As a clearing member which provides services that involve us clearing derivatives through an EU central counterparty ("EU CCPs") we are required to, under the European Markets Infrastructure Regulation ("EMIR") and the recast Markets in Financial Instruments Directive ("MiFID II"), publically disclose the levels of protection and costs associated with the different types of accounts available at EU CCPS and describe the risks associated with the different levels of segregation. In coordination with the FIA and ISDA, we have therefore prepared a disclosure document for the purposes of Article 39(7) of EMIR, and MiFID II, to give clients an overview of the different account models and levels of protection associated with them. This disclosure document is available through the following link:
As a clearing member who is subject to MiFID II, we are required to publicly disclose (i) the conditions under which we offer our clearing services to clients (ii) the conditions under which we offer our indirect clearing services, pursuant to and (iii) the prices and fees associated with the clearing services we provide. We have therefore prepared disclosure for the purposes of (i) Article 27(1) of Commission Delegated Regulation (EU) 2017/589 (ii) Commission Delegated Regulation (EU) 2017/2155 of 22.09.2017 supplementing Regulation (EU) No 600/2014 of the European Parliament and of the Council with regard to regulatory technical standards on indirect clearing arrangements and (iii) EMIR Article 38(1), to give clients an overview of the key terms on which we will offer clearing services to direct clients This disclosure document is available through the following link:
Please note that we may have to update the disclosure documents and pricing guidelines as and when CCPs update their arrangements and rules and such updates will be published on this website.
Pursuant to the EU EMIR requirement to provide certain OTC clearing services on a fair, reasonable, non-discriminatory and transparent basis, please find below a description of a typical clearing onboarding process and also a Citi standard form to request a proposal:
As part of the EU CCP Recovery and Resolution Regulation ("CCPR"), please find below a notification (and corresponding CCP disclosure) to inform you (i) about how measures in a CCP’s recovery plan may affect you (Article 9(23) CCPR), and (ii) of the potential losses or other costs that you may bear as a result of the application of the default management procedures and loss and position allocation arrangements under the CCP’s operating rules (Article 38(8) of the European Market Infrastructure Regulation (EMIR), which is introduced by Article 87(7) CCPR).
Pursuant to Article 15 of the EU Securities Financing Transaction Regulation ("SFTR"), please find below a link to our information statement disclosing the risks and consequences of delivering non-cash in relation to a collateral arrangement with Citi. This statement does not amend or superseded the express terms of any transaction, collateral arrangement or otherwise affect your or our liabilities or obligations:
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