Cassa di Compensazione e Garanzia. Fee Schedule for The Central Counterparty Guarantee System

Transcription

1 Cassa di Compensazione e Garanzia Fee Schedule for The Central Counterparty Guarantee System In force from August, the 31 st 2015

2 Summary 1. ANNUAL MEMBERSHIP FEES SHARES AND EQUITY DERIVATIVES SECTIONS DERIVATIVES SECTIONS BOND AND ICSD BOND SECTIONS GUARANTEES FEES ON SECURITIES DEPOSITED AS GUARANTEE INTEREST ON CASH DEPOSITED DERIVATIVES SECTION CLEARING FEES DELIVERY FEES EXERCISE FEES TRANSFER AND RECTIFY FEES MAC SHARE SECTION CLEARING FEES MAC BOND SECTION WHOLESALE MARKETS Clearing Fees MAC RETAIL MARKETS Clearing Fees MAC ICSD BOND SECTION CLEARING FEES SETTLEMENT FEES MAC TECHNOLOGICAL INFRASTRUCTURE ICWS FTP / SFTP BCS-WS BCS-API OTHER FEES SUB-ACCOUNTS Sub-account Fee Margin Calculation for each sub-accounts EMIR ACCOUNT STRUCTURE MARGINS CALCULATION BY SECTION FEES ON FAILS AND BUY-IN ON EQUITY DERIVATIVES AND SHARE SECTIONS FEE ON LATE COVERAGE HISTORICAL REPORTS OTHER SERVICES CONCESSIONS TAX REGIME (VAT)... 13

3 1. ANNUAL MEMBERSHIP FEES The fee is charged on a pro-rata basis (calculated from the admission to the end of the financial year 1 ) at the admission date. For the following years, the membership fees will be charged at the beginning of the financial year. The fee of the Non Clearing is paid by the General Clearing Shares and Equity Derivatives Sections General Clearing Individual Clearing Non Clearing Share Section Equity Derivatives Section Share and Equity Derivatives Section Derivatives Sections General Clearing Individual Clearing Non Clearing Equity Derivatives Section Energy Derivatives Section Equity and Energy Derivatives Sections Agricultural Commodity Derivatives Section Bond and ICSD Bond Sections General Clearing Individual Clearing Non Clearing Bond Section ICSD Bond Section GUARANTEES 2.1. Fees on securities deposited as guarantee The fee is 0.015% per month, calculated on the average daily balance of the securities deposited in each account during the reference month. For calculation purposes, shares are valued at their market price and Government Bonds are valued at their face value Interest on cash deposited Interests on cash deposited to Margins are calculated on the daily EONIA rate minus 20 basis points. 1 The financial year coincides with the calendar year; the membership annual fees will be charged on the first business day of February. 3

4 The interests on cash deposited to the Default Fund are calculated on the daily EONIA rate minus 20 basis point. 3. DERIVATIVES SECTION 3.1. Clearing Fees The fees are charged to each cleared lot, if not differently indicated. Fee Fee MM Fee LP Aggressive Passive Aggressive Passive CAP Future on FTSE MIB Index 0, Dividend Future on FTSE MIB Index 0, Mini Future on FTSE MIB Index 0, Mini Future on FTSE 100 Index 0, Stock Future (1) (2) 0, ,00 Dividend Stock Future (9) 0,10 0,05 50,00 Stock Options (3) (8) 0, ,00 Options on FTSE MIB Index (4) (8) 0, Future baseload on Electricity (5) (6) /MWh /MWh /MWh /MWh 0,004 0, , Future peackload on Electricity (5) (6) /MWh /MWh /MWh /MWh 0,004 0, , Future on durum Wheat (7) /t 0,20 /t 0,10 /t 0,15 - (1) The full fee is charged to each lot traded, for the first 1,000 lots of each trade; a 100% fee reduction is applied for each extra lot; (2) For any single trade with a number of contracts between 5 and 25, a fixed unit fee per transaction equal to 0.55 is applied; (3) The full fee is charged to each lot traded, for the first 1,000 lots of each trade; a 100% fee reduction is applied for each extra lot; (4) The full fee is charged to each lot traded, for the first 100 lots of each trade; a 50% fee reduction is applied for each extra lot. (5) For Market Maker, a 50% fee reduction on cleared contracts generated by aggressive orders/quotes is applied; a 100% fee reduction on cleared contracts generated by passive order/quotes is applied. (6) On contracts generated by internal cross and committed cross order, a fee equal to /MWH 0,003 is applied, /MWh 0,002 to Market Maker (7) A 50% fee reduction is applied for Market Maker and a 25% fee reduction for Liquidity Provider; (8) The fee is charged also on weekly expires; (9) The full fee is charged to each lot traded, for the first 500 lots of each trade; a 100% fee reduction is applied for each extra lot; a 50% fee reduction is applied for Market Maker. 4

5 3.2. Delivery Fees The fees are applied to each delivered/received lot, if not differently indicated. Commissione di Consegna CAP Stock Future physical settled (1) 0, ,00 Stock Future cash settled (2) 0,36 360,00 Dividend Stock Future (5) 0,30 150,00 Future on FTSE MIB Index 0,50 - Dividend Future on FTSE MIB Index 0,50 - Mini Future on FTSE MIB Index 0,30 - Mini Future su indice FTSE 100 0,30 - Future baseload on Electricity (3) /MWh 0,002 - Future peackload on Electricity (3) /MWh 0,002 - Future Durum Wheat (4) /t 0,50 - (1) For Primary Market Makers and Primary Specialists the full fee is charged for the first 250,000 lots delivered/received during the financial year; a 100% fee reduction is applied for each extra lot; (2) The full fee is charged for the first 1,000 lots delivered/received per single underlying; a 100% fee reduction is applied for each extra lot; (3) The fee is charged in case of exercise of physical delivery option; (4) A fee of 15 is further applied for each settled contract; (5) The full fee is charged for the first 500 lots delivered/received per single underlying; a 100% fee reduction is applied for each extra lot Exercise Fees The fees are applied to each exercised/assigned lot, if not differently indicated. Exercise Fee Stock Options 0,15 Options on FTSE MIB Index 0,50 (1) The fee is charged also on weekly expires. 5

6 3.4. Transfer and Rectify Fees Transfer and Rectify fees are charged for each lot transferred and rectified, if not differently indicated. Transfer fees are applied to both parties holders of the transferred product. Positions Transfer at Settlement Price (1) Fees CAP Fees for Fax Request (6) Future and Option on Equity Derivatives 0, ,0 Future on Electricity /MWh 0, /MWh 4,0 Future on Durum Wheat /t 0, /t 4,0 Contracts Transfer on "T+1/T+2" at execution Price (2) Future and Option on Equity Derivatives 0, ,0 Future baseload on Electricity /MWh 0, /MWh 4,0 Future on Durum Wheat /t 0, /t 4,0 International Give-up (daily contracts transfer) (3) Future and Option on Equity Derivatives - - 4,0 Future on Electricity - - /MWh 4,0 Future on Durum Wheat - - /t 4,0 Correction of gross position in option on client account (4) Option on Equity Derivatives 0,25-4,0 Correction of Open/Close Flag in option contract on Client Account(5) Option on Equity Derivatives - - 4,0 (1) BCS Transfer and Subaccount change functions, activated from the menu Positions ; (2) BCS Transfer and Client code change fuctions, activated from the menu Trades ; (3) BCS International give-up function, activated from the menu Trades, Rectify client code fuction activated from the menu Rectify; (4) BCS Rectify fuction activated from the menu Positions ; (5) BCS Open/Close change function, activated from the menu Trades and Rectify open/close fuction, activated from the menu Rectify ; (6) Applied if sent at the request of the Participant; if CC&G does not make available the Technological Infrastructure BCS, the ordinary fees apply MAC A monthly Minimum Activity Charge MAC - is applied for the Energy and Agricultural Commodity Derivatives Sections. Monthly MAC Energy Derivatives Section 500 Agricultural Commodity Derivatives Section Energy and Agricultural Commodity Derivatives Sections The MAC is applied to the Participant if the clearing fees are less than the threshold given values. It will not be applied for the first month of admission to the Energy Derivatives and Agricultural Commodity Derivatives Sections; it will not be applied to Market Makers and Liquidity providers to the Agricultural Commodity Derivatives Section. 6

7 4. SHARE SECTION 4.1. Clearing Fees The fees are applied to each transaction according to a monthly tier pricing. The counter of transaction is reset at the beginning of the month. Monthy Tiers Fee Sub Total fee in the tier From 1 a , ,00 From to , ,00 From to , ,00 From to , ,00 From to , ,00 From to , ,00 Over ,005 - Share markets currently cleared by CC&G in the Share Section are: MTA, MIV, ETFplus, TAH (considered as single market for MAC application purposes) MAC A monthly Minimum Activity Charge (MAC) of 125 is charged to each Participant per each Market if the clearing fees are less than the threshold given values. 5. BOND SECTION 5.1. Wholesale Markets Clearing Fees Fees on cash contracts are calculated per million of traded value; fees on Repo trades are calculated on the nominal value of the contract and on the basis of the contract length. Cash contracts(1) Contracts traded on the Repo Trading Facility(1) Fee 0,40 per mln of traded value 0,002% per year, applied to the nominal value contract (1) Wholesale markets currently cleared by CC&G are: MTS Italy/EuroMTS (considered as single market for MAC application purposes), ICAP Brokertec and Repo e-mid. A transaction fee of euro 2.50 is charged to Repo trades in addition to the ad valorem fee. 7

8 MAC A monthly Minimum Activity Charge (MAC) is also applied to each, depending on the number of Markets they are connected to: General Clearing Individual Clearing Non Clearing (1) Single Market Connected Multiple Market Connected (1) The MAC is charged to the General Clearing for each Non clearing The MAC is applied to the Participant, if the clearing fees are less than the threshold given values Retail Markets Clearing Fees Fees are applied per transaction. Single Transaction (1) 0,23 (1) Retail markets currently cleared by CC&G are: DomesticMOT segment of MOT market, EuroTLX and Hi-MTF (limited to securities settled in Express II) MAC Fee A monthly Minimum Activity Charge (MAC) is also applied to each, depending on the number of Markets they are connected to: Single market connected: 125 per month; Multiple market connected: 250 per month. The MAC is applied to the Participant if the clearing fees are less than the threshold given values. 6. ICSD BOND SECTION 6.1. Clearing Fees Fees are applied per transaction. Single Transaction (1) 0,20 (2) Markets currently cleared by CC&G are: EuroMOT and ExtraMOT, segments of MOT market, EuroTLX and Hi-MTF (limited to securities settled in Settlement Systems managed by international CSDs). Fee 8

9 6.2. Settlement Fees A settlement fee is applied to single settlement instruction sent by CC&G to Euroclear Bank. Fee Single settlement instruction sent 1, MAC A monthly Minimum Activity Charge (MAC) is also applied to each, depending on the number of Markets they are connected to: Single market connected: 125 per month; Multiple market connected: 250 per month. The MAC is applied to the Participant if the clearing fees are less than the threshold given values. 7. TECHNOLOGICAL INFRASTRUCTURE A monthly fee is charged for the Internet Clearing Work Station (ICWS), and for BIt Clearing Station (BCS), both on the Work Station and API services ICWS ICWS service is mandatory for Direct s and optional for Non Clearing s2, if authorized by the General Clearing. The fee is included in the BCS service fee, in case of Derivatives Sections Direct membership. Monthly fee ICWS (1) 300 Additional ICWS (2) 100 (1) It includes two ICWS users; (2) It includes one user that can also be used to access FTP server. 2 Monthly fee for Non Clearing s, charged by the General Clearing, is subject to VAT. 9

10 7.2. FTP / SFTP The FTP /SFTP Service is optional. For Non Clearing s, the service gives access to Public Data File only, unless authorised by the General Clearing. Monthly fee Users/IP addresses FTP User SFTP standard IP Addresses SFTP plus IP Addresses SFTP unlimited 300 Unlimited IP Addresses 7.3. BCS-WS BCS-WS is mandatory for Derivatives Sections s, who can choose between the Standard and the Plus version (the latter allows the automation of the International give-up). Monthly Fee Standard Monthly Fee Plus BCS-GCM (1) BCS-ICM (1) BCS-NCM (2) Additional BCS-WS (3) (1) It includes two BCS users + two ICWS users; (2) It includes two BCS users. If the Non-Clearing is authorized by the General Clearing to download the Reports and Data Files, it is necessary to subscribe the ICWS ( 300 per month, two users); (3) It includes one BCS user + one ICWS user BCS-API BCS-API is optional. Fees are subject to VAT. Monthly Fee Standard Monthly Fee Plus BCS (all configurations) (1) Additional BCS-API (2) ,5 (1) It includes two users; (2) It includes one user. 8. OTHER FEES 8.1. Sub-accounts The service for registering Contractual Positions in sub-accounts coded and managed by the Participant itself is optional for Equity and Energy Derivatives Sections; it is mandatory for the Agricultural Commodity Derivatives Section, however the provision is suspended pursuant to the art. B comma 5 of CC&G Rules. 10

11 Sub-account Fee Monthly fee Equity and Energy Derivatives Section (1) (2) 100 Agricultural Commodity Derivatives Section (1) - (1) The sub-accounts are activated by Technological Infrastructure (BCS-WS), with the Sub Account function of the menu Archives ; (2) Fees are subject to VAT Margin Calculation for each sub-accounts s who choose to pay joint Margins for one or more sub-accounts in Equity and Energy Derivatives Sections, may request, as an additional service, to receive Report MS24 (Equity Derivatives Section) or MSE6 (Energy Derivatives Section) showing the margin calculation for each sub-account, for information purposes only. The monthly fee for this service is 100, regardless the number of opened sub-accounts. This fee is subject to VAT EMIR account structure Clearing s can register contractual positions of their clients in the Main Omnibus Account (MOA), in an Individual Segregated Account (ISA), or in an Additional Omnibus Account (AOA). An annual fee subject to VAT, charged pro-rata on a monthly basis, is applied on each account for each Section. Monthly fee MOA account Monthly fee ISA account Monthly fee AOA account Derivatives Sections Share Section Bond Section ICSD Bond Section Margins Calculation by Section Direct Clearing, choosing the calculation/payment of the margins of the Equity Derivatives and Share Sections on net basis, can request a report highlighting the margins calculated separately on each single section (report MS42). This service is charged 250 per month, subject to VAT. 11

12 8.4. Fees on Fails and Buy-in on Equity Derivatives and Share Sections Fees are applied to each fail in the Clearing System and in the gross settlement cycle at the beginning of each day. Fees are applied according to the following tiers. Fails of Clearing s in bonis on the same quantity and security type on the same account are not included (pass-on). Fail Countervalue Category Fee Reduced fee charged to ETF (1) From 0,01 to , From ,01 to , Over , (1) A 50% fee reduction is applied to the contractual positions not delivered at the beginning of each day, in the first day of the failed delivery. The total fee is applied in the following days. A fixed fee of 1,000 and a variable fee of 0.1% of the value of the financial instrument purchased through the Buy-In Agent are applied for the financial instruments not delivered within end validity date. The fee is applied to Individual Clearing s and to General Clearing s for positions resulting from the activity of their Non Clearing s Fee on late coverage In case the PM account of the Clearing or of the relevant Settlement Agent does not have sufficient funds to cover the cash due as margins and any other amount due within the deadline set by CC&G, a fixed fee of 500 is applied to the Clearing Historical Reports Historical reports are provided to Clearing s by ICWS or by . Fees are subject to VAT. Clearing Reports Fee for a set of reports related to a single day CAP Within 3 previous months Over 3 months up to 12 previous months Over 12 months Other Services Fee Default Fund account statements (quarterly communication) 2,50 Statement required by Auditors (1) 250 Change of administrative setup for each Section (1) (1) The amount is subject to VAT. 12

13 9. CONCESSIONS CC&G applies a diversified range of incentives for promoting the clearing and guarantee services. Such incentives are noticed to Client at the beginning of the fiscal year. 10. TAX REGIME (VAT) Where specified, the VAT rate is 22%. International s are VAT exempted, pursuant to Art. 7-Ter, D.P.R. 633/

14 March This document is adopted according to ad hoc measures. Cassa di Compensazione e Garanzia. S.p.A is not liable for any possible damages, produced by any imprecisions and/or mistakes, suffered by consumers and/or third parties for the use of data included in this document. London Stock Exchange Group promotes and offers the post-trading services provided by Cassa di Compensazione e Garanzia S.p.A and Monte Titoli S.p.A., in an equitable, transparent and non-discriminatory manner and on the basis of criteria and procedure aimed at assuring interoperability, security and equal treatment among market infrastructures, to all subjects if they so request and they are qualified for that in accordance with national and community legislation, applicable rules and decisions of the competent Authorities Cassa di Compensazione e Garanzia S.p.A. Via Tomacelli, Roma