LCH SA Updates Cash Spreads and Collateral Fees Structure
Published Date: 12/31/2025
Notice
Summary
LCH SA is updating its fees and rules for cash spreads and securities collateral starting January 1, 2026, once all approvals are in. This change affects traders and firms using LCH SA’s clearing services by adjusting how fees are charged, aiming for clearer and fairer costs. The update kicks in right away after approval, so everyone should get ready for the new fee setup!
Analyzed Economic Effects
6 provisions identified: 4 benefits, 2 costs, 0 mixed.
General Member Fee Raised 3.5%
If you are a General Member using the Unlimited Tariff, the annual fixed fee will increase from €1,700,000 to €1,759,500 (a 3.5% increase) for 2026. This change applies to members clearing Indices, Single Names (including Sovereigns) and Options under the Unlimited Tariff.
Affiliated Client Fixed Fee Removed
LCH SA will remove the €100,000 fixed annual account charge that applied to Affiliated Clients of General Members under the Unlimited Tariff, so clearing for Affiliated Clients will be covered by the General Member Unlimited Tariff. General Members will therefore no longer incur that additional fixed annual fee for their Affiliated Clients.
Onboarding Fee Increased to €50K
LCH SA will raise the onboarding fee from €15,000 to €50,000 for entities joining CDSClear. The onboarding fee is charged at a member entity level and applies to entities onboarding as General Members, Select Members, CDS Dealers, or Affiliated Clients.
First-Year Dealer Fee Waiver
LCH SA will waive the first-year annual CDSClear Dealer Status fee for Clearing Members on the General Member Variable Tariff and for Select Members that onboard in 2026. The Dealer Status annual fee remains €100,000 and will continue to apply in years after the waived first year.
Dealers Included In Unlimited Tariff
Entities admitted as Dealers of General Member Unlimited Clearing Members will be covered by the General Member Unlimited Tariff, meaning those Dealer entities will no longer incur an additional fixed annual Dealer fee. General Members on the Unlimited Tariff will not pay an extra fixed fee for entities admitted as Dealers.
Options Client Fee Discount Extended
For Options products, LCH SA is applying the full discount of client variable fees for 2026. No other amendments to the Options section of the Fee Grid are proposed for 2026.
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