LCH.Clearnet, the European clearing house, has reduced clearing fees on virt-x trades by 15% earlier than expected following record volumes over recent months. The central counterparty has said that from July 1 the 3.5p fee collected by virt-x, the Swiss owned cross border exchange, will be removed.

The tariff was a temporary measure to recover revenue lost by LCH.Clearnet when its clearing arrangements with SIS, the Swiss depository, and virt-x were changed one year ago. Its removal was planned for mid 2007 but strong volumes this year allowed the clearer to make the change earlier.