New Fee Schedule applicable with the introduction of TARGET2-Securities
In line with market developments and effective
1 March 2017
LuxCSD has revised the fee schedule aligned with the introduction of TARGET2-Securities (T2S) and the wave 4 migration scheduled for 6 February 2017.
Impact on customers
The following fees categories are affected:
- Account services;
- Settlement services;
- Custody services; and
- Connectivity and information provision services.
Customers should note that, for technical reasons, the February 2017 invoices for accounts migrating to the new T2S platform (48xxx account) will be produced and sent together with the March invoices in early April. In relation to the above, additional announcements will follow shortly to provide further guidance on the new invoicing process.
Key guiding principles
CSD settlement at the lowest possible price
LuxCSD 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, LuxCSD 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.
Volume aggregation for investor CSD services
Economies of scale benefits are maximised by:
- Combining volumes (Settlement, Custody, Connectivity and information provision services) across all customer accounts under the same parent legal entity across LuxCSD, Clearstream Banking Luxembourg S.A. and Clearstream Banking Frankfurt AG;
- Combining product volumes across each market for settlement and custody; and
- Extending the assets under custody family group levels from 11 to 18.
Further information
Customers may refer to the LuxCSD Fee Schedule - 2017 for more details.
For further information, customers may contact their Relationship Officer.