LCH.Clearnet SA Fees. Euronext Derivatives Markets

Transcription

1 Effective from 2 March 2015 LCH.Clearnet SA Fees Euronext Derivatives Markets Contents: Clearing fees... 2 Amsterdam clearing segment:... 2 Brussels clearing segment:... 3 Lisbon clearing segment:... 3 Paris clearing segment:... 4 Exercise (Tender) / Assignment, Cash Settlement and Delivery fees... 6 Amsterdam clearing segment:... 6 Brussels clearing segment:... 7 Lisbon clearing segment:... 7 Paris clearing segment:... 8 Clearing services... 9 Clearing services common to all clearing segments... 9 Clearing services specific to Paris clearing segment... 9 For further information on fees, please send your request to lchclearnetsa_billinginfo@lchclearnet.com

2 Clearing fees A clearing fee is charged for each contract cleared. This fee varies according to the type of contract involved. Liquidity Providers / Market Makers and Electronic Locals benefit from special conditions (please look at each fee grid for details). Except for Paris commodity derivatives (monthly fee collection), all fees described into this section are collected on a daily basis. Amsterdam clearing segment: (Central Market and Prof trades) Client House-Dealer Liquidity Providers Equity and index derivatives Equity options Central Market Premium <= Premium > Prof trades 0.03 Single Stock Futures* Single Stock Dividend Futures* Tracker options AEX Index options AEX Index futures 0.13 AMX Index options* AMX Index futures* AEX Index mini options* AEX Index mini futures* AEX Dividend index futures* Euronext SEBI NR options* Euronext SEBI NR futures* Currency derivatives Currency options Currency futures Maximum fee per order (except for products marked with an * ) (including combination orders) A cap per posting is applied on Single Stock Futures: 75 for and 40 for Liquidity Providers 2 A clearing fee holiday applies from 16 February until 30 April Normal clearing fees will apply from 1 May /10

3 Brussels clearing segment: (Client and House accounts) Market Makers Equity options Single Stock Futures Single Stock Dividend Futures BEL20 Index options (BEL) BEL20 Index futures (BXF) Lisbon clearing segment: (Client and House accounts) Market Makers PSI 20 Index futures Single Stock Futures Single Stock Dividend Futures A cap per posting is applied on Single Stock Futures: 75 for and 40 for Market Makers 4 A clearing fee holiday applies from 16 February until 30 April Normal clearing fees will apply from 1 May A cap per posting is applied on Single Stock Futures: 75 for and 40 for Market Makers 6 A clearing fee holiday applies from 16 February until 30 April Normal clearing fees will apply from 1 May /10

4 Paris clearing segment: (Client and House accounts) Market Makers 7 Previous Electronic Locals status 8 Equity and Index derivatives Equity options contract size of Equity options contract size of Single Stock Futures Single Stock Dividend Futures Tracker options CAC40 options PXA ( 10) CAC40 futures CAC40 Dividend index futures FTSEurofirst 80 and FTSEurofirst 100 futures NA CAC40 mini futures NA FTSE EPRA/NAREIT Euro Zone and FTSE EPRA/NAREIT Europe futures Commodity derivatives (*) Commodity futures Commodity options (except for Milling Wheat N 3, see below) (*) LCH.Clearnet SA applies an additional fee per contract which should have been netted in D day (such late netting fees are applied when the number of netted/offset contracts in D is superior to the sum of buy and sell contracts posted in D) on the basis of the following grid: 1 per contract from 50 to 500 no netted contracts 2 per contract from 501 to 1,000 no netted contracts 6 per contract over 1,001 no netted contracts BEST-OF FEE SCHEME for Milling Wheat N 3 future and option contracts: A Best-of fee scheme is introduced for new trading activity on Milling Wheat N 3 futures and options contracts. Whenever applicable, the Best-of fee scheme on trading activity via the Euronext central order book is evaluated on a commodity per commodity product basis (futures and options combined i.e. BMS + OBS). In that case, commodity clearing fees are rebated to Clearing Members on a quarterly basis using the most favourable rebate between two separate monthly rebate calculations: 7 This specific market maker fees are only applied to members having special arrangements giving specific undertakings under contrat d animation agreements with the Euronext Derivatives Markets in scheme that has been approved by LCH.Clearnet SA. For further information, please contact Euronext department on +31 (0) , LPEurope@euronext.com. See also Paris market making scheme section. 8 These specific fees only apply to a previous status that is not open to new applicants. 9 A cap per posting is applied on Single Stock Futures: 75 for and 40 for Market Makers 10 A clearing fee holiday applies from 16 February until 30 April Normal clearing fees will apply from 1 May Where a transaction (on the same maturity) is cancelled out with a converse transaction in the course of the same trading session so that the result is a zero sum, fees are reduced by 50%. 12 For participants in the New Market Participants (NMP) programme, a discounted clearing fee of 0.26 will be applied from 1 st April 2014 to 31 st March 2015 (please refer to Euronext Derivatives Markets INFO-FLASH dated 17 March 2014 for the programme details). This discounted clearing fee will be applied with one month in arrears (standard fees applied first and then rebates to be processed). - 4/10

5 1) A volumetric sliding scale rebate based on the cumulative volumes (excluding any market-maker volumes) of all commodities included in the Best Of scheme registered by a Trading member during a month. From 1 150, , , ,001 1,000,001 To 150, , , ,000 1,000,000 and more Fee/contract ) A volume in excess rebate: For each Trading member, a rolling 12-month member trading volume average in central order book (excluding any market-maker volumes) is assessed per commodity (futures and options combined). Applicable towards any central order book volume in excess 13 of this rolling average, a rebate of 2% per 1% of incremental activity is rebated. This rebate will be capped at 80% of the amount initially computed for such excess volume in any case (which would represent a 40% or higher incremental volume). Notes: LCH.Clearnet accepts no liability for any errors, omissions or any underpayment resulting from inaccurately submitted business. In the event LCH.Clearnet determines, in its absolute discretion, that a member fails to act in good faith or in case of abusive behaviour from a member or from a beneficial client acting via one or several members, LCH.Clearnet may decide, in its absolute discretion, to take one or more of the following actions: o Not to credit some or all of the rebates for the period or periods affected by the failure; and o To re-charge some or all of the rebates paid in respect of any period affected by the failure. LCH.Clearnet may decide to amend and/or terminate at any time the Best-of fee scheme with reasonable prior notice. Paris Market Making scheme Equity and Index options (MONEP): Total annual clearing and exercise/assignment fees payable by Market Makers on equity and index options (MONEP) may not exceed 100,000 Tracker options: Total annual clearing and exercise/assignment fees payable by Market Makers on tracker options may not exceed 10,000 for General Market Makers. Paris Large trades on Individual Equity Options (MONEP) Large trades on equity options benefit from specific fees. Large trades are defined as posted trades with: At least 60,000 equity option contracts for contract size of 10 shares At least 6,000 equity option contracts for contract size of 100 shares Client account House account Market Maker account 40 / posting 20 / posting 20 / posting 13 For new products, the 12-month rolling average of the members activity will be initiated at zero lots. Similarly for new members with no prior activity through another member, the 12-month rolling average will be initiated at zero lots. 5/10

6 Exercise (Tender) / Assignment, Cash Settlement and Delivery fees Except for Amsterdam clearing segment (daily fee collection), fees described into this section are collected on a monthly basis. Amsterdam clearing segment: Fee type Client House-Dealer Liquidity Providers Equity and index derivatives Equity options Exercise/Assignment Single Stock Futures* 14 Tender/Assignment Single Stock Dividend Futures* Tender/ Assignme nt Dividend group Same fees for all origins < Tracker options Exercise/Assignment AEX and AMX Index options AEX and AMX Index futures Exercise/Assignment Tender/Assignment AEX Index mini options Exercise/Assignment AEX Index mini futures Tender/Assignment Dividend index futures* Tender/Assignment Euronext SEBI NR options* Euronext SEBI NR futures* Currency derivatives Exercise/Assignment Tender/Assignment Currency options Exercise/Assignment Currency futures Tender/Assignment Maximum fee per individual Exercise/Tender and Assignment (except for products marked with an * ) 1, A cap of 200 per individual tender/assignment is applied. 6/10

7 Brussels clearing segment: Fee type (Client and House accounts) Market Makers Equity options Exercise/Assignment Single Stock Futures 15 Cash settlement Single Stock Dividend Futures Cash settlement Dividend group Same fees for all origins < BEL20 Index options Exercise/Assignment BEL20 Index futures Cash settlement Lisbon clearing segment: Fee type (Client and House accounts) Market Makers PSI 20 Index futures Cash settlement Single Stock futures 16 Cash settlement Single Stock Dividend Futures Cash settlement Dividend Same fees for all origins group < A cap of 200 per individual cash settlement is applied. 16 A cap of 200 per individual cash settlement is applied. 7/10

8 Paris clearing segment: Fee type (Client and House accounts) Market Makers 17 Previous Electronic Locals status 18 Equity and Index derivatives Equity options (100) Exercise/Assignment Equity options (10) Exercise/Assignment Cash settlement Single Stock Futures 19 Cash settlement Single Stock Dividend Futures Cash settlement Dividend group Same fees for all origins < Tracker options Exercise/Assignment CAC40 options - PXA Exercise/Assignment CAC40 futures Cash settlement CAC40 Dividend Index futures FTSEurofirst 80 and FTSEurofirst 100 futures Cash settlement Cash settlement CAC40 mini futures Cash settlement 0.10 NA FTSE EPRA/NAREIT Euro Zone FTSE EPRA/NAREIT Europe futures Commodity derivatives Cash settlement 0.30 Commodity futures Delivery 1.00 Commodity options Exercise/Assignment 1.00 NA 17 Equity/Index/Tracker Option Exercise and Assignment fees are taken into account for the market maker annual cap on fees (see also Paris Market making scheme section) 18 These specific fees only apply to a previous status that is not open to new applicants. 19 A cap of 200 per individual cash settlement is applied 8/10

9 Clearing services Fees described into this section are collected on a monthly basis. Clearing services common to all clearing segments A fee of 0.06 is charged per contract for both Internal and External corrections and Internal and External transfers (except transfer for restructuring see below). The keys for fee distribution between sending Clearing Member and receiving Clearing Member are (distribution decision is made by the sending member only): - Case n 1: 0% for sending Clearing Member - 100% for receiving Clearing Member - Case n 2: 50% for sending Clearing Member - 50% for receiving Clearing Member - Case n 3: 100% for sending Clearing Member - 0% for receiving Clearing Member - Case n 4: 0% for sending Clearing Member - 0% for receiving Clearing Member; this case is not applicable, therefore the fees will be by default the Case n 2: 50% for sending Clearing Member - 50% for receiving Clearing Member. Transfer fee for restructuring: Transfers of positions resulting from the decision of an order-giver to change clearer, a change in the accounts attributed to the order-giver or a Clearing Member s closure are subject to special rates. A fee of 3.80 is charged per transfer. The total amount may not exceed 300 per request and per financial market 20. The fee is payable by the Clearing Member receiving the transfer (the above keys for fee distribution do not apply here). The creation of positions on the position account of the Clearing Member is subject to special rates. The positions are updated in real time on the account of the Clearing Member. Only LCH.Clearnet SA is authorized to use the function of positions creation. The fees for this operation are: - A creation of position between 0 and 100 lots: A creation of positions over 100 lots: Clearing services specific to Paris clearing segment Special conditions applying to commodity contracts Delivery administration fee LCH.Clearnet SA levies delivery administration fees on the buying member and selling member for each contract giving rise to a delivery notice as part of a CCP delivery ( livraison MATIF ) and also for positions cleared one day after the maturity date. 20 Amsterdam, Brussels, Lisbon, Paris commodities or Paris financials 9/10

10 Contract Milling wheat Corn Rapeseed Oil Skimmed Milk Powder Rapeseed Malting Barley Amount Set charge for delivery costs All costs concerning approval, analysis and forwarding of samples charged by service providers to LCH.Clearnet SA to manage CCP delivery ( livraison MATIF ) in accordance with the Clearing Rules will be passed back to the involved buyer and seller Clearing members on an equal basis. The cost of additional analyses, which may be requested by a buying Clearing Member, will be invoiced to the buying Clearing Member at the actual cost billed to LCH.Clearnet SA. 10/10