Fees

ForexClear Clearing Members may select which of the 3 ForexClear product offerings they wish to clear, from Non-deliverable Forwards (NDFs), Deliverable Options and Deliverable Forwards, and the corresponding fee plan. ForexClear Clearing Members may choose from three fee plans: Gold – combined plan, Silver – unlimited volume and Bronze – fixed plus variable fees. Each fee plan covers all house account trade registration activity for a ForexClear Clearing Member and its affiliates, for the selected products.

For the purposes of all fee plans, a reference to a “ForexClear Clearing Member” includes an “FCM ForexClear Clearing Member”.

Member Fee Plans
ForexClear Gold Tariff – Combined Non-Deliverable and Deliverable FX Fee

Fixed fee

per annum1

Options/ NDOs

Fee / million2

FX Spot / Forward Hedges /

Swap Hedges and NDF

Fee / million

FX Forwards and FX Swaps

Settlement Fee / million3

Annual

Fee Cap

GBP 1,250,000

GBP 3

n/a

0.2 EUR or USD

2024 - GBP 1,950,000

2025 - GBP 2,000,000

1In addition to the annual fee, Gold members can clear an unlimited amount of outright Forward transactions into the Forward service for £200,000 in 2024. Each ForexClear Clearing Member is eligible for a 3-month fee holiday commencing on the date that a fourth ForexClear Clearing Member has submitted an outright Forward transaction for clearing. Any Forward transactions cleared in 2023 will be considered to be trial transactions and, therefore, only eligible trades cleared by ForexClear Clearing Members from 1st January 2024 will count as submitting members for the purposes of fee activation. The fee holiday period expires 3 calendar months from the date of the first transaction (after the fourth member threshold has been reached), and all fee holiday periods will terminate on 31st  December 2024. The £200,000 fixed fee will be charged on a monthly pro-rated basis, and the calculation of the first month's fees will use the number of remaining business days in that month, following the expiration of the fee holiday.

2Options and Non- Deliverable Options (NDOs)s fees are applicable beyond the first $60bn cumulative notional cleared in each calendar year.

3This settlement fee is only applicable to FX Swaps and FX Forwards transactions that (in each case) are not cleared for the purpose of hedging FX Options (where hedging is undertaken either to reduce initial margin requirements or reduce settlement risk).

2024 Non-Deliverable FX Only Member Fees

Fee Plan

Fixed fee

per annum

EMTA NDF

Fee / million

Non-EMTA NDF

Fee / million

Annual Fee Cap

Silver

GBP 900,000

n/a

n/a

       n/a

Bronze

USD 350,000

USD 2

USD 1

    USD 1,250,000

Silver and Bronze fees are exempt from NDO clearing fees until 31st December 2024.                              

2024 Deliverable FX Only Member Fees
Product FX Options         FX Forwards      

Fee Plan

Fixed fee

per annum

FX Options

Fee / million

FX spot / Forward Hedges

and Swap Hedges

Fee / million1

Annual Fee Cap  

Fixed fee 

per annum

FX Forwards

Fee / million

FX Forward

Settlement Fee / million3

Annual Fee Cap

Silver

GBP 900,000

n/a

n/a

n/a   GBP 200,0004 n/a

0.2 EUR or USD

n/a

Zinc2

GBP 595,000

GBP 3

n/a

GBP 1,245,000   GBP 200,0005 n/a

0.2 EUR or USD

n/a

Bronze

USD 375,000

USD 3.5

n/a

USD 1,500,000   GBP 200,0006 USD 0.5

0.2 EUR or USD

n/a

Note: New Clearing Members of the ForexClear FX Options or Forwards Services will be eligible for a fee discount - please refer to ‘Fee Discounts’

1Any FX Forward transaction that is deemed not to be hedge transaction and therefore considered to be an Outright FX Forward transaction, will be chargeable under the FX Forwards fee plan.

2The Zinc fee plan expires on 31st December 2025 and is not available to any new participants.

3This settlement fee is only applicable to FX Swaps and FX Forwards transactions that (in each case) are not cleared for the purpose of hedging FX Options (where hedging is undertaken either to reduce initial margin requirements or reduce settlement risk).

4This is the 2024 discounted rate, with the standard Silver Forwards fixed fee per annum being GBP 900,000.

5This is the 2024 discounted rate, with the standard Zinc Forwards fixed fee per annum being GBP 900,000.

6This is the 2024 discounted rate, with the standard Bronze Forwards fixed fee per annum being USD 375,000, capped at USD 1,500,000 with a variable fee of USD 0.5 per million.

In order to make future enhancements to the clearing of deliverable FX Options, Forwards, Swaps and Spot transactions, ForexClear is making changes to the existing settlement process throughout 2024 and into Q1 2025. Any entity wishing to begin clearing deliverable FX Options or Forwards only during this time should use the Contact Us page to discuss the implications of our enhancements.

 

ForexClear Clearing Member - Changes to Fee Plans

Where a ForexClear Clearing Member wishes to move to a higher fee plan, including to the combined Non-Deliverable and Deliverable Gold plan and it gives notice to LCH by the twentieth day of the month then it will move to the newly selected fee plan with effect from the first day of the following month. From that month the remaining monthly instalments of the calendar year will be payable at the newly elected fee plan irrespective of fee amounts already invoiced under the ForexClear Clearing Member’s previous fee plan. ForexClear Clearing Members  who wish to move to a lower fee plan should contact ForexClear to discuss.  

Client Fee Plans
2024 Non-Deliverable FX Only Client Fees

Fee Plan

Fixed fee

per annum

EMTA NDF

Fee / million

Non-EMTA NDF

Fee / million

Annual Fee Cap

Client

n/a

USD 2

USD 1

    n/a

Client fees are exempt from NDO clearing fees until 31st December 2024.     

Additional Fee Plans
Compression Fees (Member & Client Clearing)
  • ForexClear Clearing Members and Clients will not be charged fees for using the ForexClear Compression services until 1st January 2025.
  • Thereafter, ForexClear Clearing Members and Clients will be charged USD 1 per USD 1 million of notional reduced using ForexClear Compression services.
  • A cap of USD 500,000 per annum will apply per ForexClear Clearing Member and its affiliates for house account compression.
  • There is no cap on compression fees for clients.
Variable Fee Calculation

The Variable tariff fees are calculated on each trade as:

  • [Notional amount of trade] * the per million (USD) notional fee from the relevant tier in the schedule above.
  • ForexClear Client Clearing fees are calculated based on the total cleared notional in a calendar month for each independent Client Clearing portfolio.
Fee Discounts

 

ForexClear Deliverable Service

When first selecting the Option or Forward Silver or Bronze fee plan, the first 3 months of fixed and variable fees will be waived.

Settlement Reduction Fees for the Deliverable Service

LCH will impose a fee as part of the automated settlement reduction process, payable by members who are in breach of relevant settlement limits at end of day on Settlement Date -2.

The fee will take the form of a “per unit of notional” charge against settlement amounts in excess of relevant currency settlement limits applied in respect of the excess of a ForexClear Clearing Member’s Settlement Position Amount over the Settlement Position Limit as per table below:

 

AUD

CHF

EUR

GBP

JPY

Bps on notional

0.26

0.23

0.2

0.22

0.2

EMIR Account Structures

For more information on EMIR account structure charges please click here

Fee Notes

All fees are billed monthly in arrears.

Fixed Member fees are pro-rated monthly where a ForexClear Clearing Member joins intra year.

A one-off on-boarding fee of USD 70,000 will be billed one month in arrears for each new ForexClear Clearing Member, FCM Clearing Member or ForexClear Dealer, which is a member of the same corporate Group. This onboarding fee will be capped at 5 charges per Corporate Group, with subsequent entities not incurring any onboarding fees.

For a member to offer Client Clearing they must be part of a fee-paying Corporate Group.

Client Clearing fees are billed to Clearing Members.

A "Client Clearing Portfolio" is a separate legally identified Client Account that exists at a specific Clearing Member. A Client Clearing Portfolio is unique to each Clearing Member.

A "Corporate Group" means a member and its Affiliates. For these purposes, an "Affiliate" includes any entity which is a subsidiary or has the same holding company as the member, as those terms are defined in s.1159 of the Companies Act 2006.

Changes in an entity's corporate ownership may lead to changes in the fee plan that applies to it.

Terms used herein are as defined in the rulebook of LCH, which you can access from the Quick Links below:

LCH Ltd Rulebook

LCH SA Rulebook

Proposed Rule Changes