New Fee Schedule applicable with the introduction of TARGET2-Securities

23.12.2016

In line with market developments and effective

1 March 2017

Clearstream Banking1 has revised the fee schedules applicable to its ICSD and CSD services, aligned with the introduction of TARGET2-Securities (T2S) and the migration of Clearstream Banking Frankfurt scheduled for 6 February 2017 with wave 4.

Customers should also note that the new fee schedule has now been consolidated into one document and now covers services provided by both Clearstream Banking Luxembourg (ICSD) and Clearstream Banking Frankfurt (CSD).

Impact on customers

The following fees categories are affected:

  • Account services;
  • Settlement services;
  • Custody services; and
  • Connectivity and information provision services.

In relation to the above, additional announcements will follow shortly to provide further guidance on the new pricing and the new invoice layout that customers will receive with the March 2017 invoicing.

Key guiding principles

Volume aggregation

Economies of scale benefits are maximised by:

  • Combining CBL and CBF volumes (Settlement, Custody, Connectivity and information provision services) across all customer accounts under the same parent legal entity;
  • Combining product volumes across each market for settlement and custody; and
  • Extending the assets under custody family group levels from 11 to 18.

Settlement

Clearstream will provide T2S settlement at the lowest possible price by passing on the settlement fees of the European Central Bank (ECB) without any commercial margin. In doing so, Clearstream encourages settlement volumes to grow and will keep both domestic and cross-border settlement costs as low as possible in line with the T2S Economic Impact Assessment published by the ECB.

Moreover, the T2S contribution on CBF Settlement (paid until Jan 2017) is paid back until June 2021 with a return on investment.

Further information

Customers may refer to the Clearstream Banking Fee Schedule - 2017 for more details.

For further information, customers may contact Clearstream Banking Client Services or their Relationship Officer.

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1. Clearstream Banking refers collectively to Clearstream Banking S.A., registered office at 42, avenue John F. Kennedy, L-1855 Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B-9248, and Clearstream Banking AG, registered office at 61, Mergenthalerallee, 65760 Eschborn, Germany and registered in Register B of the Amtsgericht Frankfurt am Main, Germany under number HRB 7500.