ICBC Standard Bank Plc - Swap Dealer Notices under the Dodd Frank Act

ICBC Standard Bank Plc (“ICBC Standard Bank” or “ICBCS”) is provisionally registered as a Swap Dealer under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“DFA” or “Dodd-Frank”).

ICBC Standard Bank’s LEI code is: F01VVKN4DRF2NWKGQ283

This web page provides information about certain disclosures that ICBC Standard Bank is required to make to its US person clients and certain counterparties when entering into “Swap” transactions, as per the requirements of the DFA.

Please note that these disclosure obligations do not apply to Swap transactions between ICBC Standard Bank and other Swap Dealers, Major Swap Participants, Securities Based Swap Dealers or Securities Based Major Swap Participants.

If you are not a US person as per the CFTC rules and engaged in transactions in DFA Swaps with ICBCS, the following may not be applicable to you.

General Disclosures

The materials below are provided to help you understand the factors to consider when entering into Swap transactions and the risks thereof with ICBCS.

In the course of dealing and trading with ICBCS, you shall be deemed to have read, understood and agreed to the disclosures listed herein each time you trade a Swap with ICBCS.

Client Portal

All Swap trading clients of ICBCS have access to a password protected client portal which enables each client to obtain their daily marks.

If you have any queries regarding the Client Portal, please contact clientportal@icbcstandard.com.

Daily Mark Disclosures

ICBCS will publish the required DFA daily mark information on the Client Portal.

Please read ICBC’s mid mark disclosures here.

Scenario Analysis

All clients are able to request Scenario Analysis at any time. If you require Scenario Analysis please contact your Account Executive.

Material Risk Disclosure Documents

Below is a list of disclosure documents developed by the International Swaps and Derivatives Association Inc. (“ISDA”), designed to assist registered Swap Dealers in meeting their Dodd-Frank disclosure obligations.

The materials below are referenced to help you understand the factors to consider when entering into Swap transactions and the risks thereof. You will find the full text of these documents here.

The General Disclosure Statement describes the material characteristics of a variety of transactions, the material risks of such transactions, and the typical material incentives and conflicts of interest that might occur in respect thereof. The General Disclosure statement should be read in conjunction with each of the relevant product-specific disclosure documents listed below (each available on the ISDA website).

  • General Disclosure Statement
  • Disclosure Statement for Commodity Derivative Transactions
  • Disclosure Statement for Foreign Exchange Transactions
  • Disclosure Statement for Interest Rate Transactions
  • Disclosure Statement for Equity Derivative Transactions
  • Disclosure Statement for Credit Derivative Transactions

Please note that in respect of each Swap transaction you enter into with ICBC Standard Bank, and all interactions between you and ICBC Standard Bank in connection with a transaction or proposed transaction, ICBC Standard Bank is entering into such Swap transaction in its capacity as a counterparty and is not undertaking to assess the suitability of the Swap transaction or trading strategy involving any Swap with you.

You must make your own independent determination as to whether it is appropriate or proper to enter into a Swap transaction with ICBC Standard Bank based on your own independent judgement and upon advice from such advisors as you deem necessary. Nothing provided to you on this web page shall amend or supersede the terms of any written or binding oral agreement between the parties, any related documentation or terms of any business provided or published by ICBC Standard Bank.

LEI Information

If you are a US person you will need to obtain a Legal Entity Identifier (“LEI”) to enable ICBC Standard Bank to report Swap transactions to a central Swap data repository on your behalf, as per the reporting hierarchy set out in the CFTC rules. You can obtain an LEI by following the instructions published here.

Complaints

In the event you wish to make a Complaint, please contact your Account Executive.

The terms “Swap”, “US person”, “Swap Dealer”, “Major Swap Participant”, “Securities Based Swap Dealer” and “Securities Based Major Swap Participant” as used herein shall bear the meaning assigned to them by the CFTC.