Cleared OTC IRS Client Fee Schedules

The following applies to the election of a fee schedule set forth below:

Affiliates of an existing clearing member may register under either the Standard Customer Fee Schedule or the Standard IRS Clearing Member Fee Schedule.

Investment advisors should choose a single fee schedule for underlying registered accounts.

Newly registered client accounts will default to the Standard Customer Fee Schedule unless CME Group is notified either by the FCM or client directly.

Clearing fee:

Charged on all cleared trades (including new, terminations and backloads)
There are no transaction fees for transfers
Clearing fees are billed in the same currency as the swap notional, subject to the below schedule:

Product Maturity	Rate Per Million Notional In Currency of Product
0 – 3 months	0.25
3+ – 6 months	0.50
6+ – 12 months	1.00
1+ – 3 years	2.50
3+ – 6 years	4.50
6+ – 9 years	6.00
9+ – 12 years	8.00
12+ – 16 years	10.00
16+ – 21 years	12.50
21+ – 26 years	15.00
26+ – 31 years	17.50
31+ – 51 years	24.00

CME Group’s exchange fee system (EFS) uses the below methodology to determine the corresponding maturity (tenor) bucket for each trade when calculating the appropriate clearing fee:

The product maturity for a cleared swap is calculated as the number of COMPLETE calendar months between the start and end date of the trade
1. Start date – the later of the below dates is used for calculating the tenor bucket:
  1. Effective date of the trade
  2. Cleared date of the trade
2. End date – end date/maturity date of the trade
The notional size of trade is then multiplied by the applicable rate per million* (designated by tenor bucket found via the previous steps), and divided by 1,000,000
Any applicable volume discount is then calculated by multiplying any quarterly discounts a client has earned by the amount in the previous step

*In instances where the tenor of a trade is equal to a maturity bucket threshold, the lower bucket is used for calculating the fees (For example, a 36-month trade would fall into the ‘1+ to 3Y’ maturity bucket, as opposed to the ‘3+ to 6Y’ maturity bucket).

Clearing Fee Calculation Example:

Trade Clear Date: 6/10/2025

Trade Effective Date: 6/9/2026

Trade End Date: 6/8/2027

Month Calculation for Product Maturity Bucket: 6/8/2027 – 6/9/2026 = 11 complete months

Notional: $100,000,000

Applicable Product Maturity Bucket: 6+ - 12 months (Rate per million of 1.00)

Clearing Fee = $100,000,000 * 1.00 = 100,000,000 / 1,000,000 = $100

Maintenance fee

2.00 per million notional, charged in the same currency as the swap notional
Maintenance fees are charged annually, on the anniversary date of each line item:
- If that anniversary date is not a valid business day, then the fee will be charged on the next good business day
- If the swap is maturing within six months of the anniversary, maintenance fee will not be applied
- Maintenance fees will not be charged for trades which are terminated before the anniversary date

Coupon blending fee

Fees are applied based what is submitted into blending, no charge on the remnant trades created from blending activity
1.00 per million notional, charged in the same currency as the swap notional

Multilateral compression fee:

Participants using multilateral compression services will be charged 1.00 per million notional (in the currency of the product) based on the trades that are submitted for compression.

Non-Deliverable Swaps fixed exchange rate for fees (updated quarterly)

For Non-Deliverable Swap products (BRL, INR, KRW, CLP, COP, CNY), all four fee types will be assessed in USD using a fixed exchange rate based on the normal schedule per the below table. For example, in BRL, a fee of 10.60 per million notional would instead be $2.00 USD per million BRL given the current exchange rate of 5.30.

CCY	LOCAL (THROUGH Q3 2025)	LOCAL (AS OF Q4 2025)	USD
BRL	5.50	5.30	$1.00
KRW	1,365	1,385	$1.00
INR	86	88	$1.00
CLP	940	955	$1.00
COP	4,130	3,895	$1.00
CNY	7.20	7.10	$1.00

To ensure that rates are reflective of current market conditions without putting undo burden on operational processes, CME Group will calculate and round the above fixed local exchange rates on a quarterly basis:

15 days prior to each new calendar quarter, CME Group will update the above table
Fixed exchange rates will remain in place for the subsequent calendar quarter
Clearing members will be notified of updated exchange rates when quarterly customer volume discounts are calculated

The above exchange rates are applied by:

Dividing the appropriate rate per million (based on the swap's maturity bucket) by the effective exchange rate to reach a 'USD adjusted' rate per million
Rounding that USD adjusted rate to 4 decimal places for each NDIRS currency, with the one exception being BRL, which is rounded to 2 decimal places
Multiplying the trade notional in the local currency by the USD adjusted rate

Volume discounts

Each calendar quarter, customers on the Standard schedule may qualify to receive a fixed discount applicable to base fees for the subsequent calendar quarter on the basis of the USD equivalent base fees incurred during the current quarter. The discount applicable to the following calendar quarter will be calculated on a weighted average basis using the USD equivalent base fees for the current calendar quarter and the discount percentages set forth in the table below.

Look back period is based on calendar quarters, ending 15 days prior to the beginning of the next quarter
New Discount percentage becomes effective on the first business day of each calendar quarter

Single Beneficial Account Owner Schedule Quarterly USD or USD equivalent base fees incurred	Multiple Accounts Owner Schedule Quarterly USD or USD equivalent base fees incurred	Discount Earned
$0 – $75,000	$0 – $225,000	0%
$75,000 – $150,000	$225,000 – $450,000	15%
$150,000 – $300,000	$450,000 – $900,000	30%
$300,000+	$900,000+	60%

Single Beneficial Account Owner Schedule applies to customers with one or many accounts all with the same beneficial account owner
Multiple Accounts schedule applies to an Investment Manager who manages many accounts with different beneficial account owners

Customer incurs $100,000 in fees during Q1
There is no discount on the first $75,000, and a 15% discount on the $25,000 in fees that falls between $75,000 and $100,000
This amounts to a discount of $3,750 on $100,000 in fees: flat discount for Q2 is 4%

Customers may elect to be subject to an Alternate Fee Schedule:

A $25.00 per ticket fee
Monthly charge of fifteen (15) basis points annualized on the client’s initial margin requirement (360 day count)
No volume discount offered on the alternate fee schedule
A charge of $50.00 per ticket for line items submitted to coupon blending
A $50.00 per line item fee for multilateral compression services

Election of the Alternative Fee Schedule requires notice to CME Group which must be given (i) during the firm’s onboarding or new account registration process, or (ii) at least fifteen (15) days prior to a calendar month that the firm elects to receive the alternative fee schedule. Provide notice to OTCFees@cmegroup.com

Note that affiliates of an existing clearing member are not eligible for the Alternate Customer Fee Schedule.

Index conversion fees

With respect to fees for the conversion of legacy cleared swaps to risk-free benchmarks, CME Group intends to charge a fee of $50 per line item for conversion. This fee will be charged on the resulting RFR trades with the exception of single unit trades booked for the specific purposes of preserving additional payments, which will not be charged. The same $50 fee applies to the Customer Fee Schedule and the Alternate Fee Schedule.

Note: For bilateral swaption exercises that result in a cleared swap indexed to a legacy benchmark, CME Group will conduct a daily conversion of these trades to the respective RFR rate. A charge of $50 per converted trade will be applied to the position in addition to the new trade clearing fees.

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