Clearing Fees 
25/09/2017 
 

Fee schedule

(i)   Annual Fee, Registration Fee and Maintenance Fee (For House clearing)

Details of fee tariffs are shown below:

(a)  Interest Rate Swaps and Non-deliverable Interest Rate Swaps

Tariff*

Annual Fee

Registration Fee

Maintenance Fee

Tariff A

HK$ 5 million

Nil

HK$ 20 on a monthly basis in respect of each Contract until its maturity.

Tariff B

HK$ 1 million

HK$ 750 for registration of a Contract. Nil for back-loaded transactions. ^

HK$ 60 on a monthly basis in respect of each Contract until its maturity.

Tariff C

Nil

HK$ 1,500 for registration of a Contract. Nil for back-loaded transactions. ^

HK$ 120 on a monthly basis in respect of each Contract until its maturity.

 (b) Cross Currency Swaps

Tenor

Fee Rate

Registration Fee

Maintenance Fee

0 – 1 year

0.0015% of the notional amount of the USD leg of the Contract.^

0.00008% of the notional amount of the USD leg of the Contract, on a monthly basis in respect of each Contract until its maturity.

 

Registration Fees and Maintenance Fees will be billed in aggregate (in HK$) monthly in arrears.

 

 

>1 – 3 years

0.0035% of the notional amount of the USD leg of the Contract.^

>3 – 5 years

0.0065% of the notional amount of the USD leg of the Contract.^

>5 – 7 years

0.0085% of the notional amount of the USD leg of the Contract.^

>7 – 10 years

0.0115% of the notional amount of the USD leg of the Contract.^

 (c)   Non-deliverable Forward

Tariff*

Annual Fee

Registration Fee

Tariff A

HK$ 5 million

HK$ 7.8 per million notional amount (in USD) for registration of a Contract. HK$ 3.9 per million notional amount (in USD) for registration of a back-loaded Contract.^

Tariff B

HK$ 1 million

HK$ 23.4 per million notional amount (in USD) for registration of a Contract. HK$ 11.7 per million notional amount (in USD) for registration of a back-loaded Contract.^

Tariff C

Nil

HK$ 46.8 per each million notional amount (in USD) for registration of a Contract. HK$ 23.4 per million notional amount (in USD) for registration of a back-loaded Contract. ^

*Clearing Members can choose anyone of the three fee tariffs for IRS and NDF

(ii)   Registration Fee and Maintenance Fee (for Clearing Members providing Client Clearing Services to their Clients) 

Details of fee tariffs are shown below:

 (a)  Standard Rates Derivatives Contract and Non Deliverable Rates Derivatives Contract

Type of Client Position Account

Registration Fee (paid in arrears at the end of each month)

Maintenance Fee (paid in arrears at the end of each month)

Contracts registered to a Client Clearing Category 1 Position Account and remaining outstanding at the end of each month

0.001% of the notional amount of each Contract per Position Account.^

0.00004% of the notional amount per month of each Contract per Position Account.

Contracts registered to a Client Clearing Category 2 Position Account and remaining outstanding at the end of each month

0.001% of the notional amount of each Contract per Position Account.^

0.00004% of the notional amount per month of each Contract per Position Account.

  (b) Standard Cross-currency Rates Derivatives Contract

Tenor

Fee Rate

Registration Fee

Maintenance Fee

0 – 1 year

0.0015% of the notional amount of the USD leg of the Contract.^

 

0.00008% of the notional amount of the USD leg of the Contract, on a monthly basis in respect of each Contract until its maturity.

 

Registration Fees and Maintenance Fees will be billed in aggregate (in HK$) monthly in arrears.

 

 

>1 – 3 years

0.0035% of the notional amount of the USD leg of the Contract.^

>3 – 5 years

0.0065% of the notional amount of the USD leg of the Contract.^

>5 – 7 years

0.0085% of the notional amount of the USD leg of the Contract.^

>7 – 10 years

0.0115% of the notional amount of the USD leg of the Contract.^

 (c) FX Derivatives Contract

Type of Client Position Account

Registration Fee (paid in arrears at the end of each month)

Contracts registered to a Client Clearing Category 1 Position Account

0.0006% of the notional amount (in USD) of each Contract per Position Account. ^
Registration Fees will be billed in aggregate monthly in arrears
 

Contracts registered to a Client Clearing Category 2 Position Account

0.0006% of the notional amount (in USD) of each Contract per Position Account. ^
Registration Fees will be billed in aggregate monthly in arrears.


^ If the Trade Date of an Original Transaction precedes the date on which such Original Transaction is submitted to OTC Clear for registration, the the relevant registration fee or such lesser amount as OTC Clear may from time to time agree with the Clearing Member will apply.


(iii)   De-registration Fee

HK$ 250 in respect of the de-registration of any contract. The de-registration fee is the same for all fee tariff.

(iv)   Password Reset Fee

HK$ 50 per password reset or retrieval from the Web Portal.

(v)   Fee for Retrieval of historic Reports and the and the printing of Reports

HK$ 5 per page, to a maximum of HK$ 1,000 per report.

For details of the different clearing fees, please refer to Appendix I of the Clearing Procedures.

(vi)   Accommodation charges for non-cash Collateral

An accommodation charge will be charged monthly in arrears to each Clearing Member, calculated at the rate of 0.15%p.a. of the average daily aggregate principal amount of non-cash Collateral outstanding across each Clearing Member’s Collateral Accounts over the immediately preceding month.

(vii)   Fee for porting of Contracts between Position Accounts held by the same Clearing Member

HK$ 10,000 per request

(viii)   Fee for porting of some or all Contracts to a Transferee Clearing Member

 (a) Partial porting of Contracts: HK$ 20,000 per request

 (b) Full porting of Contracts: HK$ 20,000 per request

For the avoidance of doubt, no fees will be charged for the porting of Contracts and Collateral held by a Defaulting Clearing Member to a Replacement Clearing Member upon the occurrence of a DMP Event.

(ix) Fee for each request for deposit, porting or withdrawal of non-cash Collateral

 (a) Deposit: Charge at cost

 (b) Porting: Charge at cost

 (c) Withdrawal:  Charge at cost

For the avoidance of doubt, no fees will be charged for the porting of non-cash Collateral held by a Defaulting Clearing Member to a Replacement Clearing Member upon the occurrence of a DMP Event.