(1) Introduction of a cash ratio related add-on to the service fee for margin assets in the form of securities
In general, ECC applies a flat service fee for margin assets in the form of securities, that applies to the relevant balances of securities collateral.
With effect from 1 January 2023, ECC may, on a non-discriminatory basis, charge all affected Institution Clearing Members an add-on to the service fee for margin assets in the form of securities or book-entry securities (Wertrechte).
ECC may charge this add-on if the cash ratio of an Institution Clearing Member is below a pre-defined threshold value.
ECC will inform all Institution Clearing Members, with sufficient lead time, when the add-on will be effectively charged from.
ECC will publish information on the threshold value of the cash ratio on its website. The threshold value may be amended from time to time. Any amendments will be published accordingly.
The cash ratio is defined as the ratio of all margin assets in the form of cash booked to the internal collateral accounts of an Institution Clearing Member, or delivered as contribution to the Clearing Fund by or on behalf of such
Institution Clearing Member, to the sum of the overall margin requirement and the overall contribution requirement to the Clearing Fund of such Institution Clearing Member.
The initial level for the threshold value will be set at 50%.
If the cash ratio of an Institution Clearing Member is below the predefined threshold, the respective Institution Clearing Member will be charged an addon amount of 0.075% p.a. on the prevailing service fee for margin assets in the form of securities.
The cash ratio will be calculated daily for each Institution Clearing Member.
The add-on will subsequently be applied daily also and invoiced on a monthly basis.
The add-on will be charged for margin requirements and contributions to the Clearing Fund.
Further details can be found in the ECC Price List.
(2) Change to the service fee for margin assets in the form of bank guarantees
Furthermore, ECC will change the service fee for margin assets in the form of bank guarantees with effect from 1 January 2023 from 0.05% p.a. to
0.15% p.a.
Further details can be found in the ECC Price List.
Contact:
European Commodity Clearing AG
Clearing & Settlement
Phone: +49 341 24680-444
E-mail: clearing@ecc.de