The European Market Infrastructure Regulation1 ("EMIR") and both the Markets in Financial Instruments Directive II2 and Regulation3 (collectively "MiFID II") set out certain information that we are required to provide to our clients under EMIR and MiFID II where we clear derivatives for them, either directly or indirectly through an EU central counterparty that has been reauthorised under EMIR ("CCP"). References to "we" or "us" on this webpage are to the following entities:
Under EMIR and MiFID II, where we are providing services to you that involve us clearing derivatives through a CCP, acting in the capacity of a clearing member, we must:
Under EMIR and MiFID II, where we are providing services to you that involve us clearing derivatives indirectly as a client of a clearing member through a CCP, we must:
In relation to these matters, please see:
CSSU as a registered Futures Commission Merchant ("FCM") must comply with the provisions of the U.S. Commodity Exchange Act ("CEA") and the U.S. Commodity Futures Trading Commission's ("CFTC") rules governing the protection of customer assets and positions. Under the CFTC's regulatory regime, FCM clearing members may provide only omnibus client segregation.
The CSSU Clearing Member Disclosure contains further information regarding the level of protection under the CFTC regulatory regime.
To enable us to comply with our obligations under EMIR and MiFID II, this webpage provides the following details to you where we are providing services that involve us clearing through a CCP:
(together, "Fees")
Unless otherwise provided, terms used on this webpage have the meanings given to them in the Credit Suisse Clearing Member Disclosures, as amended from time to time.
Cost-plus model: We use a "cost plus" model for pricing our Exchange Traded Derivatives ("ETD") and Over-The-Counter ("OTC") Derivatives Clearing Services for clients. This means that we charge to clients the CCP Costs (as defined in the tables below) that are charged to us, and then show any additional Fees that we charge to clients as separate items over and above the CCP Costs.
The table below sets out the Fees we charge to clients in relation to clearing ETDs through CCPs.
Type of Fees | Fees | |
---|---|---|
CCP Costs
|
You should obtain this information from the CCP | |
Credit Suisse Transaction Clearing Fee
|
Maximum of €10a per lot. | |
Credit Suisse Individual Segregated Account Maintenance Fee
|
Maximum of €20,000a per Individual Segregated Account per month |
|
Credit Suisse Indirect Clearing Gross Omnibus Segregated Account Maintenance Fee
|
Maximum of €20,000a per Indirect Clearing Gross Omnibus Segregated Account per month per end client within the account |
The table below sets out the Fees we charge to clients in relation to clearing OTC Derivatives through CCPs.
Type of Fees | Fees | |
---|---|---|
CCP Costs
|
You should obtain this information from the CCP | |
Credit Suisse Transaction Clearing Fee
|
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
|
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:
(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:
Factor | Impact on Fees –Increase | Impact on Fees –Decrease |
---|---|---|
Maturity of Markets | Bespoke | STP |
Execution Method | Voice Execution | Electronic |
Trading Volumes | Low | High |
Account Structure | Individual | Omnibus |
Number of Accounts | High | Low |
Collateral Process | Non Cash | Cash |
Excess Management | Frequent | Infrequent |
Contract Settlement | Physical Delivery | Cash Settlement |
Client Reporting | Bespoke | Standard |
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.
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.
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.