CDSClear Fees

The cost to protect your trades at CDSClear through Member and Client Clearing.

Client Clearing Fees

When members are clearing trades on behalf of clients at CDSClear, the following fee schedule shall apply:

Fee schedule per million gross notional cleared for client clearing[1]
EUR-Denominated Products Base Fees
Index (per million) €4
Single Name (per million) €12
Credit Index Options (per million) €4[3]
USD-Denominated Products Base Fees[2]
Index (per million) $5
Single Name (per million) $17
Credit Index Options (per million) $4[3]

[1]Covers Corporate, Financials and Sovereign Index and Single Names activity. No charge for trades in a suspense account, only the subsequent allocation to the end accounts

[2]The fees will be calculated in USD and billed in Euros.

[3]2025: Full discount of Client variable fees.

CCP Switch Incentive Programme

  • Members and Clients can benefit from the programme by closing out existing CDS transactions at their current CDS CCP and clearing new transactions at LCH SA CDSClear.
  • After registration, no variable fees will be charged for new transactions cleared at LCH SA CDSClear under the Programme during a 6-month period and a credit note will be applied to Members’ and Clients’ clearing accounts, covering the fees associated with closing out positions at another CDS CCP. The credit note will be applicable towards fees associated with future transactions cleared at LCH SA CDSClear.
  • The amount of the credit notes issued will be calculated using the published variable fees at the Clients’ current CDS CCP.
  • To benefit from CDSClear’s CCP switch programme, please contact CDSClear@lseg.com for more information.

High Turnover Fee Plan

  • The HTFP applies on the notional cleared in a calendar year but excludes from the determination of the total cleared notional:
    • the notional cleared for which a CCP Switch credit note was used to zero out the clearing fees
    • the notional cleared part of a CCP Switch that thus did not attract any clearing fees
    • the trades not charged under the Intraday Trading Fee Plan or the CCP Switch Programme
  • Options are excluded from the High Turnover Fee plan
  • The High Turnover Fee plan does not apply to General Members
High Turnover Fee Plan
    Bucket 1 Bucket 2 Bucket 3 Bucket 4 Bucket 5
USD Index ($) Notional Bucket 0 60bn 120bn 240bn 480bn
Fee/mm Bucket Standard fee
4 3 2 0
USD Single Name ($) Notional Bucket 0 5bn 10bn 20bn 40bn
Fee/mm Bucket Standard fee
12 7 2 0
EUR Index € Notional Bucket 0 60bn 120bn 240bn 480bn
Fee/mm Bucket Standard fee 3 2 1 0
EUR Single Name (€) Notional Bucket 0 5bn 10bn 20bn 40bn
Fee/mm Bucket Standard fee 9 6 3 0

Intraday Trading Fee Discount

  • Intraday Trading Fee discount is now available to clients.
  • Only the maximum notional of buys and sells per contract per day per trading account will be charged and where trade date is equal to clearing date .
  • Backloads and option exercises are excluded from the discount

Affiliates clearing as Clients (all products)

Full rebate on variable clearing fees for the Affiliate of a Clearing Member onboarded as client of such Clearing Member under the following conditions:

  • The Clearing Member is a General Member under the Unlimited Tariff
  • The Affiliate is a legal entity part of the same Financial Group as the Clearing Member
  • The rebate applies to 1 trade account per affiliate and for all clearing services for which the Clearing Member is under the Unlimited Tariff (i.e. Index & Single Names and/or Options)
  • The rebate cannot apply to any account opened for CCM Indirect Clients
  • The fixed annual account charge of €100,000 is charged one twelfth per month per affiliate of a Clearing Member onboarded as a client and benefiting from the full rebate on variable fees.

Billing Information

All clearing (client clearing and self-clearing) fees are auto-debited from clearing Members' accounts in TARGET2, on the 10th business day of the month.

Details will be reflected in the AC0101E report available to clearing Members.

The fees indicated above are subject to VAT at the applicable rate.

EMIR Account Structures

There is more information on account structure fees under EMIR.

Contact us

If you'd like to know more about how we can help you, please get in touch.

Email the CDSClear team