Federal Register #SR-LCH SA-2026-005

SEC Proposed Rule Change: LCH SA Triparty Collateral Mechanism Fee Grid Update

This opportunity concerns a proposed rule change by the Securities and Exchange Commission (SEC) regarding LCH SA's triparty collateral mechanism fee grid. - Government Buyer: - Securities and Exchange Commission (SEC) - OEMs and Vendors: - LCH SA (Banque Centrale de Compensation) - Euroclear Bank - Euroclear France - Products/Services Requested: - Clearing services for triparty collateral mechanism - Fee grid amendments for eligible securities used as initial margin - CADES bonds - GBP-denominated UK government bonds (UKTB, UKT) - USD-denominated U.S. T-bills, U.S. Treasury bonds, Treasury Notes, Treasury inflation protected securities, Treasury floating-rate notes - Digital assets (referenced in the fee grid) - Notable Requirements: - New fees: 14.5 basis points for CADES bonds; 12.5 basis points for UK and US government securities - Enhancement of triparty collateral solution in collaboration with Euroclear Bank and Euroclear France - No amendments to the Rule Book or Procedures required for these changes - No specific product purchases or quantities; the notice pertains to service and fee structure changes

Description

The Securities and Exchange Commission has filed a proposed rule change by LCH SA, a self-regulatory organization, to provide clearing services for a fee grid related to the triparty collateral mechanism. The proposed rule change includes making certain securities eligible for transfer as initial margin through the triparty collateral mechanism and amending the fee grid to incorporate fees for transferring those securities. The fee changes include specific rates for CADES bonds and UK and US government securities. The filing is effective immediately upon submission and aims to enhance the triparty collateral solution and align fees with current bilateral eligibility.

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