*Results generated by this calculator are provided for information purposes only and may not reflect actual amounts that would be invoiced by NSCC. Participants remain responsible for
actual invoiced amounts calculated pursuant to NSCC's Rules. For further questions regarding your actual bill, or the NSCC billing process, please contact your Relationship Manager.*

Units | Clearance Fees | |
---|---|---|

Clearance Fee |
||

Tier I (0- |
||

Tier II ( |
||

Tier III ( |
||

Individual Units Total - Billing Units (Sides) | ||

Value Into Net Fee |
||

Value into the Net^{2} |
||

Value Into Net - Fee (@ $ |
||

Value Out of Net Fee |
||

Value into the Net | ||

Netting Percentage | ||

Value out of the Net | ||

Value Out of Net - Fee (@ $ |
||

Total Monthly Clearing Fees | ||

Total Number of Sides | ||

Total Number of Shares^{3} |
||

Clearing Cost/Side | ||

Clearing Cost/100 Shares |

**Note**

The model excludes all settlement costs.

^{1}Net-out Percentage- percent of value into the net that does not get netted and becomes out of the net value.

^{2}Value into the Net is derived by multiplying number of sides by average trade size and average price.

^{3}Total Number of Shares is derived by multiplying the number of sides by the average trade size.

Units | Gross Clearance Fee | Net Clearance Fees | |
---|---|---|---|

Clearance Fee |
|||

Tier I (0- |
|||

Tier II ( |
|||

Tier III ( |
|||

Individual Units Total - Billing Units (Sides) | |||

Value Into Net Fee |
|||

Value into the Net^{2} |
|||

Value Into Net - Fee (@ $ |
|||

Value Out of Net Fee |
|||

Value into the Net | |||

Netting Percentage | |||

Value out of the Net | |||

Value Out of Net - Fee (@ $ |
|||

Total Monthly Clearing Fees | |||

Total Number of Sides | |||

Total Number of Shares^{3} |
|||

Clearing Cost/Side | |||

Clearing Cost/100 Shares |

**Note**

The model excludes all settlement costs.

^{1}Net-out Percentage- percent of value into the net that does not get netted and becomes out of the net value.

^{2}Value into the Net is derived by multiplying number of sides by average trade size and average price.

^{3}Total Number of Shares is derived by multiplying the number of sides by the average trade size.

Units | Gross Clearance Fee | Net Clearance Fees | |
---|---|---|---|

Clearance Fee |
|||

Tier I (0- |
|||

Tier II ( |
|||

Tier III ( |
|||

Individual Units Total - Billing Units (Sides) | |||

Value Into Net Fee |
|||

Value into the Net^{2} |
|||

Value Into Net - Fee (@ $ |
|||

Value Out of Net Fee |
|||

Value into the Net | |||

Netting Percentage | |||

Value out of the Net | |||

Value Out of Net - Fee (@ $ |
|||

Total Monthly Clearing Fees | |||

Total Number of Sides | |||

Total Number of Shares^{3} |
|||

Clearing Cost/Side | |||

Clearing Cost/100 Shares |

**Note**

The model excludes all settlement costs.

^{1}Net-out Percentage- percent of value into the net that does not get netted and becomes out of the net value.

^{2}Value into the Net is derived by multiplying number of sides by average trade size and average price.

^{3}Total Number of Shares is derived by multiplying the number of sides by the average trade size.

May 26