EMIR and MiFID II Disclosures

Following completion of the merger of UBS AG and Credit Suisse AG, Credit Suisse AG’s business was transferred to UBS AG, and Credit Suisse AG ceased to exist. At this time however, the two entities did not operationally merge and, as a result, we continue to have two sets of operational infrastructure and processes during this transitionary period.

Consequently UBS AG is now the sole parent entity and all direct subsidiaries of Credit Suisse AG have become direct subsidiaries of UBS AG, and all branches of Credit Suisse AG have been absorbed into existing or established as new branches of UBS AG (as the case may be). As such, Credit Suisse AG’s branches have been renamed as UBS Branches, with the exceptions of Credit Suisse AG, Taipei Securities Branch and Credit Suisse AG Shanghai Branch.

Click hereAll about the Parent Bank Merger for the latest updates on how we continue to serve clients.

Overview

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:

Credit Suisse International⁴ ("CSI") in relation to clearing services provided by CSI,
Credit Suisse Securities (Europe) Limited⁵ ("CSSEL") in relation to clearing services provided by CSSEL,
Credit Suisse Securities (USA) LLC⁶ ("CSSU") in relation to clearing services provided by CSSU,
Credit Suisse AG (Sydney Branch)⁷("CSAGSB") in relation to clearing services provided by CSAGSB, and
Credit Suisse Bank (Europe), S.A.⁸("CSEB") in relation to clearing services provided by CSEB.

CCP Client Account Structures

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:

offer you a choice of an individual client account or an omnibus client account;
publicly disclose the levels of protections and costs associated with different levels of segregation; and
describe the main legal implications of different levels of segregation
Additionally, where we provide indirect clearing services (as set out in the Indirect Clearing RTS⁹), in our capacity as Clearing Member we must:
- offer you a choice of a basic omnibus indirect client account and a gross omnibus indirect client account; and
- publicly disclose the levels of protection and costs associated with different levels of segregation; and
- describe the main legal implications of different levels of segregation; and
- publicly disclose the general terms and conditions under which we provide such services

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:

offer you a choice of a basic omnibus indirect client account and a gross omnibus indirect client account
disclose the details of the different levels of segregation
describe the risk associated with each type of account
publicly disclose the general terms and conditions under which we provide such services

In relation to these matters, please see:

the CSSEL and CSI Clearing Member Disclosure (PDF) in relation to clearing services provided by CSSEL and CSI in their capacity as Clearing Members, and
the CSSEL and CSI Direct Client Disclosure (PDF) in relation to indirect clearing services provided by CSSEL and CSI in their capacity as clients of a Clearing Member, and
the CSSU Clearing Member Disclosure (PDF) in relation to Direct clearing services provided by CSSU in its capacity as a Clearing Member, and
the CSSU Clearing Member Disclosure (PDF) in relation to Indirect clearing services provided by CSSU in its capacity as a Clearing Member, and
the CSSU Direct Client Disclosure (PDF) in relation to indirect clearing services provided by CSSU in its capacity as a client of a Clearing Member, and
the CSAGSB Direct Client Disclosure (PDF) in relation to indirect clearing services provided by CSAGSB in its capacity as a client of a Clearing Member, and
the CSEB Clearing Member Disclosure (PDF) in relation to clearing services provided by CSEB in its capacity as Clearing Member, and
the CSEB Direct Client Disclosure (PDF) in relation to indirect clearing services provided by CSEB in its capacity as a client of a Clearing Member.

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.

Client Clearing Fees

Introduction

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:

the prices and fees associated with the clearing services provided to clients and indirect clients; and
the costs associated with each account type that we offer to clients and indirect clients in relation to those services
(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.

Our Approach to Pricing

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.

Exchange Traded Derivatives Pricing

The table below sets out the Fees we charge to clients in relation to clearing ETDs through CCPs.

ETD pricing

	Type of Fees		Fees
	CCP Costs These are the prices, fees and costs that we have to pay to the CCP in connection with clearing ETD 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 ETD 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 €10a per lot.
	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 €20,000a per Individual Segregated Account per month
	Credit Suisse Indirect Clearing Gross Omnibus Segregated Account Maintenance Fee This is the additional fee that we will charge for the indirect client to hold its assets and positions in a Gross Omnibus Segregated Account. It will not exceed the maximum amount set out opposite. We apply the Fee Determination Factors to the Credit Suisse Indirect Clearing Gross Omnibus Segregated Account Maintenance Fee in the same way as we do to the Credit Suisse Transaction Clearing Fee		Maximum of €20,000a per Indirect Clearing Gross Omnibus Segregated Account per month per end client within the account

OTC Derivatives Pricing

The table below sets out the Fees we charge to clients in relation to clearing OTC Derivatives through CCPs.

OTC pricing

	Type of Fees		Fees
	CCP Costs 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

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

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
²Directive 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)
³Regulation (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
⁴Credit 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.
⁶Credit 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").
⁷Credit 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.
⁸Credit 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.
⁹Commission 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.

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