Update to Regulation Fees and Penalties effective 3rd January 2022

The Fees & Penalties Regulation will be updated to include the following changes effective 3 January 2022:

1.           Participant Fees for Clearing Members (General & Direct) & Trading Participants (section 6.7.1)

General & Direct Clearing member fees will increase to EUR26,000 per annum

Trading Participants fees will increase to EUR4,500 per annum. This change does not apply to the Trading Participant Off Book membership fee

2.           Introduction of the NAV Clearing Fee for ETFs

ETFs that are traded with an indicative price and then updated with the NAV (“Net Asset Value”) price will be subject to an additional clearing fee. The charge will be 0.04bps on the notional of the trade with the NAV price. A cap will apply when the trade has a notional greater than EUR10million or EUR equivalent.

3.           Amendment to the Preferred Clearing Fee Incentive (section 3.6)

The percentage discount applied to the clearing fees of preferred clearing activity as described in section 3.6 and the clearing member eligibility will change. Only trading participants active on preferred clearing venues will now be eligible and there must be activity on a preferred venue by 28 February 2022 for the discount to be applied.  The percentage will increase to 25% on the clearing fee and will continue to be applied to the clearing of trades on all venues in the same CSD. Trading members activating preferred clearing after the 28 February will not be eligible for the discount.

4.           Removal of the Off Booking Clearing Fee Incentive

The Off Book Clearing Fee Incentive as described in section 3.5 will be removed.

5.           Removal of the Bridge Pricing Incentive

The Bridge Pricing Incentive as described in section 3.8 will be removed.

A cope of the new Regulations Fees and Penalties detailing the above changes is available here.

Finally, EuroCCP will migrate to the €ster reference rate on 1 January 2022. Amendments to the Interest Rate webpage and associated Regulations will be published w/c 27th December 2021 and a Newsflash will be sent to all members detailing the relevant changes.

Should you have any questions relating to these changes please contact our relationship management team.