Financial and Regulatory Customer Notices
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Credit Suisse GAINS Risk Parity Index (CSGARPER)
Credit Suisse Multi-Asset Futures
Crude Oil Excess Return Index (CSMFCLER) (the "Benchmark")
- Consultation on proposed changes to roll schedule in the Benchmark methodology (PDF)
- Amendment notice (PDF)
- Consultation on proposed changes to roll schedule in the Benchmark methodology – May 4th 2020 (PDF)
- Amendment notice – May 7th (PDF)
Credit Suisse Custom 24 Index (CSCUS24) (the "Benchmark")
Notice of proposed transfer of index administration roles from CSSEL to CSI
This Notice relates to Credit Suisse's business of the administration of indices that constitute "benchmarks" for the purposes of the Benchmark Regulation.
Global Index Rules Supplement for CSI and CSSEL Indices
This Global Index Rules Supplement amends and supplements all indices existing on 25 September 2019 that are solely sponsored, created or administered by Credit Suisse International ("CSI") or Credit Suisse Securities (Europe) Limited ("CSSEL") (each such index, an "Impacted Index"). In accordance with the terms of the Global Index Rules Supplement, with effect from 26 September 2019, any Impacted Index that is solely sponsored, created or administered by CSSEL will now be solely sponsored, created or administered by CSI. Users of an Impacted Index shall read this Global Index Rules Supplement alongside the relevant rulebook for such Impacted Index.
Credit Suisse International Benchmark Statements
Credit Suisse International ("CSI") administers a number of indices that it considers to be "benchmarks" within the scope of Regulation (EU) 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds (the "EU BMR").
CSI has grouped the benchmarks that it administers into a number of "families" for the purposes of applying certain provisions of the EU BMR. The following documents constitute the applicable Benchmark Statements under Art 27 of the EU BMR.
- Actively Rebalanced Family of Benchmarks (PDF)
- Commodities Family of Benchmarks (PDF)
- Equities Family of Benchmarks (PDF)
- Fixed Income Family of Benchmarks (PDF)
- FX Family of Benchmarks (PDF)
- Multi Asset Family of Benchmarks (PDF)
- Volatility Target Family of Benchmarks (PDF)
Benchmark ESG factsheets
Pursuant to Commission Delegated Regulation (EU) 2020/1816 of 17 July 2020, the explanation on how ESG factors are reflected for each benchmark listed below.
Copyright ©Refinitiv, 2020. All Rights Reserved. Use, duplication, or sale of this service, or data contained herein is strictly prohibited. The Refinitiv Kinesis Logo and Refinitiv are trademarks of Refinitiv and its affiliated companies in the United States and other countries and used herein under license.
Credit Suisse International (CSI)
Benchmark Administration Changes to and Cessation of a Benchmark
The Benchmark Change, Cessation and Consultation Procedural document describes the actions to be taken by Credit Suisse International in the event of changes to or the cessation of a benchmark, including any consultation process.
Credit Suisse International (CSI)
Conflict of Interest Framework around Benchmark Administration
The following document provides an overview of the framework used to identify, prevent and manage potential conflicts of interest related to our activities as non-significant benchmark administrator.
Summary Conflicts Policy
Conflicts of Interest (10.1 General Terms) – Details in relation to Credit Suisse International, Credit Suisse Securities (Europe) Limited, Credit Suisse AG, London Branch, Credit Suisse AG, Dublin Branch, Credit Suisse Securities, Sociedad de Valores, S.A. and Credit Suisse (Deutschland) Aktiengesellschaft and conflicts of interest policy are available here:
Cost and Charges
MiFID 2 introduces wide ranging changes to the regulatory landscape. As part of these changes we are required to provide you with disclosure of any costs and associated charges relating to any investment services, ancillary services (Service) and/or financial instruments provided to you by Credit Suisse International, Credit Suisse Securities (Europe) Limited, Credit Suisse AG, London Branch, Credit Suisse AG, Dublin Branch, Credit Suisse Securities, Sociedad de Valores, S.A. and Credit Suisse (Deutschland) AG.
Complaints Procedure
In relation to Credit Suisse International, Credit Suisse Securities (Europe) Limited, Credit Suisse AG, London Branch, Credit Suisse AG Dublin Branch and Credit Suisse Securities, Sociedad de Valores, S.A. information regarding the process to be followed when handling a MiFID complaint, the complaints handling policy and contact details of the complaints management function is available here:
In relation to Credit Suisse Securities, Sociedad de Valores, S.A. information regarding the complaints process is available here:
In relation to Credit Suisse (Deutschland) Aktiengesellschaft information regarding the complaints process is available here:
General Clearing Member
GM/ITS Product Governance Approval Process
Information regarding the process followed in relation Credit Suisse International (CSi) manufactured products is available here:
Client Order Execution Policy
Client Order Execution Policy for Credit Suisse International, Credit Suisse Securities (Europe) Limited, Credit Suisse AG, London Branch, Credit Suisse AG, Dublin Branch, Credit Suisse Securities, Sociedad de Valores, S.A. and Credit Suisse (Deutschland) Aktiengesellschaft. Also included, where relevant, is report information relating to the execution venues (Regulated Markets, MTFs, OTFs and SIs) at an asset class level where the above entities place significant reliance when complying with best execution regulatory obligations.
CSSU maintains internal controls known as information barriers between its trading units. The information barriers are designed to prevent one trading unit from having knowledge of customer orders held by a different trading unit. With these barriers in place, one trading unit may hold a customer order while another trading unit, including the market making trading unit, executes an order for a Firm account that would satisfy the customer order.
The following documents provide additional information for our customers:
- FINRA Rule 4340
- FINRA Rule 5270
- FINRA Adopts New Rule 5320 – Prohibition Against Trading Ahead of Customer Orders
- Important Notice to Certain Customers of Credit Suisse Securities (USA) LLC and Credit Suisse Securities (Europe) Limited Regarding Customer Asset Protection Company ("CAPCO")
- Indonesia - Short Selling Notice
- Japan - Short Selling Notice
- Korea - Short Selling Notice
- SEC Adopts Final Rule Enhancing Delivery Requirements on Sales of All Equity Securities to Protect Against Naked Short Selling Abuses
- New Account Opening Procedures (PDF)
- Business Continuity Planning (PDF)
- ERISA Section 408(b)(2) Disclosure for Cash Equities Clients (PDF)
- CSSU Clearing Member Disclosure Statement (Indirect Clearing - MiFIR) (PDF)
- CSSU Direct Client Disclosure Statement (Indirect Clearing - MiFIR) (PDF)
- Disclosure of Futures Commission Merchant Material Conflicts of Interest (PDF)
- Dodd-Frank Act Title VII Business Conduct Disclosures
- SEC Regulation Best Interest (only applicable to clients of CSSU)
CFTC Rule 1.55 Information
The following disclaimer relates to Credit Suisse's prices and Net Asset Values published on Market Data Networks:
Disclosure of SEC Required Order Execution Information
Public review of the monthly statistical reports in compliance with SEC Rule 605 is available on https://bestex.credit-suisse.com/index.html.
Credit Suisse Securities (USA) LLC (Credit Suisse) has contracted with a vendor, IHS Markit, to prepare statistical reports in accordance with Securities and Exchange Commission (SEC) Rules 606.
Public review of the quarterly statistical reports in compliance with SEC Rule 606 prior to Q1 2020 is available on https://vrs.vista-one-solutions.com/.
Public review of the quarterly statistical reports in compliance with SEC Rule 606 for Q1 2020 to present is available on https://mta.ihsmarkit.com/app-v2/public-report-library/public-report-library-view/Credit%20Suisse/198.
Additional information regarding these SEC rules may be obtained from www.sec.gov or www.finra.org.
Data Protection
Information on how Credit Suisse International, Credit Suisse Securities (Europe) Limited, Credit Suisse AG, London Branch, Credit Suisse AG, Dublin Branch, Credit Suisse AG, Milan Branch, Credit Suisse (Deutschland) Aktiengesellschaft and Credit Suisse Securities, Sociedad de Valores, S.A. use information on people is set out here:
Summary Allocation Policy
Summary of Credit Suisse Securities (Europe) Limited and Credit Suisse Securities, Sociedad de Valores, S.A.'s policy for allocation of fixed income securities.
FMSB Risk Management Transactions
CSSEL, CSI and/or CS London branch [CS] may execute transactions in connection with issuance of new bond transactions with an issuer that are intended to manage risks such as interest rate or FX risks that the bond issue may create for the issuer.
Such transactions may be interest rate or cross- currency swaps to hedge the risks associated with the bond or they may be transactions in other derivative instruments executed ahead of the bond being announced that are intended to lock in reference rates ahead of a future bond issue. Risk management transactions may also be undertaken by CS to hedge risks associated with underwriting commitments and also by investors, at the point of any allocations, to hedge risks associated with an investment in a new bond.
Such risk management transactions may be executed at different times before, during and after the pricing of a new bond issue and the size and timing of such transactions may have an impact on the reference rate associated with a bond issue.
CS will have regard to the potential impact its trading may have on the reference rate and has policies and procedures that are concerned with those risks. Any trade has to have a legitimate purpose and cannot be intended to have an impact on the reference rate. Factors to consider in relation to risk management transactions that may be executed include:
- the timing of any transaction,
- the size of any transaction and how any execution may be structured,
- the rationale for any transaction,
- who information about a potential transaction is shared with.
Credit Suisse HOLT Equity Factor Indices
Index Rulebook and Compositions.
Credit Suisse GEM 10% Risk Control (ER) Index
CS Rolling Futures Index Series
ISA Permit for Israel Security Law Art. 49A
Certain Credit Suisse entities offer trading services for Israeli clients outside of Israel stock exchanges and have applied for a permit under section 49A of the Israel Security Law which is being processed by the Israel Securities Authority (ISA). Further details including the entities and statutory disclosures are available here: