CHAPS Clearing Company

Joining Fee

There is currently no joining fee, however this is subject to annual review by the CHAPS Board.
However, any external legal fees and onboarding costs as identified and incurred by the Company, will be recovered from the new Participant.

Shareholder Charge

Ongoing: £446,148.51 (shareholder charge for 2017) and is £18,589.52 per Participant.
This figure represents a fixed based cost, split equally amongst Participants of the CHAPS payment system, and represents the base cost of running a ‘bare bones’ Company which requires minimal active management.

Participation Charge

Ongoing: based upon each Participants’ prior year volumes
Participants will individually pay a contribution fee based upon the volume of payments transmitted in the twelve month period between October of the previous year to September of the following year. These are adjusted pro rata for new joiners and leavers during and after this period. 
This equates to 13.9p per Transaction Charge based upon the volumes from 2016. 
Bank of England
Account Management Fee
(per annum)
Ongoing: £15,000
The Bank of England tariff for 2017/18.
Any legal fees incurred in opening a reserves account will be recovered from the new Participant. 
There is also an annual charge per settlement bank for each of the net payment schemes that the Bank settles for.
Debit Item Charge Ongoing: £0.195
The Bank of England tariff for 2017/18.
FIN Charge

FIN Y- Copy Charge

Ongoing: Subject to Participants’ own SWIFT tariff fees.
Enquiry Link Workstation
SWIFTNet WebstationTwo active Web Stations Profile One off: Required if the new Participant does not have existing SWIFT infrastructure. The actual costs are subject to negotiation between the new Participant and SWIFT. 
Subject to minimum configuration for both CHAPS and Enquiry Link requirements and Participants' own pricing with suppliers.
Charge for changing status on Industry Sorting Code Directory (ISCD) One off: Covers the cost of Vocalink making the change, this is dependent on the complexity of the bank reference data associated with the on-boarding Institution.