euronext derivatives markets fees - lch · dividend index futures* tender/assignment € 0.30 €...

Euronext derivatives

markets fees LCH SA - Effective from 1 November 2017

1 November 2017

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CONTENTS

Clearing fees.................................................................................................. 3

Amsterdam clearing segment: “Dutch” products ..................................................... 3

Amsterdam clearing segment: others products ....................................................... 4

Brussels clearing segment: ...................................................................................... 4

Lisbon clearing segment: ......................................................................................... 5

Paris clearing segment: ........................................................................................... 6

Commodities (Amsterdam and Paris): ..................................................................... 7

Flex products (all segments): clearing fees .............................................................. 9

Exercise (Tender) / Assignment, Cash Settlement and Delivery fees ........... 10

Amsterdam clearing segment: “Dutch” products ................................................... 11

Amsterdam clearing segment: others products ..................................................... 12

Brussels clearing segment: .................................................................................... 12

Lisbon clearing segment: ....................................................................................... 13

Paris clearing segment: ......................................................................................... 14

Commodities (Amsterdam and Paris): ................................................................... 15

Flex products (all segments): Exercise/tender/assignment .................................... 15

Clearing services ......................................................................................... 16

Clearing services common to all clearing segments ............................................... 16

Clearing services specific to Commodities ............................................................. 16

For further information on fees, please send your request to [email protected].

1 November 2017

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The rates indicated below are expressed in euro and are subject to VAT at the applicable

rate.

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 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: “Dutch” products

Product type (Central Market and Prof trades) (fee per contract)

Brokers Liquidity Providers

Client House-Dealer

Equity options

Central Market

Premium <= € 0.20

€ 0.05

€ 0.02

Premium > € 0.20 € 0.03

Prof trades € 0.03

Single Stock Futures*1 € 0.05 € 0.02

Single Stock Dividend Futures* € 0.50 € 0.30

Tracker options € 0.05 € 0.03

AEX Index options € 0.05 € 0.03

AEX Index futures € 0.13

AMX Index options* and futures* € 0.05 € 0.03

AEX Index mini options* € 0.015 € 0.01

AEX Index mini futures* € 0.015

AEX Dividend index futures* € 0.13 € 0.05

Euronext SEBI NR options* € 0.05 € 0.03

Euronext SEBI NR futures* € 0.13 € 0.05

Currency options and futures € 0.05 € 0.03

Maximum fee per order (except for products marked with an “*”) (including combination orders)

€ 40 € 20 € 10

1 A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Liquidity Providers

1 November 2017

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Amsterdam clearing segment: others products

Product type (Central Market and Prof trades) (fee per contract)

Brokers Liquidity Providers

Client House-Dealer

iShares Physical Gold ETF options* € 0.01 € 0.01

PSI Index options € 0.015 € 0.01

German Equity options* € 0.022 € 0.01

3

(*) These products benefit from a cap per posting: €53.75 for Brokers and €80 for LP

Brussels clearing segment:

Product type

(fee per contract)

Brokers

(Client and House accounts)

Market Makers

Equity options € 0.05 € 0.03

Single Stock Futures4 € 0.05 € 0.02

Single Stock Dividend Futures € 0.50 € 0.30

BEL20 Index options (BEL) € 0.13 € 0.05

BEL20 Index futures (BXF) € 0.40 € 0.12

2 A fee holiday is applied for Client and House account until end of December 2017

3 A fee holiday is applied on LP accounts until end of March 2018

4 A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers

1 November 2017

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Lisbon clearing segment:

Product type

(fee per contract)

Brokers


Market Makers

PSI 20 Index futures € 0.05 € 0.03



5 A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers

1 November 2017

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Paris clearing segment:

Product type (fee per contract)

Brokers Market Makers

6

Previous “Electronic

Locals” status7 Client House

Equity options – contract size of 100 €0.023 € 0.05 € 0.03

NA Equity options – contract size of 10 € 0.02 € 0.01



Tracker options € 0.05 € 0.03

CAC40 options – PXA (€10) € 0.13 € 0.05

CAC40 futures € 0.13 € 0.05 9

CAC40 Dividend index futures € 0.13 € 0.05

NA FTSEurofirst 80 and FTSEurofirst 100

futures

€ 0.05 € 0.03

CAC40 mini futures €0.015

FTSE EPRA/NAREIT Euro Zone and FTSE

EPRA/NAREIT Europe futures

€0.05

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.

6 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 SA. For further information, please contact Euronext department on +31 (0)20 550 5110, email: [email protected]. See also Paris market making scheme section.

7 These specific fees only apply to a previous status that is not open to new applicants. 8 A cap per posting is applied on Single Stock Futures: €75 for Brokers and €40 for Market Makers

9 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%.

mailto:[email protected]

1 November 2017

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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

Commodities (Amsterdam and Paris):


Brokers Client and House

Market Makers

Commodity futures € 0.70

NA

Commodity options € 0.70*

(*) Fee scheme on Commodity options strategies:

A rebate scheme is applied on both clearing and trading fees for all multi -leg commodity

options strategies. Please refer to the Bulletin sent on 4 July 2016 for the qualification

conditions as well as the following link to get the list of all recognised commodity

options strategies and corresponding rebates:

www.euronext.com/sites/www.euronext.com/files/commodity_options_strategies_and

_rebate.pdf

Paris Commodity futures and options New Market Participants (NMP) programme:

For participants in the NMP programme, a discounted clearing fee of €0.26 will be

applied from 1 November 2016 to 31 December 2017 (please refer to Euronext

Derivatives Markets INFO-FLASH dated 20 October 2016 and 31 October 2017 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). Trades benefiting

from the commodity option strategy fee rebates will not benefit from the additional

NMP fee rebate.

http://www.euronext.com/sites/www.euronext.com/files/commodity_options_strategies_and_rebate.pdf

http://www.euronext.com/sites/www.euronext.com/files/commodity_options_strategies_and_rebate.pdf

1 November 2017

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Late netting fees:

For commodity contracts, LCH 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 between D at 10:30am CET and D+1 at 10:30am CET is superior to the sum of buy and sell contracts posted in D) on the basis of the following grid, depending on the number of days remaining before the contract expiry (X):

At any time of the contract life until X-16 days: € 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

Close to expiry (from X-15 days): € 50 per contract

Penalties in case of storage certificates not received before the deadlines:

In case deadlines for sending the storage certificates to LCH SA are not met (please refer

to the notice of the Delivery Procedure), LCH SA will charge the clearing member with a

penalty of € 100 per contract with a minimum of € 1,000.

Correction of position after maturity date:

In case LCH SA is requested by a clearing member to intervene manually on position

account after maturity date, a charge of € 60 is applied per contract.

This exceptional intervention can only occur if duly justified.

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Flex products (all segments): clearing fees

Product type Market Fee type Broker (client account)

Member (own account)

Equity options10

ALL Fee per contract €0.05

Maximum fee per posting (except German Equity options)

€40 €20

Maximum fee per posting for German Equity options

€53.75

ETF options Amsterdam Fee per contract €0.05

Maximum fee per posting (except iShares Physical Gold ETF options)

€40 €20

Maximum fee per posting for iShares Physical Gold ETF options

€53.75

Single Stock futures ALL Fee per contract €0.05

Maximum fee per posting €75 €75

AEX index options Amsterdam Fee per contract €0.05


PSI index options Amsterdam Fee per contract €0.015


AEX index mini options Amsterdam Fee per contract €0.015


BEL20 index options Brussels Fee per contract €0.13


CAC40 index options Paris Fee per contract €0.13

10 A fee holiday is applied on German Equity options until end of December 2017.

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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.

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Amsterdam clearing segment: “Dutch” products

Product type

(fee per contract)

Fee type Brokers Liquidity

Providers

Client House-Dealer

Equity options Exercise/Assignment € 0.90 € 0.40 € 0.30

Single Stock Futures*11

Tender/Assignment € 0.30 € 0.05

Single Stock Dividend

Futures*

Tender/

Assignment

Dividend group Same fees for all origins

< €0.50 € 1.00

0.50-0.99 € 4.00

≥ € 1.00 € 6.00

Tracker options Exercise/Assignment € 0.90 € 0.40 € 0.30

AEX and AMX Index

options

Exercise/Assignment € 0.90 € 0.40 € 0.30

AEX and AMX Index

futures

Tender/Assignment € 2.40 € 1.00

AEX Index mini options Exercise/Assignment € 0.30 € 0.10 € 0.05

AEX Index mini futures Tender/Assignment €0.30 € 0.10

Dividend index futures* Tender/Assignment € 0.30 € 0.05

Euronext SEBI NR

options* and futures*

Exercise/ Tender/Assignment € 0.90 € 0.40 € 0.30

Currency options and

futures

Exercise/Tender/Assignment € 0.90 € 0.40 € 0.30

Maximum fee per individual Exercise/Tender and

Assignment (except for products marked with an “*”)

€ 1,000 € 600 € 500

11 A cap of € 200 per individual tender/assignment is applied.

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Amsterdam clearing segment: others products

Product type

(fee per contract)

Fee type Brokers Liquidity

Providers

Client House-Dealer

iShares Physical Gold

ETF options*

Exercise/Assignment € 0.10 € 0.10

PSI Index options Exercise/Assignment € 0.30 € 0.10 € 0.05

German Equity options* Exercise/Assignment € 0.10 € 0.10

Maximum fee per individual Exercise/Tender and

Assignment (except for products marked with an “*”)

€ 1,000 € 600 € 500

Brussels clearing segment:

Product type

(fee per contract)

Fee type Brokers


Market Makers

Equity options Exercise/Assignment € 0.30 € 0.05

Single Stock Futures12

Cash settlement € 0.30 € 0.05


Futures

Cash

settlement

Dividend

group

Same fees for all origins

< €0.50 € 1.00

0.50-0.99 € 4.00

≥ € 1.00 € 6.00

BEL20 Index options Exercise/Assignment € 0.30 € 0.05

BEL20 Index futures Cash settlement € 0.90 € 0.17

12 A cap of € 200 per individual cash settlement is applied.

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Lisbon clearing segment:

Product type

(fee per contract)

Fee type Brokers


Market Makers

PSI 20 Index futures Cash settlement € 0.30 € 0.05

Single Stock futures13



Futures

Cash

settlement

Dividend

group


< €0.50 € 1.00

0.50-0.99 € 4.00

≥ € 1.00 € 6.00

13 A cap of € 200 per individual cash settlement is applied.

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Paris clearing segment:


Fee type Brokers (Client and House

accounts)

Market Makers

14

Previous “Electronic

Locals” status

15

Equity options (100) Exercise/Assignment € 0.30 € 0.05

NA

Equity options (10) Exercise/Assignment Cash settlement

€ 0.05 € 0.02

Single Stock Futures16


Single Stock Dividend Futures

Cash settlement

Dividend group


< €0.50 € 1.00

0.50-0.99 € 4.00

≥ € 1.00 € 6.00

Tracker options Exercise/Assignment € 0.30 € 0.05

CAC40 options - PXA Exercise/Assignment € 0.30 € 0.05

CAC40 futures Cash settlement € 0.30 € 0.05

CAC40 Dividend Index

futures


NA FTSEurofirst 80 and

FTSEurofirst 100 futures


CAC40 mini futures Cash settlement € 0.10

FTSE EPRA/NAREIT Euro

Zone

FTSE EPRA/NAREIT Europe

futures

Cash settlement €0.30

14 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)

15 These specific fees only apply to a previous status that is not open to new applicants. 16 A cap of € 200 per individual cash settlement is applied

1 November 2017

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Commodities (Amsterdam and Paris):


Fee type Brokers (Client and House accounts)

Market Makers

Commodity futures Delivery € 1.00 NA

Commodity options Exercise/Assignment € 1.00

Flex products (all segments): Exercise/tender/assignment

Product type Market Fee type Broker (client account)

Member (own account)

Equity options and ETF options

All Fee per contract €0.20

Maximum fee per individual Ex&Ass

€200

German Equity options Amsterdam Fee per contract €0.20


€200

Single Stock Futures All Fee per contract €0.30


€365

AEX index options Amsterdam Fee per contract €0.90 €0.40


€1,000 €600

PSI Index options Amsterdam Fee per contract €0.30 €0.10


€1,000 €600

AEX index mini options Amsterdam Fee per contract €0.30 €0.10


€1,000 €600

BEL20 index options Brussels Fee per contract €0.30 €0.30

CAC40 index options Paris Fee per contract €0.30 €0.30

1 November 2017

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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 market17. 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: € 10.00 - A creation of positions over 100 lots: € 50.00

Clearing services specific to Commodities

Delivery administration fee

17 Amsterdam, Brussels, Lisbon, Paris commodities or Paris financials

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LCH 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.

Contract Amount

Milling Wheat €15.00

Corn

Dairy complex (unsalted lactic butter, skimmed

milk powder and sweet whey food grade

powder)

€ 30.00

Malting Barley

Rapeseed complex (grain, oil and meal)

Wood Pellet

UAN 30 Fertiliser

Set charge for delivery costs

All costs concerning approval, analysis and forwarding of samples charged by service

providers to LCH 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 SA.

euronext derivatives markets fees - lch · dividend index futures* tender/assignment € 0.30 €...

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