Interest Rate SwapClearing Fee

1.Base Fee

For Clearing Participants Other than JPY Designated Clearing Participants

JPY 5.2 mil per month

JPY Designated Clearing Participants

JPY 5 mil per month

2.Clearing Fee related to JPY IRS Transactions

Shareholder Clearing Participants (Class C Shareholders)

a.New Clearing Fee

(a) Up to 2,000th Cleared Contract in FY
JPY5,000 per Cleared Contract
(b) From 2,001st up to 10,000th Cleared Contract in FY
JPY 1,000 Cleared Contract
(c) Beyond 10,0001st Cleared Contract in FY
JPY 400 per Cleared Contract

b.Outstanding Cleared Trade Fee

(a) Up to 8,000th Cleared Contract
JPY 450 per Cleared Contract
(b) From 8,001st up to 40,000th Cleared Contract
JPY 100 per Cleared Contract
(c) Beyond 40,001st Cleared Contract
JPY 35 per Cleared Contract

Note) The fee structure applicable to Class C Shareholders shall also apply to the Clearing Participant(s) in the same corporate group as the Class C Shareholder (i.e., the class shareholder related to IRS Clearing Business).

Note) Following cap shall apply to Base Fee and Clearing Fee related to JPY Cleared Contracts applicable to the shareholder Clearing Participants (Class C Shareholders):

a.Cap for Proprietary Trading

Sum of Base Fee and Clearing Fee for JPY Cleared Contracts will not be more than JPY124 mil

b.Cap for Affiliate Trading

Sum of Clearing Fee for JPY Cleared Contracts per Customer Account will not be more than JPY40 mil

 

Non-Shareholder (Class C Shareholder) Clearing Participant

a.New Clearing Fee

JPY8,000 per Cleared Contract

b.Outstanding Cleared Trade Fee

JPY700 per Cleared Contract

3.Fees for Trades Denominated in Currencies other than Japanese Yen

(1)Clearing Fee

Shareholder Clearing Participant (Class C Shareholder)

a.New Clearing Fee

(a) Up to 500th Cleared Contract in FY
JPY10,300 per Cleared Contract
(b) From 501st up to 2,500th Cleared Contract in FY
JPY2,000 per Cleared Contract
(c) Beyond 2,501st Cleared Contract in FY
JPY800 per Cleared Contract

b.Outstanding Cleared Trade Fee

(a) Up to 2,000th Cleared Contract
JPY800 per Cleared Contract
(b) From 2,001st up to10,000th Cleared Contract
JPY 180 per Cleared Contract
(c) Beyond 10,001st Cleared Contract
JPY65 per Cleared Contract

 

Non-Shareholder (Class C Shareholder) Clearing Participant

a.New Clearing Fee

JPY16,500 per Cleared Contract

b.Outstanding Cleared Trade Fee

JPY1,250 per Cleared Contract

(2)Foreign Currency Settlement Fee

Number of Currencies of Outstanding Foreign Currency IRS

Foreign Currency Settlement Fee

1 Currency

JPY54,000 per month

2 Currencies

JPY108,000 per month

3 Currencies

JPY162,000 per month

When a Clearing Participant has filed a notification of a Designated Account, the Foreign Currency Settlement Fee for the currency subject to such notification shall be the amount obtained by multiplying the number of the Designated Account(s) by JPY 54,000 per month.

Note) The sum total of the Clearing Fee related to Foreign Currency Proprietary Cleared Contracts and the Foreign Currency Settlement Fee for the Foreign Currency Designated Clearing Participants shall be reduced by the amount described below:

a.Foreign Currency Designated Clearing Participant obtained designation for quotes in 1 currency

JPY60,000

b.Foreign Currency Designated Clearing Participant obtained designation for quotes in 2 currencies

JPY120,000

c.Foreign Currency Designated Clearing Participant obtained designation for quotes in all currencies

JPY200,000

4.Compression Fee

a.Per Trade Compression
Vendor-Initiated Compression

JPY1,200 per trade

b.Blended Rates Compression

JPY2,400 per trade

c.Member-Initiated Compression

JPY2,400 per trade
However, minimum charge of JPY5mil shall apply.

Note) As to Shareholder Clearing Participant (Class C Shareholders), following cap shall apply to the aggregate amount of the Compression Fee for a fiscal year:

a.Compression Fee Cap (Proprietary)

JPY80mil

b.Compression Fee Cap (Affiliate)

JPY80mil per Customer Account

5.Client Clearing Fee

(1)Fee for New Clearing

a.JPY IRS Transactions

On total Notional of newly cleared trades:
720 per JPY100mil Notional

b.IRS Transactions Denominated in Currencies other than Japanese Yen

On total Notional of newly cleared trades:
JPY equivalent of 7.2 per 1mil currency unit

(2)Fee for Outstanding Cleared Contracts

a.IRS Transactions denominated in JPY

On total Notional remain outstanding as of the end of each month:
25 per JPY100mil Notional

b.IRS Transactions denominated in currencies other than Japanese yen

On total Notional remain outstanding as of the end of each month:
JPY equivalent of 0.25 per 1mil currency unit

6.Account Opening Fee

JPY100,000 per new Customer Account opened for Client Clearing

7.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 (3) below per each Clearing Participant:

  1. JGB Management Cost
    (Average Face Value of JGB posted by a Clearing Participant as Clearing Fund (IRS Clearing Fund or CDS Clearing Fund) and Initial Margin (hereinafter collectively referred to as “Collateral”) during Calculation Period) X (Actual Number of Days in Calculation Period) / 365 X 0.16 / 10,000
  2. US Treasuries Management Cost
    • (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 0.16 / 10,000
    • (Sum of the market 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 Calculation Period) / 365 X 0.85 / 10,000
    • 15 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. Other costs incurred by JSCC in fulfilling a Clearing Participant’s requests regarding the management of Collateral

8.LIBOR License Fee

For newly cleared IRS Transactions referencing JPY-LIBOR-BBA or USD-LIBOR-BBA as Floating Rate Option, the sum total of the amount obtained by using below formula:
(Total Notional by Currency) × (Fee Rate in below Chart) /1,000,000

Term to Maturity as of Date of Application for Clearing

Fee Rate

Up to 2 years

0.02

More than 2 years up to 5 years

0.04

More than 5 years up to 10 years

0.06

More than 10 years up to 30 years

0.10

More than 30 years

0.16