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Dodd-Frank: Disclosures and notices for Lloyds Bank Corporate Markets plc
This website and its contents come from Lloyds Bank Corporate Markets plc (“LBCM”). LBCM publishes this information exclusively for its trading counterparties classified as U.S. Persons under the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank”). You must not distribute or share it with any other entity or the general public. For more information about Dodd-Frank rules and requirements, visit the Commodity Futures Trading Commission (“CFTC”) website.
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As a Swap Dealer, LBCM (LEI: 213800MBWEIJDM5CU638) is subject to the CFTC’s External Business Conduct Standards for Swap Dealers and Major Swap Participants (the “EBC Requirements”). Under these standards, LBCM has specific disclosure obligations, which it must fulfil before it enters into a CFTC-regulated swap, foreign exchange forward, or foreign exchange swap, with you. Each of these is referred to as a Swap Transaction. This definition comes from the U.S. Commodity Exchange Act (the “CEA”) and its associated rules and regulations.
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Not all disclosures on this website will be relevant to all recipients. Some products and/or services mentioned on this website may not be suitable for you and may not be available in all jurisdictions.
Specifically, the disclosures and notices are relevant only where the following apply:
a) You are a "U.S. person", as defined by the CFTC1
b) You are not a "swap dealer", "major swap participant", "security-based swap dealer", or "major security-based swap participant", in each case as defined in the CEA; and
c) You are entering into or contemplating entry into a Swap Transaction with LBCM.
The content of any material or disclosures provided on this website is not legal, financial, tax, or accounting advice. You should seek advice from your professional advisers. Nothing on this page shall constitute a bid or offer, or a solicitation of a bid or offer, to initiate or conclude any transaction.
Nothing in the disclosure statement amends or supersedes the express terms of any Swap Transaction between you and LBCM or any related governing documentation.
1Defined in the CFTC’s Exemptive Order on Compliance with Certain Swap Regulations (78 Fed. Reg. 43785, July 22, 2013). If further CFTC rulemaking or guidance has replaced that definition, including the Interpretive Guidance and Policy Statement on Swap Regulations (78 Fed. Reg. 45292, July 26, 2013), then the updated definition applies from the effective date of that new rule or guidance.
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CFTC Rule 23.431 requires Swap Dealers to disclose certain material information including information relating to:
i) the material risks associated with a particular Swap Transaction;
(ii) the material characteristics of the Swap Transaction (including material economic terms, terms relating to the operation of the Swap Transaction, and the rights and obligations of the parties during the term of the Swap Transaction); and
(iii) the material incentives and conflicts of interest that a Swap Dealer may have in connection with a particular Swap Transaction.
We provide the following disclosures to U.S. swap counterparties as part of the EBC Requirements. Please read these alongside any other documents related to any Swap Transaction you enter into, or consider, with LBCM. This may include a derivatives master agreement, a transactional term sheet, pre-trade confirmation, or a master confirmation agreement, along with any other communications.
If there is a conflict, the specific transaction documents will take precedence over the general disclosures on this web page. We provide these disclosures under the EBC Requirements, but we do not verify that LBCM is subject to these requirements for all Swap Transactions with you. By accessing these disclosures, you confirm to LBCM that you are a U.S. person, entitled to these disclosures under the EBC Requirements. You also accept our presentation of this information.
By accessing any disclosures published by the International Swaps and Derivatives Association Inc. ("ISDA"), you acknowledge the provisions outlined below. You also agree to follow the terms of the disclosures.
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The General Disclosure Statement For Transactions included below describes generally the disclosures of material information mandated by CFTC Rule 23.431(a), including:
i) the material risks of Swap Transactions;
ii) the material characteristics of a variety of Swap Transactions related to certain underlying referenced assets; and
iii) the material incentives and conflicts of interest that might exist when entering into a Swap Transaction with a Swap Dealer such as LBCM.
The General Disclosure Statement for Transactions is supplemented by certain Annexes (each an "ISDA Annex") providing asset-class specific disclosures, which discuss different types of underlying referenced assets.
The ISDA Annexes relate to Commodity Derivative Transactions, Foreign Exchange Transactions, and Interest Rate Transactions. The General Disclosure Statement for Transactions, along with the supplemental Annexes, are included herein and may also be found at: Library – International Swaps and Derivatives Association.
General Disclosure Statement for Transactions (PDF, 320KB)
Disclosure Annex for Commodity Derivative Transactions (PDF, 121KB)
Disclosure Annex for Foreign Exchange Transactions (PDF, 66KB)
Disclosure Annex for Interest Rate Transactions (PDF, 155KB)
ISDA owns the copyright in the ISDA disclosures and other ISDA documents included or referenced herein (all such ISDA disclosures and other documents, the “ISDA Documents”). Such ISDA Documents may not be reproduced or distributed without ISDA’s written permission. In no event should any copyright, or trademark notice, be removed from such ISDA Documents.
Such ISDA Documents’ use should be undertaken only after securing appropriate legal advice on its provisions. Neither ISDA nor LBCM makes any warranty or assurance, express or implied, concerning an ISDA document's suitability for use in any particular transaction and therefore bears no responsibility or liability whatsoever, whether in tort or in contract, in respect of any use of such ISDA Documents.
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In addition to the ISDA Disclosures, LBCM may provide you with product-specific literature to disclose additional information. This should be read alongside the General Disclosure Statement for Transactions and the applicable ISDA Annex for that asset-class.
Before you enter into a Swap Transaction with LBCM, we will provide you with the material economic terms of the transaction (“METs”). If you believe that we have not given you a relevant MET for any prospective transaction, please contact your LBCM sales representative. If there is a conflict, the transaction-specific and relationship-specific information we give you will supersede any template, standard product terms, market convention, or standardised product disclosures.
You may receive METs in the form of a term sheet, a confirmation (including a draft confirmation or a reference to a confirmation from a previous Swap Transaction), a master agreement, a master confirmation agreement, or a schedule of general material economic terms, as described below. We refer to these as “METs Disclosures”. Together with any additional product-specific literature, these make up the “LBCM Disclosures”.
If a prospective Swap Transaction includes features of more than one type of product (or asset-class), then you should read each disclosure relevant to that transaction.
Material Economic Terms - Commodities (PDF, 2.33MB)
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If you enter into a Swap Transaction with LBCM through a trading platform, and/or that is subsequently cleared by a clearinghouse, then that Swap Transaction will have the terms specified by the applicable trading platform and/or clearinghouse and, subject to the rules of the trading platform or clearinghouse, any additional terms that you and LBCM expressly agree upon in connection with the Swap Transaction.
If you and LBCM enter into a Swap Transaction for "give-up" to a third party, the terms of the Swap Transaction will be subject to the terms of any agreement with that third party.
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The document is provided in connection with the daily mid-market marks that LBCM will deliver for any Swap Transaction that it has entered into with you.
Disclosure statement for daily mark methodologies and assumptions (PDF, 609KB)
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If you have any additional questions about a Swap Transaction, please contact us or your LBCM sales representative for help.
You are responsible for making your own assessment of, and investigations into prospective Swap Transactions between you and LBCM. Keep in mind that LBCM will not provide legal, tax, or specialist advice. You will need to arrange that yourself. When you enter into a Swap Transaction, you confirm that LBCM has given you all the necessary disclosures, notifications, and information beforehand. This information helps you understand the key risks involved. These risks include market risk, credit risk, liquidity risk, foreign currency risk, legal risk, operational risk, and other relevant risks.
The main features of the Swap Transaction include the economic and operational terms. They outline the rights and obligations of both parties involved. Incentives and conflicts of interest may impact LBCM in relation to the Swap Transaction.
Lastly, external websites can change at any time without our knowledge. LBCM does not take responsibility for the content of any external website.