Euroclear UK & Ireland plans to implement record-breaking fee reductions of GBP 11.8 million (EUR 16.5 million) in 2008.
Clients are expected to benefit from overall savings of around 10%, on average.
Planned for April 2008, the tariff reductions would deliver:
- a 50% reduction in clearing-related service fees; and
- a 10% reduction in settlement fees for both retail and wholesale clients.
Euroclear UK & Ireland also plans to separate transaction-reporting fees as clients comply with their MiFID reporting requirements and to reduce message-input fees by 20%. Tim May, Chief Executive Officer of Euroclear UK & Ireland, commented: "As economies of scale have grown in line with the increased settlement activity we experienced in 2007, we are delighted to share more post-trade savings directly with our clients. This latest round of tariff reductions adds to the GBP 32.5 million (EUR 46 million) in tariff reductions and rebates that we have shared with clients over the past three years. By this time next year, Euroclear UK & Ireland expects to have delivered overall savings to clients of more than 25% over the past three years."