For Treasury Clients. Treasury Terms and Conditions rr. Effective from 29 th of June 2018 until further notice

Transcription

1 Treasury Terms and Cnditins Fr Treasury Clients Effective frm 29 th f June 2018 until further ntice The Bank ffers the fllwing list f services fr the clients f the Treasury under the fllwing cnditins. The Bank accepts rders frm these Clients via the fllwing channels: phne and certain electrnic platfrms (Reuters, Blmberg, FX Raiffeisen). The Treasury terms and cnditins are part f the Framewrk Agreement Fr Exchange-listed and OTC Spt and Derivative Transactins and Structured Depsits (Treasury Frame Agreement) which was cncluded between the Client (Treasury Client) and the Bank. The terms and cnditins apply als t any transactin which was cncluded directly with the Treasury befre the 1 st f February The applicable fees fr Treasury Clients having Framewrk Agreement Fr Exchange-listed and OTC Spt and Derivative Transactins and Structured Depsits with the Bank shall be determined by the all-time valid Treasury terms and cnditins. In case f Clients nt having valid Treasury Frame Agreement with the Bank, nevertheless taking investment services frm the Bank's Treasury Department (Mney- and Capital Markets Department) the applicable fees shall als be determined by the Treasury terms and cnditins, having regard t the fact that in respect f any ther cnditins except the fees f such rder, the respective agreement n investment and ancillary services valid between the Bank and the Client shall be applicable. Available prducts (financial instruments) and their fees, csts fr Treasury Clients (Detailed descriptin f these prducts can be fund in the Treasury Guidebk in Hungarian language): F ő v á r s i T ö r v é n y s z é k C é g b í r ó s á g a C é g j e g y z é k s z á m :

2 Treasury Terms and Cnditins Fees f Purchase/Sale f Budapest Stck Exchange listed and OTC shares as percentage f market value Cuntry Market Cde Fees Min fee Other fees Australia AUSTRALIAN SECURITIES EXCHANGE LIMITED XASX 1,00% 100 AUD - Austria WIENER BOERSE AG AMTLICHER HANDEL WBAH 1,00% 50 EUR - WIENER BOERSE AG XWBO 1,00% RAIFFEISEN CENTROBANK ORCB 1,00% 2000 HUF 1,00% 7 EUR 1,00% 10 USD 50 EUR - 50 USD - Belgium NYSE EURONEXT - EURONEXT BRUSSELS ALXB 1,00% 50 EUR - EURONEXT BRUSSELS XBRU 1,00% 50 EUR Brazil BM&FBOVESPA S.A. - BOLSA DE VALORES, MERCADORIAS E FUTUROS BVMF 1,00% 100 EUR Czech THE PRAGUE STOCK EXCHANGE XPRA 1,00% 1200 CZK Republic - Denmark OMX NORDIC EXCHANGE COPENHAGEN XCSE 1,00% 350 DKK - Suth Africa JSE SECURITIES EXCHANGE XJSE 1,00% 500 ZAR - 1,00% 30 GBP Stamp-duty: United Kingdm LONDON STOCK EXCHANGE LONDON AIM XLON AIMX 1,00% 50 EUR 1,00% 40 USD 1,00% 30 GBP 1,00% 50 EUR 1,00% 40 USD purchase f shares issued in the United Kingdm 0,5%,(in case f nn-standard Clearstream settlement 1,5%). purchase f shares issued in Ireland 1% Finland OMX NORDIC EXCHANGE HELSINKI XHEL 1,00% 50 EUR - France NYSE EURONEXT - EURONEXT PARIS XPAR 1,00% 50 EUR Transactin Tax 0.3% Greece ATHENS EXCHANGE XATH 1,00% 150 EUR Sales tax 0.2% Netherlands NYSE EURONEXT - EURONEXT AMSTERDAM XAMS 1,00% 50 EUR - Hng Kng STOCK EXCHANGE OF HONG KONG LTD, THE XHKG 1,00% 50 USD Cratia ZAGREB STOCK EXCHANGE XZAG 1,00% 600 HRK - Indnesia INDONESIA STOCK EXCHANGE XIDX 1,00% 100 EUR Ireland IRISH STOCK EXCHANGE - MAIN MARKET XDUB 1,00% 50 EUR Japan Canada Stamp-duty: purchase f shares issued in Ireland 1% JASDAQ SECURITIES EXCHANGE XJAS 1,00% 6000 JPY - OSAKA SECURITIES EXCHANGE XOSE 1,00% 6000 JPY - TOKYO STOCK EXCHANGE XTKS 1,00% 6000 JPY - TORONTO STOCK EXCHANGE XTSE 1,00% 80 CAD - TSX VENTURE EXCHANGE XTSX 1,00% 80 CAD - Pland WARSAW STOCK EXCHANGE XWAR 1,00% 200 PLN - Hungary XBUD/BSE 1,00% 2000 HUF - BUDAPEST STOCK EXCHANGE XBUD 1,00% 10 EUR - 0,50% min. BUDAPEST STOCK EXCHANGE-DAYTRADE XBUD 1500 HUF 1500 Ft - Mexik BOLSA MEXICANA DE VALORES (MEXICAN XMEX 1,00% 1000 MXN STOCK EXCHANGE) - EUWAX EUWX 1,00% 50 EUR - XETRA XETR 1,00% 50 EUR - Germany DEUTSCHE BOERSE AG XFRA 1,00% 50 EUR - BOERSE FRANKFURT - REGULIERTER MARKT FRAA 1,00% 50 EUR - BOERSE HAMBURG - REGULIERTER MARKT HAMA 1,00% 50 EUR - BOERSE HANNOVER - REGULIERTER MARKT HANA 1,00% 50 EUR - BOERSE BERLIN XBER 1,00% 50 EUR - BOERSE DUESSELDORF XDUS 1,00% 50 EUR - BOERSE MUENCHEN XMUN 1,00% 50 EUR - BOERSE STUTTGART XSTU 1,00% 50 EUR - F ő v á r s i T ö r v é n y s z é k C é g b í r ó s á g a C é g j e g y z é k s z á m :

3 Treasury Terms and Cnditins Nrway OSLO BORS XOSL 1,00% 400 NOK - Italy BORSA ITALIANA MTAA 1,00% 50 EUR - Prtugal NYSE EURONEXT - EURONEXT LISBON XLIS 1,00% 50 EUR - Rmania BUCAREST STOCK EXCHANGE XBSE 1,00% 400 RON - Spain BOLSA DE MADRID XMAD 1,00% 50 EUR - MERCADO CONTINUO ESPANOL XMCE 1,00% 50 EUR - Switzerland SWISS EXCHANGE XSWX 1,00% 75 CHF - SWX EUROPE XVTX 1,00% 75 CHF - Sweden OMX NORDIC EXCHANGE STOCKHOLM XSTO 1,00% 400 SEK - 1,00% 50 EUR Singapre SINGAPORE EXCHANGE XSES 1,00% 75 SGD Slvenia LJUBLJANA STOCK EXCHANGE XLJU 1,00% 50 EUR - Thailand STOCK EXCHANGE OF THAILAND XBKK 1,00% 100 EUR Turkey ISTANBUL STOCK EXCHANGE XIST 1,00% 110 TRY - INTERNATIONAL SECURITIES EXCHANGE, LLC XISX 0,95% 40 USD +1 cent/share AMERICAN STOCK EXCHANGE XASE 0,95% 40 USD +1 cent/share XNAS +1 cent/share XNGS NASDAQ XNCM 0,95% 40 USD USA NEW YORK STOCK EXCHANGE XNMS XNYS ARCX 0,95% 40 USD +1 cent/share OTC BULLETIN BOARD XOTC 0,95% 40 USD +1 cent/share OTC US OOTC 0,95% 40 USD +1 cent/share In case f ther markets traded freign stck transactins fees and csts are charged n the client n a custmised basis Fees f Budapest Stck Exchange traded derivative transactins as per cntract and/r as percentage f market value Fees Min fee Share Futures Transactin - Opening/Clsing psitin 0,30% 1500 HUF Share Futures Transactin - Running ut a psitin 500 HUF - Index Futures Transactin - Opening/Clsing/Running ut a psitin 500 HUF - Psitin Transfer (transfe bears the charges) 500 HUF - Freign Exchange Futures - Opening a psitin 0,30% 2000 HUF Freign Exchange Futures - Opening r clsing a psitin intraday 0,15% - Freign Exchange Futures - Clsing/Running ut a psitin 100 HUF - Freign Exchange Optin - Opening/Clsing a psitin 250 HUF - Psitin Transfer (transfe bears the charges) 200 HUF - F ő v á r s i T ö r v é n y s z é k C é g b í r ó s á g a C é g j e g y z é k s z á m :

4 Treasury Terms and Cnditins Fees f Freign Exchange traded derivative transactins as per cntract Equity Index Future Transactins - Opening/Clsing psitin per cntract Cuency Market Cde Fee EUR Eurex Exchange XEUR 31,50 New Yrk Stck Exchange - Liffe XLIF, XMON 42,00 CHF Eurex Exchange XEUR 28,00 Chicag Bard f Trade - CBOT XCBT 56,50 USD Chicag Mercantile Exchange - CME XCME 56,00 Chicag Mercantile Exchange GLOBEX XCME 49,00 Cmmdity Futures - Opening/Clsing transactin per cntract Cuency Market Cde Fee EUR New Yrk Stck Exchange - Liffe XLIF, XMON 40,00 Chicag Bard f Trade - CBOT XCBT 60,00 USD New Yrk Mercantile Exchange - NYMEX XNYM 60,00 Cmmdity Exchange - COMEX XCEC 56,00 Intercntinental Exchange - ICE IFUS 62,50 Intercntinental Exchange ICE, Eurpe IFEU 80,00 Precnditins fr cncluding prmpt equity transactins: In the case f purchase: available free cash balance in cuency f the deal at Client s securities accunt In the case f sale: available free securities balance at Client s securities accunt In case f secndary trading f nn-exchange traded certificates issued by Raiffeisen Centrbank rders are placed as fill-r-kill rders: an rder can be executed nly if ttal rder size is filled. If immediate executin f the ttal rder size is nt pssible at the time f rder ruting t Raiffeisen Centrbank, the rder will be cancelled. The initial margin/cllateral is always twfld f the cllateral required by KELER Zrt. r the Freign Exchange. The initial margin is blcked by the Bank withut specific cnsent frm the Client n the Client accunt frm the available cash and/r securities which are eligible fr Keler Zrt. r the Freign Exchange. The Client is entitled t initiate an exchange between the cllaterals subject t retaining the ttal value f cllaterals. In case f futures transactins n freign exchanges the margin has t be prvided in cash in the cuency determined by the exchange. Fr the futures transactins in the derivative sectin f Budapest Stck Exchange the Bank applies the fllwing rules: In case f single stck future transactin if the Client did nt dispse f his psitin therwise until 4.00 pm. n the expiratin date f the given prduct then the Bank has the right t clse the pen psitins after 4.00 pm n the expiratin date n the prmpt market f Budapest Stck Exchange. In case f index futures if the Client did nt dispse f his psitin therwise until 4.00 pm. n the day befre the expiratin date then the Bank has the right t settle the pen psitins at the settlement price at expiratin. In case f freign exchange futures if the Client did nt dispse f his psitin therwise until am. n the expiratin date then the Bank has the right t settle the prfit r lss at the settlement price at expiratin f the cntracts (fixing f Natinal Bank f Hungary). F ő v á r s i T ö r v é n y s z é k C é g b í r ó s á g a C é g j e g y z é k s z á m :

5 Treasury Terms and Cnditins The Bank applies the methd explained belw when calculating futures prices fr cuency futures transactins executed in the derivatives sectin f BSE. Clients limit rders accepted by the Bank fr any given size and price are directed t, and executed in prmpt market. By giving an rder the Client takes liability t d a futures deal in the vlume f the filled cntracts. Based n the transacted spt market price and ther relevant market cnditins (interest rates) at the time f the transactin the Bank generates futures bid/ask prices fr the Client. Futures transactins will be settled using the calculated futures prices. Unless Client instructs therwise, in case f futures transactins until market clse n the Wednesday that precedes the expiry week, the Bank pens psitins using the nearest futures cntract. Fllwing the Wednesday that precedes the expiry week, the Bank pens psitins using the secnd nearest futures cntract The Bank applies the methd explained belw when calculating futures prices fr single stck futures transactins executed in the derivatives sectin f BSE. Client rders accepted by the Bank fr any given size and price are always directed t, and executed in the Equities sectin (spt market) f the BSE. By giving an rder the Client takes liability t d a futures deal in the vlume f the filled cntracts. The Bank cnsiders ne cntract f futures transactin filled nly if the number f shares purchased r sld thrugh the afrementined spt market transactin reaches the size f ne cntract as specified by KELER n the day the Client rder was accepted. Partial fills, where the number f shares purchased r sld thrugh the afrementined spt market transactin fall shrt f KELER requirements, will nt be accepted by the Bank. Based n the transacted spt market price and ther relevant market cnditins (financing csts, bwing fee) at the time f the transactin the Bank generates futures bid/ask prices fr the Client. Futures transactins will be settled using the calculated futures prices. Opening a shrt psitin: Active cntract: Until market clse n the Wednesday that precedes the expiry week, the Bank pens shrt psitins using the nearest futures cntract. Fllwing the Wednesday that precedes the expiry week, the Bank pens shrt psitins using the secnd nearest futures cntract Futures price: The spt market price less the bwing fee. In case the underlying stck pays dividend and the amunt f dividend was annunced and apprved by the cmpany Annual General Meeting (AGM) befre the futures psitin pening; furthermre the actual dividend payment is aanged after the future psitin pening but befre the futures cntract expiry, the amunt f dividend will be subtracted frm the calculated futures price. In case f day trade (futures psitin pening and clsing during the same trading sessin) Clients cmpensated thrugh clsing futures price adjustments fr bwing csts incued during psitin pening. Clsing a shrt psitin: Unless Client instructs therwise, in case f multiple shrt psitins the Bank will clse the pen psitin with the earliest trade date. Futures price: equals t the spt market price In case the underlying stck pays dividend and the amunt f dividend was annunced and apprved by the cmpany AGM befre the futures psitin pening; furthermre the actual dividend payment is aanged after the future psitin pening but befre the futures cntract expiry, the amunt f dividend will be F ő v á r s i T ö r v é n y s z é k C é g b í r ó s á g a C é g j e g y z é k s z á m :

6 Treasury Terms and Cnditins subtracted frm the calculated futures price. In case dividend is nt apprved by the AGM prir t psitin pening but is eventually paid between psitin pening and clsing then futures clsing price is t be increased by the amunt f dividend-per-share. In case f day trade (futures psitin pening and clsing during the same trading sessin) Clients cmpensated thrugh clsing price adjustments fr bwing csts incued during psitin pening. Opening a lng psitin: Unless Client instructs t use a clser cntract, the Bank will pen lng futures psitins with 3-mnth expiry. Futures price: Spt equity price adjusted fr financing csts (cst calculated using the interest rate fr the relevant tenr as well as a ne-ff cst item (0,2%), cvering the spread between depsit and lending rates) In case the underlying stck pays dividend and the amunt f dividend was annunced and apprved by the cmpany AGM befre the futures psitin pening; furthermre the actual dividend payment is aanged after the future psitin pening but befre the futures cntract expiry, the amunt f dividend will be subtracted frm the calculated futures price. Clsing a lng psitin: Unless Client instructs therwise, in case f multiple lng psitins the Bank will clse the pen psitin with the earliest trade date. Futures price: Spt equity price adjusted fr financing csts calculated fr the remaining life f the cntract ensuring that the adjustment can nt exceed the pr rata (calculated fr the remaining life f the cntract) financing csts using interest rates as f the pening f the psitin. In case f day trade (futures psitin pening and clsing during the same trading sessin) financing csts calculated fr the clsing leg f the transactin equals t the cst f the pening trade. In case the underlying stck pays dividend and the amunt f dividend was annunced and apprved by the cmpany AGM befre the futures psitin pening; furthermre the actual dividend payment is aanged after the future psitin pening but befre the futures cntract expiry, the amunt f dividend will be subtracted frm the calculated futures price. In case dividend is nt apprved by the AGM prir t psitin pening but is eventually paid between psitin pening and clsing then futures clsing price is t be increased by the amunt f dividend-per-share. In case f the underlying stck pays dividend and pen psitin is settled with physical delivery: Physical delivery f shrt psitin: in case dividend is nt apprved by the AGM prir t psitin pening but is eventually paid between psitin pening and maturity, the Bank is entitled t the amunt f dividendper-share. Physical delivery f lng psitin: in case dividend is nt apprved by the AGM prir t psitin pening but is eventually paid between psitin pening and maturity, the Client is entitled t the amunt f dividend-pershare. In case f futures transactins n freign exchanges where at maturity the cntract is settled with physical delivery (nt with financial settlement) the Bank has the right t clse the Client's pen psitin n the exchange after pm (Budapest time) ne day befre the last trading day f the cntract. In case f nn-exchange traded (OTC) freign exchange and interest rate transactins (FX frward, crss cuency swap CCIRS), OTC FX ptin when the Client is the ptin seller, frward rate agreement (FRA), interest rate swap (IRS) and interest rate ptins (cap, flr) when the Client is the seller f the ptin) the initial limit requirement is F ő v á r s i T ö r v é n y s z é k C é g b í r ó s á g a C é g j e g y z é k s z á m :

7 Treasury Terms and Cnditins determined by the maturity, cuency(s) and the ntinal f the transactin. The Bank can execute nn-exchange traded (OTC) transactins if a s-called derivative limit was setup fr the Client. The Bank has the discretinary right t setup, mdify and t cancel this derivative limit. In case f spt OTC transactins the Client has t have 100% cverage available. If the spt transactin has a value date f T+1 r T+2 than the Bank can setup a s-called settlement limit when the Client has t cver this accunt nly fr the value date f the transactin. If ne leg f the cuency-pair n the OTC market is a NDF (Nn-Delivery Frward), then the frward r ptin deal cannt be delivered, s at least tw days befre maturity (T-2) the psitin must be clsed. These kind f cuenciesare - including but nt limited t -, the gld (XAU) and the Indian Rupee (INR). In case f freign exchange OTC structured prducts which are cmbinatin f several derivative transactins the Client has t have available limit fr the sum f the limit requirement f every cmpnent f the structure where the Client has an bligatin. Cllateral, limit requirement f a Firm rder 1 equals the cllateral, limit requirement f the transactin. The fulfilment f firm rders is always based n the prices quted by Raiffeisen Bank Zrt. If the cuency denminatin f the frward r ptin deal and the margin differs then the Bank requires additinal cllateral. The extra margin requirement is 12% f the ntinal. On tp f the initial margin need further variatin margin requirement can becme necessary in case f all ther kind f deals fr the psitin maintenance accrding t the Treasury Framewrk Agreement. F ő v á r s i T ö r v é n y s z é k C é g b í r ó s á g a C é g j e g y z é k s z á m :

8 Treasury Terms and Cnditins Cverage f Friedrich Wilhelm Raiffeisen Private Banking clients prmpt securities purchase transactins fr settlement day payment * Sufficient cverage f the transactin 100 % Under-cverage threshld** 90 % In case f ver-cverage, threshld f cllateral release Ft *Settlement day payment = the purchase price in the settlement cuency is payed nly n the settlement day, instead f the trade r rder date. The table abve refers t the transactins f the main accunt. Lng-term investment accunt and Stablity savings accunt settlement daily payment transactins with a special lcking security depsit is nt required. **In case the cllateral cverage is under the threshld, the Bank cntacts the client, and call fr additinal cllateral. If the client des nt meet the margin call, the Bank may clse the psitin by an ppsite-directin transactin accrding t the Framewrk agreement fr exchange-listed and OTC spt and derivative transactins, and structured depsits cntract. Methd f calculating the cverage rati: (value f cllateral + market value f the securities) / (sufficient cverage) - The sufficient cverage is determined by the sum f the purchase price and the settlement risk. - The cllateral value is calculated by the market value f the blcked assets and by the hair cuts, which is listed in the annex f the Treasury Terms and Cnditins calculates with a 30% cuency buffer, except the cllateral and the transactin are denminated in HUF. In case f paying n settlement day, the Bank accepts cash, bnd and any prduct, that has a value listed in the annex f the Treasury Terms and Cnditins, as cllateral. The custmer has the ptin t persnally select the prducts t be reserved as cllateral. If the custmer des nt want t select persnally, the Bank will reserve cllateral accrding t the fllwing rder: 1. Gvernment securities (first with the lngest duratin) 2. Discunt treasury bill (first with the lngest duratin) 3. Interest-bearing treasury bill (first with the lngest duratin) 4. Bnd issued by Raiffeisen Bank (first with the lngest duratin) 5. Bnds nt listed abve (first with the lngest duratin) 6. Shares/certificates nt listed n BSE (in alphabetical rder) 7. Investment funds (which d nt fall under any f the categries listed in pint 9.) (in alphabetical rder) 8. Shares/certificates listed n BSE (in alphabetical rder, except EGIS, RICHTER, MTELEKOM, MOL, and OTP, which cme last) 9. Liquidity-, mney market-, and shrt term bnd funds (in alphabetical rder) 10. Freign cuencies (in alphabetical rder, except TRY,GBP,CHF,USD,EUR,HUF, which cme last) In the case f sell rders cncerning financial instruments, the Bank shall use the FIFO methd fr the settlement f the transactin, unless the custmer pts fr the manual matching methd. Manual matching may be used in respect f the fllwing deal types: stck exchange sell rders fr Hungarian and freign equities, bnd sell rders, redemptin rders fr investment certificates, blckage f securities upn the custmer s rder and the release f blckages, in-huse securities transfers between the custmer s wn accunts. In the case f spt, frward and flexi frward transactins any amunts denminated in Hungarian Frints (HUF) payable by r payable t the Client, the Bank shall be runded up r dwn int whle Frints accrding t the general rules f runding. F ő v á r s i T ö r v é n y s z é k C é g b í r ó s á g a C é g j e g y z é k s z á m :

9 Treasury Terms and Cnditins The Bank reserves its right t deviate frm the fees, csts, cllaterals, limits and margins listed in the Treasury Terms and Cnditins. The list f acceptable cllaterals is listed in Annex 1. Default interest: -In case f HUF it is twice f the central bank base rate. -In case f freign exchange cuencies it is the reference base rate f the given cuntry + 6%. Tenr f term depsits: single case agreement. Taxatin: the Bank makes deductins frm the incme f Client s transactins accrding t the tax laws, thus mainly the persnal incme tax act (CXVII. Act f 1995), the health care cntributin act (LXVI. Act f 1998) and the rules f taxatin (XCII. Act f 2003). 1 Descriptin f firm rder can be fund in Treasury prduct descriptin r in the Treasury Guidebk in Hungarian language. Available at: r ask yur accunt manager fr it. The list f acceptable securities behind treasury transactins and their ffsetting values are included in this list f cnditins set ut in Annex 1. The Bank prvides further detailed infrmatin n the csts related t the investmens services and prducts using ex-ante sample cst calculatin set ut in Annex 2.