OTC Derivatives Pricing
The table below sets out the Fees we charge to clients in relation to clearing OTC Derivatives through CCPs.
a – Or the equivalent in any other applicable currency, as determined by us at the applicable time
|Type of Fees
- These are the prices, fees and costs that we have to pay to the CCP in connection with clearing OTC transactions on behalf of the client on that CCP.
||You should obtain this information from the CCP
Credit Suisse Transaction Clearing Fee
- This is the fee that we will charge to the client to clear OTC transactions on their behalf. It will not exceed the maximum amount set out opposite.
- The level of Credit Suisse Transaction Clearing Fee will depend on the Fee Determination Factors as described below.
||Maximum of the below when applicable:
a) maximum of €3,000a ticket fee and/or
b) maximum of €100 per million on notional and/or
c) maximum of 100 basis points charge on Initial Margin posted
Credit Suisse Individual Segregated Account Maintenance Fee
- This is the additional fee that we will charge the client to hold its assets and positions in an individual segregated account. It will not exceed the maximum amount set out opposite.
- We apply the Fee Determination Factors to the Credit Suisse Individual Segregated Account Maintenance Fee in the same way as we do to the Credit Suisse Transaction Clearing Fee
Maximum of €30,000a per Individual Segregated Account per month
Changes in our fees: We may at any time change the Fees (other than the CCP Costs) (the Credit Suisse Clearing Fees) we describe in this document. We will disclose any such changes in accordance with our obligations under EMIR and MiFID II.
Changes in CCP Costs: In addition, CCPs may from time to time change the CCP Costs. The disclosure of any such changes is the responsibility of the CCP.
Costs not covered in this disclosure: Our prices, fees and costs for other services that we may provide to clients in relation to ETDs and OTC Derivatives (for example, execution, collateral transformation or funding) are outside the scope of this disclosure.
Factors that may affect our Fees: The level of Credit Suisse Clearing Fees we charge to a client will depend on:
- The client's overall relationship with Credit Suisse
- The volume of transactions that we clear for the client
- The complexity of our operational arrangements with the client and the extent to which they are automated and
- Any third party fees incurred by us in connection with clearing ETDs or OTC Derivatives transactions on behalf of the client (other than CCP Costs)
(together, the "Fee Determination Factors").
Notwithstanding this, the Credit Suisse Clearing Fees we charge to a client will not exceed the maximum such fees published by us in this disclosure from time to time.
Impact of transaction volume and operational complexity on our Fees: The diagram below is a non-exhaustive illustration of the factors we take into account when determining the impact of Fee Determination Factor (2) and (3) (relating to volume of transactions and complexity of operational arrangements) on the Credit Suisse Clearing Fees for a client.
In relation to the client’s portfolio, the presence of the factors in the right-hand column will potentially result in Fee Determination Factor having a greater reductive effect on the Credit Suisse Clearing Fees, while presence of the factors in the left-hand column will potentially result in Fee Determination Factor having a less or no reductive effect:
Fee Determination Factors
||Impact on Fees –Increase
||Impact on Fees –Decrease
|Maturity of Markets
|Number of Accounts
Reassessment of Fee Determination Factors
We may from time to time reassess the Fee Determination Factors in relation to a client. This may result in a change in the fees that we charge. We may apply the Fee Determination Factors differently to the different Credit Suisse Clearing Fees listed above.
Rebates and Discounts
Where a client clears through an individual segregated account with us (but not otherwise), we will pass through any rebate or discount that we receive from a CCP and which is referable to the corresponding individual client segregated account we hold with the CCP.
Additional CCP Information
As a clearing member of LME Clear Limited ("LME Clear") we are required to direct our clients to the LME Clear Rulebook and in particular the Mandatory CCP Provisions of LME Clear which are available on its website at: https://www.lme.com/en/Clearing/Rules-and-regulations/Client-Information and to the extent that we clear LME transactions for you, then then you will be subject to those Mandatory CCP Provisions.
1 Regulation (EU) No 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives, central counterparties and trade repositories
2 Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (recast)
3 Regulation (EU) No 600/2014 of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Regulation (EU) no 648/2012
4 Credit Suisse International is an unlimited company incorporated in England and authorised as a bank by the United Kingdom Prudential Regulation Authority and regulated by the Financial Conduct Authority.
5 Credit Suisse Securities (Europe) Limited is a private limited company incorporated in England and authorised by the United Kingdom Prudential Regulation Authority and regulated by the Financial Conduct Authority.
6 Credit Suisse Securities (USA) LLC is a limited liability company organized under the laws of the State of Delaware and is registered with the U.S. Commodity Futures Trading Commission ("CFTC") as a futures commission merchant ("FCM").
7 Credit Suisse AG, Sydney Branch is an Australian branch of Credit Suisse AG, it is regulated by the Australian Prudential Regulatory Authority (APRA) and the Australian Securities & Investment Commission (ASIC) and holds an Australian Financial Services Licence No. 226896. It is also, an ASX 24 Market Participant and ASX Clear (Futures) Pty Ltd Clearing Participant. . Credit Suisse AG is a public limited company incorporated in Switzerland and authorised as a Bank/Swiss securities dealer under the supervision of the Swiss Financial Market Supervisory Authority FINMA. Credit Suisse Group entities, other than Credit Suisse AG, Sydney Branch, are not authorised deposit-taking institutions for the purposes of the Banking Act 1959 (Cth.), and their obligations do not represent deposits or other liabilities of Credit Suisse AG, Sydney Branch. Credit Suisse AG, Sydney Branch does not guarantee or otherwise provide assurance in respect of the obligations of Credit Suisse.
8 Credit Suisse Bank (Europe), S.A. is a company incorporated in Spain, registered with the Commercial Registry of Madrid with tax identification number A-79192258, under volume 4194, section 8, sheet M-69786, page 198, whose registered office is at calle Ayala 42, 3 Planta-B, Madrid, 28001, Spain, and which is a credit institution, authorised by the European Central Bank, supervised and regulated by the Bank of Spain for the provision of banking services with reference number 0243, and regulated by the Comisión Nacional del Mercado de Valores ("CNMV"), for the provision of investment services and activities.
9 Commission Delegated Regulation (EU) 2017/2154 of 22 September 2017 supplementing Regulation (EU) 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements; and Commission Delegated Regulation (EU) 2017/2155 of 22 September 2017 amending Delegated Regulation (EU) No 149/2013 with regard to regulatory technical standards on indirect clearing arrangements.