<iframe src="//www.googletagmanager.com/ns.html?id=GTM-MS2WRF" height="0" width="0" style="display:none;visibility:hidden"></iframe>

Credit Default SwapClearing Fee

Fee schedule of JSCC

The fees JSCC will charge clearing participants based on “Rules on Fees for CDS Clearing Business” are as follows:

CDS

Types of Fees Fee Rate
Clearing Fee for Index CDS JPY800 per JPY100million of the Notional Amount of each Clearing Contract
* Clearing Fee applicable to the Clearing Participant designated with respect to reporting of Index CDS quotes shall be JPY700 per JPY100million of the Notional Amount.
* Index CDS Clearing Fees are subject to monthly cap of JPY40million and monthly floor of JPY100,000 per Clearing Participant.
Clearing Fee for Single Name CDS JPY4,800 per JPY100mil of the Notional Amount of each Clearing Contract
* Clearing Fee applicable to the Clearing Participant designated with respect to reporting of Single Name CDS quotes shall be JPY4,200 per JPY100million of the Notional Amount.
* If the Underlying Transaction was executed before JSCC’s CDS Clearing Business launch (December 15, 2014), the Clearing Fee shall be JPY2,400 per JPY100million of the Notional Amount.
* Single Name CDS Clearing Fees are subject to monthly cap of JPY40million and monthly floor of JPY100,000 per Clearing Participant.
Compression Fee JPY600 per JPY100mil of Compressed Notional Amount
Ad Hoc Compression Fee JPY600 per JPY100mil of Compressed Notional Amount
Position Transfer,etc. Fee 600 yen per 100 million yen of the Notional Amount of which Transfer becomes effective
Settlement Fee 500 yen for each Clearing Contract to be settled
Collateral Fee For each calculation period (period from April to June, from July to September, from October to December and from January to March), sum total of the costs calculated according to the formula in (1) to (4) below per each Clearing Participant:

1.JGB Management Cost

(Average Face Value of JGB posted by a Clearing Participant as CDS Clearing Fund, Initial Margin, and Default Contingent Margin (hereinafter collectively referred to as “Collateral”) during Calculation Period) X (Actual Number of Days in Calculation Period) / 365 X 0.11 / 10,000

2.US Treasuries Management Cost

a. (Average of Japanese yen equivalent of the face value of US Treasuries posted by a Clearing Participant as Collateral during the Calculation Period) X (Actual Number of Days in the Calculation Period) / 365 X 0.11 / 10,000

b. The sum of the values obtained by below formulae in each month during the Calculation Period
(Sum of the face value of US Treasuries posted by a Clearing Participant as Collateral as of the end of each month) X (Actual Number of Days in the relevant month) / 365 X 0.8 / 10,000

c. 10 U.S. dollars X (Number of Posting and Withdrawal Instructions given by a Clearing Participant in relation to US Treasuries posted as Collateral each month)

3.The costs related to Money Trust (applicable only when a negative interest rate applies to a portion of the current account under the Complimentary Deposit Facility of the Bank of Japan and JSCC is to bear the trust fee corresponding to such interest rate)
The sum of the values obtained by blow formulae on each day during the Calculation Period
(Portion of Collateral posted by a Clearing Participant to JSCC in the form of Cash on the relevant day which is held in the manner of the Money Trust to the bank which operates trust business) X 1/365 x (absolute value of the relevant negative interest rate)

4.Other costs incurred by JSCC in fulfilling a Clearing Participant’s requests regarding the management of Collateral
Trade Reporting Fee The amount calculated according to below formula and converted into Japanese yen, for each Clearing Participant, who is a party of the clearing contracts (“SDR Reported Clearing Contracts”) reported to DTCC Data Repository (U.S.) LLC (“DTCC”), a Swap Data Repository (as such term defined in the U.S. Commodity Exchange Act Section 1a (48)).

(DTCC Notified Amount) x (Number of SDR Reported Clearing Contracts (CDS)) / (Total Number of SDR Reported Cleared Contracts (IRS) and SDR Reported Clearing Contracts (CDS))