prior quarter)

10 bps (>= 3,000 trades in prior quarter)

Maximum of 75 funds for a single client 

group

N/A $5,000 per annum for each fund over that 

maximum 

Part II: Description of Rule Changes

There are no changes to the LCH Rulebook, however LCH will make changes to the fee pages of 

its website. 

Part III: Core Principle Compliance

LCH reviewed the proposed changes against the requirements of the Core Principles and finds it 

will continue to comply with all the requirements and standards set forth therein. Specifically, these 

rule changes have potential relevance to Core Principle L under CFTC regulation §39.21

(Public information).

The changes described in this filing ensure that LCH meets the objectives of Core Principle L

(§39.21) on Public information, which requires DCOs to make available publicly each clearing and 

other fee charged to Clearing Members. Publishing the changes to the SwapClear clearing fees 
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will provide sufficient information to market participants to enable them to identify and evaluate 

accurately the costs associated with using its services.

Part IV: Public Information

LCH has posted a notice of pending certification 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 by governing board or committee members, 

members of LCH or market participants.

Certification

LCH hereby certifies to the CFTC, pursuant to the procedures set forth in CFTC Regulation §40.6, 

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

regulations promulgated thereunder.

Should you have any questions please contact me at lavannyan.mahalingam@lseg.com. 

Yours sincerely,

Lavannyan Mahalingam

Regulatory Advisor

LCH Limited