Clearing FeeClient Clearing Fees
１．Client Clearing Fee
There are two types of client clearing fee, and each client can choose either (1) or (2) below.
(1) Standard Fees
①Fee for New Clearing
For newly cleared JPY IRS Trades, the sum total of the amount obtained by using below formula:
JPY New Trades Total Notional Amount / 100,000,000 × the value in below Chart
| Term to Maturity (Note1) as of Date of Application for Clearing | Value |
| Up to 1 years | 90 |
| More than 1 years up to 3 years | 225 |
| More than 3 years up to 5 years | 405 |
| More than 5 years up to 7 years | 540 |
| More than 7 years up to 10 years | 720 |
| More than 10 years up to 12 years | 765 |
| More than 12 years up to 15 years | 810 |
| More than 15 years up to 20 years | 1,035 |
| More than 20 years up to 25 years | 1,170 |
| More than 25 years | 1,260 |
(Note 1) "Maturity" here refers to the last coupon payment date (after adjustment) on the payer side.
②Fee for Outstanding Cleared Trades
| On total Outstanding Notional as of the end of each month: | JPY 25 per JPY 100 mil Notional |
(2) Alternative Fees (High Turnover Plan) (Note1)
| a．New Clearing Fee | JPY 3,000 per Trade |
| b．Initial Margin-Based Fee | Sum of the amounts obtained as "Daily Required Initial Margin×0.001/365" |
| c．Minimum Fee (Floor) | The amount obtained by multiplying JPY 3.33 mil by the number of months elapsed from starting month of the Fiscal Year (or the month in which (2) Alternative Fees start to apply, if it is in the middle of the Fiscal Year) to the relevant month.(Note2) |
(Note 1) To apply of (2) , the notification must be submiteed in advance. The Notification can be submitted in March, June, September or December and Alternative Fees start to be applied from the next month following the month of the submission. It is also possible to submit the Notification when opening a Client Clearing account.
When a Client intends to withdraw the application of (2), the Client may submit the withdrawal notification in March, June, September or December and (1) start to be applied from the next month following the submission.
(Note 2) "Fiscal Year" means a one-year period commencing on April 1 of a year and ending on March 31 of the next year.
(Note 3) When a Client elects (2), (1) do not apply.
２．Account Opening Fee
JPY 100,000 per new Account opened for Client Clearing
３．Compression Fee
| ａ．Per Trade Compression Vendor-Initiated Compression |
JPY 1,200 per trade |
| b．Blended Rates Compression | JPY 2,400 per trade |
４．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 a. to d. below:
| a．JGB Management Cost (Average Face Value of JGB posted by a Clearing Participant as IRS 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 0.50 / 10,000 |
| b．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 0.50 / 10,000 (b) The sum of the values obtained by below formulae in each month during the Calculation Period (Sum of the Market Value (referring to the amount calculated by JSCC in the manner prescribed in a public notice, then converted into JPY) 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 1.0 / 10,000 (c) JPY equivalent of the amount obtained by the formula shown below converted into JPY in a manner prescribed by JSCC in a public notice 20 U.S. dollars X (Number of Posting and Withdrawal Instructions given by a Clearing Participant in relation to US Treasuries posted as Collateral during the relevant Calculation Period) |
| c. 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) (JPY Cash Collateral posted by a Clearing Participant to JSCC on the relevant day which are deposited in ordinary savings account and time deposit of the bank which operates trust business) X 1/365 x (absolute value of the relevant negative interest rate) |
| d．Other costs incurred by JSCC in fulfilling a Clearing Participant’s requests regarding the management of Collateral |
５．OIS Conversion Fee
When a swap referencing JPY-LIBOR that comes into existence as a result of a Swaption exercise is submitted for clearing, and JSCC converts into OIS swap and then clears such trade:
| JPY 3,500 per trade |
６． Trade Reporting Fee
- (1) Trade Data Repository Reported Cleared Contracts (IRS)
- The amount calculated according to below formula, for each Clearing Participant, who is a party of the cleared contracts (“Trade Data Repository Reported Cleared Contracts (IRS)”) reported to DTCC Data Repository Japan K.K. (“DDRJ”), a Trade Data Repository (as such term defined in Paragraph 1 of Article 156 of the Financial Instruments and Exchange Act (Act No. 25 of 1948)).
| (Monthly DDRJ Notified Amount) x (Number of Trade Data Repository Reported Cleared Contracts (IRS)) / (Total Number of Trade Data Repository Reported Cleared Contracts (IRS) and Trade Data Repository Reported Cleared Contracts (CDS)) |
- (2) HKTR Reported Cleared Contracts
- The amount calculated according to below formula and converted into Japanese yen, for each Clearing Participant (limited to Clearing Participant incorporated in Hong Kong), who is a party of the cleared contracts reported to Hong Kong Monetary Authority (“HKTR”) (“HKTR Reported Cleared Contracts”).
| (Number of HKTR Reported Clearing Contracts remaining as of the close of business of the last day of each month) x 4.5 HKD |
- (3) SDR Reported Cleared Contracts (IRS)
- The amount calculated according to below formula and converted into Japanese yen, for each Clearing Participant, who is a party of the cleared contracts (“SDR Reported Cleared Contracts (IRS)”) 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)).
| (Monthly DTCC Notified Amount) x (Number of SDR Reported Cleared Contracts (IRS)) / (Total Number of SDR Reported Cleared Contracts (IRS) and SDR Reported Clearing Contracts (CDS)) |
７． Position Transfer Fee
| JPY 2,000 per transferred Cleared Contract at the transferee. - No Fee shall be charged up to 100 transfers per Fiscal Year. (Note1) |
(Note 1) "Fiscal Year" means a one-year period commencing on April 1 of a year and ending on March 31 of the next year.
(Note 2) Following cap shall apply to the aggregate amount of the Position Transfer Fee:
| Position Transfer Fee Cap : JPY 40 mil |
