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Swaps

Fees

No Fees for swaps executed on ELX through January 31, 2014

Effective February 3, 2014:

Participants trading swaps will be able to choose between a Variable Rate Fee Schedule and a Fixed Rate Monthly Fee Schedule



Variable Rate Fee Participants
Not applicable to Fixed Rate Fee Participants
 
 Tenor Per side Fee per $1MM notional* 
 3 years and less $5 
 3+ to 5 years $10 
 5+ to 10 years $20 
 10+ to 15 years $30 
 15+ years $50 

*Notional value are rounded up to the nearest $1MM when assessing fees


Fixed Rate Monthly Fee Participants
For 2014, all Fixed Rate Monthly Fees will be waived for ELX Participants who have executed at least eleven (11) registered trades on ELX prior to January 31, 2014

Fixed Rate Monthly Fee Participants are assessed per Product Category as defined by ELX Rulebook (e.g. all USD IRS clearing at LCH are a single Product Category) plus a $10 per executed side or executed cross trade fee

 Product Category Product Category Fee per Month 
 1st $35,000 
  2nd $25,000 
 3rd $15,000 
 Each Additional Product Category $10,000 


Rebates and Other Fees
Participants electing for either the Variable Rate or the Fixed Rate Monthly Fee schedules are eligible for a Rebate and will be assessed Messaging Fees
  • 50% rebate of total fees in excess of $2MM per annum
  • $1 per RFQ message

NOTE: ELX fees do not include third party fees such as LCH.Clearnet and MarkitWire