Tullett Prebon (Europe) Limited OTF Fee Structures and Incentives

Transcription

1 Tullett Prebon (Europe) Limited OTF Fee Structures and Incentives Applicable from 25 April

2 Contents INTRODUCTION General Execution Fees Discounts/Incentives Co-Location 4 GEMM GILTS - TEGI Tradable Instruments GEMM Gilts 5 GOVERNMENT BONDS (EX GEMM GILTS) (PARIS) - TEPG Tradable Instruments European Government Bonds 7 GOVERNMENT BONDS (EX GEMM GILTS) (MADRID) - TOMG Tradable Instruments European Government Bonds 9 CORPORATE BONDS AND SECURITISED DEBT (PARIS) - TEPF Tradable Instruments Financial Bonds European Corporate Bonds Emerging Markets Bonds 12 CORPORATE BONDS AND SECURITISED DEBT (MADRID) - TOMF Tradable Instruments Financial Bonds European Corporate Bonds Emerging Markets Bonds 15 REPO (LONDON) TERE Tradable Instruments Repo 16 REPO (PARIS) TEPR Tradable Instruments Repo 17 MONEY MARKETS (LONDON) TEMM Tradable Instruments Money Market instruments Corporate Bonds 18 MONEY MARKETS (PARIS) TEPM Tradable Instruments Money Market instruments 19 ENERGY & COMMODITY DERIVATIVES- TECO Error! Bookmark not defined Tradable Instruments Oil Options 21Error! Bookmark not defined. 2

3 1.31. Power Soft Agricultural LNG 22 TREASURY FX (LONDON)- TEFX Tradable Instruments G10 Forwards EM Non Deliverable Forwards EM FX Asian FX FX Options 25 TREASURY FX (PARIS)- TEPX Tradable Instruments G10 Forwards EM Non Deliverable Forwards EM FX Asian FX FX Options 28 INTEREST RATE DERIVATIVES (LONDON)- TEIR Tradable Instruments Interest Rate Derivatives Interest Rate Derivatives - Platform Trades Interest Rate Options Voice Trades Inflation Voice Trades Interest Rate Options Platform Trades Inflation Platform Trades 34 INTEREST RATE DERIVATIVES (PARIS)- TEPI Tradable Instruments Interest Rate Derivatives 36 3

4 INTRODUCTION 1.1. General The fees for name give up transactions payable by a Venue User will be calculated monthly in arrears and are payable upon presentation of an invoice. Matched principle business will be settled with a delivery versus payment basis. For further details on payment of fees please refer to the Tullett Prebon Terms of business on our website: Venue Users are responsible for the payment of any applicable taxes and charges of any public agency or authority, including without limitation any financial transactions tax or value added tax Execution Fees Transactions arranged within the venue will be subject to an execution fee, as specified for the relevant product in the accompanying Appendix for each market segment of the Venue. The Operator reserves the right to increase or decrease the standard rate or split an improved fill with the customers agreement depending on the liquidity of the instrument and market conditions at time of trade. Any variance from the standard rate card will be disclosed to the customer at time of trade and will be in accordance with the Operator s Order Handling and Best Execution Policy 1.3. Discounts/Incentives If the execution fees incurred by a Venue User exceed the discount thresholds specified for the relevant product in Appendix 1, then the discounts shown shall be applied to the execution fees payable by the Venue User in the relevant month Co-Location Operator has outsourced the hosting of its servers to Equinix UK. It is possible to obtain information about colocation of servers, with standardised rates, from Equinix UK. Please contact a relationship manager for more information. 4

5 GEMM GILTS - TEGI 1.5. Tradable Instruments Trading is permitted in the GEMM Gilts Segment-London in the following Tradable Instruments: Financial Instruments Conventional Gilt Index-Linked Gilt GBP GBP Trading is permitted in the Government Bonds Segment in the following types of Transactions (including Package Transactions): Transaction Types Outright Switch / Spread Basis A single transaction in a simultaneous buy and sell of outright Gilt A single Transaction that results in a simultaneous buy and sell of two or more outright gilts Conventional Gilts and Index-Linked Gilts can be traded as a gross basis vs futures contract Other Strategies* *Contact the Operator or consult the current Market Notices for the current list GEMM Gilts (All rates expressed as GBP per mio nominal traded) PRODUCT TYPE MATURITY BAND GILT IDB Rate V Basis 5.00 Outright Cash Spreads Index Linked Cash Spreads 0-2 year year year Y/10Y Basket year year year Y/10Y Basket year year year year Additional Details Commission payable on the bond leg only - aggressor only Commission payable on the aggressor side only Discount Structure For spreads trades, 50% discount on the headline rate on any initiated transaction. Monthly volume discount per Commission payable on the purchase leg only legal entity: 0-70kGBP: 0% Commission payable on the aggressor side >70kGBP: 50% discount on only headline rates for the remainder of the month Commission payable on the purchase leg only Notes Brokerage Rates apply to voice, auction and volume matching 5

6 GOVERNMENT BONDS (EX GEMM GILTS) (PARIS) - TEPG 1.7. Tradable Instruments Trading is permitted in the Government Bonds Segment-Paris in the following Tradable Instruments: Financial Instruments Government Bonds (Nominal bonds) Government Bonds (Inflation bonds) All currencies All currencies Trading is permitted in the Government Bonds Segment in the following types of Transactions (including Package Transactions): Transaction Types Outright Switch / Spread Basis A single transaction in a simultaneous buy and sell of outright Government Bond A single Transaction that results in a simultaneous buy and sell of two or more outright government bonds from the table above A single Transaction that results in the simultaneous buy and sell of a government bond from the table above and a correlating futures contract 6

7 1.8. European Government Bonds PRODUCT ISSUER TYPE MATURITY SIZE RATE Additional Details Nominal < 2 Yr 10 Austria, Belgium, Finland, France, Cash 2 Yr Nominal < 11 Yr 15 Germany, Ireland, Netherlands Nominal 11 Yr 20 EUR per million EUR traded Nominal < 2 Yr 15 Italy, Spain Cash 2 Yr Nominal < 11 Yr 15 EUR per million EUR traded Nominal 11 Yr 25 European Government Bonds Cyprus, Portugal, Greece Cash 100 EUR per million EUR traded 0 to 2MEUR Nominal 150 Slovenia, Slovakia Cash above 2 MEUR Nominal 100 EUR per million EUR traded Supra-National Cash 20 EUR per million EUR traded Bills Cash 0.2 In yield In accordance with the OTF Rules, the price and size of the components for all Spread and Switch Package Transactions shall be determined by the Operator. For switches, brokerage will be charged on the larger nominal leg. For basis trades, brokerage will be charged on the cash leg only. 7

8 GOVERNMENT BONDS (EX GEMM GILTS) (MADRID) - TOMG 1.9. Tradable Instruments Trading is permitted in the Government Bonds Segment-Madrid in the following Tradable Instruments: Financial Instruments Government Bonds (Nominal bonds) Government Bonds (Inflation bonds) All currencies All currencies Trading is permitted in the Government Bonds Segment in the following types of Transactions (including Package Transactions): Transaction Types Outright Switch / Spread Basis A single transaction in a simultaneous buy and sell of outright Government Bond A single Transaction that results in a simultaneous buy and sell of two or more outright government bonds from the table above Bonds can be traded as a gross basis vs futures contract 8

9 1.10. European Government Bonds PRODUCT ISSUER TYPE MATURITY SIZE RATE Additional Details Austria, Belgium, Finland, Nominal < 2 Yr 10 France, Germany, Ireland, Cash 2 Yr Nominal < 11 Yr 15 EUR per million EUR traded Netherlands Nominal 11 Yr 20 Nominal < 2 Yr 10 Italy, Spain Cash 2 Yr Nominal < 11 Yr 15 EUR per million EUR traded Nominal 11 Yr 15 Cyprus, Portugal Cash 100 EUR per million EUR traded European Government Bonds Greece Cash 100 EUR per million EUR traded Slovenia, Slovakia Cash 0 to 2MEUR Nominal 150 above 2 MEUR Nominal 100 EUR per million EUR traded Supra-National Cash 20 EUR per million EUR traded Bills Cash 0.2 In yield In accordance with the OTF Rules, the price and size of the components for all Spread and Switch Package Transactions shall be determined by the Operator. For switches, brokerage will be charged on the larger nominal leg. For basis trades, brokerage will be charged on the cash leg only. 9

10 CORPORATE BONDS AND SECURITISED DEBT (PARIS) - TEPF Tradable Instruments Trading is permitted in the Corporate Bond and Securities Debt - Paris Segment in the following Tradable Instruments: Financial Instruments Corporate Bond Covered Bonds Government Bonds (when traded as part of a Package) Public Bond (as defined in MiFID II RTS 2, Annex III Table 2.2) Other Bonds including SSAs, ABS and FRNs (as defined in MiFID II RTS 2, Annex III Table 2.2) (where applicable) All currencies All currencies All currencies All currencies All currencies Trading is permitted in the Corporate Bond and Securities Debt - Paris Segment in the following types of Transactions (including Package Transactions): Transaction Types Outright Spread Switch A Transaction in a single Corporate Bond instrument A single Transaction that results in the simultaneous buy and sell of a corporate bond and a correlating government bond A single Transaction that results in a simultaneous buy and sell of two or more outright Corporate Bonds 10

11 1.12. Financial Bonds European Corporate Bonds European Corporate Bonds Rate Card Voice/ Non Auction Auction Product Duration Currency Rate Aggressor only Both Sides Perpetuals 5 cent 2 cent Xover Cash Denominated 5 cent 2 cent Senior Investment Grade All Tenors 2 cent 1.5 cent GE Bonds 2 cent 1.5 cent 18m Paper 1 cent 1 cent Brokerage rate applies to aggressor only, except for auction trades 11

12 1.14. Emerging Markets Bonds Emerging Markets Bonds Rate Card Voice/ Non Auction Auction Rate Product Duration Currency Both Sides Aggressor only Turkey Sovereigns $ + 2 cent 1.5 cent Russia Sovereigns $ + 1 cent 1 cent EM Corporates $ + 3 cent 1.5 cent Gazprom $ + 2 cent 1.5 cent SOAF Sovereigns $ + 3 cent 1.5 cent CEE Sovereigns $ + 3 cent 1.5 cent CIS Sovereigns $ + 3 cent 1.5 cent CIS Corporates $ + 3 cent 1.5 cent SUB SAHARA Sovereigns $ + 3 cent 1.5 cent Africa All Tenors $ + 3 cent 1.5 cent Middle Eastern Sovereigns $ + 2 cent 1.5 cent Middle Eastern Corporates $ + 3 cent 1.5 cent LATAM Sovereigns 3 cent 1.5 cent LATAM USD Sovereigns $ 1 cent 1 cent LATAM USD Corporates $ 3 cent 3 cent Asia Sovereigns $ + 3 cent 1.5 cent African Government Bonds denominated in local currency excl. ZAR local CCY 7bps na For all Emerging market bonds with up to 1 year maturity, 1 cent will be charged on voice trades. Brokerage rate applies to aggressor only, except for auction trades 12

13 CORPORATE BONDS AND SECURITISED DEBT (MADRID) - TOMF Tradable Instruments Trading is permitted in the Corporate Bond and Securities Debt - Madrid Segment in the following Tradable Instruments: Financial Instruments Corporate Bond Covered Bonds Convertible Bonds Government Bonds (when traded as part of a Package) Public Bond (as defined in MiFID II RTS 2, Annex III Table 2.2) Other Bonds including SSAs, ABS and FRNs (as defined in MiFID II RTS 2, Annex III Table 2.2) (where applicable) All currencies All currencies All curriencies All currencies All currencies All currencies Trading is permitted in the Corporate Bond and Securities Debt - Madrid Segment in the following types of Transactions (including Package Transactions): Transaction Types Outright Spread Switch Basis A Transaction in a single Corporate Bond instrument A single Transaction that results in the simultaneous buy and sell of a corporate bond and a correlating government bond A single Transaction that results in a simultaneous buy and sell of two or more outright Corporate Bonds A single Transaction that results in the simultaneous buy and sell of a Corporate Bond and a correlating futures contract 13

14 1.16. Financial Bonds European Corporate Bonds European Corporate Bonds Rate Card Voice/ Non Auction Auction Product Duration Currency Rate Aggressor only Both Sides Perpetuals 5 cent 2 cent Xover Cash Denominated 5 cent 2 cent Senior Investment Grade All Tenors 2 cent 1.5 cent GE Bonds 2 cent 1.5 cent 18m Paper 1 cent 1 cent Brokerage rate applies to aggressor only, except for auction trades 14

15 1.18. Emerging Markets Bonds Emerging Markets Bonds Rate Card Voice/ Non Auction Auction Rate Product Duration Currency Both Sides Aggressor only Turkey Sovereigns $ + 2 cent 1.5 cent Russia Sovereigns $ + 1 cent 1 cent EM Corporates $ + 3 cent 1.5 cent Gazprom $ + 2 cent 1.5 cent SOAF Sovereigns $ + 3 cent 1.5 cent CEE Sovereigns $ + 3 cent 1.5 cent CIS Sovereigns $ + 3 cent 1.5 cent CIS Corporates $ + 3 cent 1.5 cent SUB SAHARA Sovereigns $ + 3 cent 1.5 cent Africa All Tenors $ + 3 cent 1.5 cent Middle Eastern Sovereigns $ + 2 cent 1.5 cent Middle Eastern Corporates $ + 3 cent 1.5 cent LATAM Sovereigns 3 cent 1.5 cent LATAM USD Sovereigns $ 1 cent 1 cent LATAM USD Corporates $ 3 cent 3 cent Asia Sovereigns $ + 3 cent 1.5 cent African Government Bonds denominated in local currency excl. ZAR local CCY 7bps na For all Emerging market bonds with up to 1 year maturity, 1 cent will be charged on voice trades. Brokerage rate applies to aggressor only, except for auction trades 15

16 REPO (LONDON) TERE Tradable Instruments Trading is permitted in the REPO Segment in the following Tradable Instruments: Financial Instruments Government bonds As part of a Transaction set out in this section Corporate Bonds As part of a Transaction set out in this section Covered Bonds As part of a Transaction set out in this section Other Bonds including SSAs, ABS and As part of a Transaction set out in this section FRNs (as defined in MiFID II RTS 2, Annex III Table 2.2) Trading is permitted in the Repo Segment in the following types of Transactions (including Package Transactions): Transaction Types Repo Reverse repo (where applicable) A single Transaction for the sale and repurchase of a Tradable Instrument from the list of Tradable Instruments set out in this section A single Transaction for the purchase and sale of a Tradable Instrument from the list of Tradable Instruments set out in this section Repo PRODUCT TYPE TYPE 2 Currency Rate Additional Details Discount Structure Corporate* General Collateral 2.50 G10 min transaction cost : 50GBP per transaction no discount Corporate* Special * including supra national and local market 16

17 REPO (PARIS) TEPR Tradable Instruments Trading is permitted in the REPO Segment in the following Tradable Instruments: Financial Instruments Government bonds As part of a Transaction set out in this section Corporate Bonds As part of a Transaction set out in this section Covered Bonds As part of a Transaction set out in this section Other Bonds including SSAs, ABS and As part of a Transaction set out in this section FRNs (as defined in MiFID II RTS 2, Annex III Table 2.2) Trading is permitted in the Repo Segment in the following types of Transactions (including Package Transactions): Transaction Types Repo Reverse repo (where applicable) A single Transaction for the sale and repurchase of a Tradable Instrument from the list of Tradable Instruments set out in this section A single Transaction for the purchase and sale of a Tradable Instrument from the list of Tradable Instruments set out in this section Repo PRODUCT TYPE TYPE 2 Currency Rate Additional Details Discount Structure Notes Government General Collateral 0.65 Minimum Charge: Government Special 0.65 Non Euro Gov't repo = Non Euro Gov't GC Borrower 1.25 minimum per side. Non Euro Gov't GC Lender 1.25 Gov't GC repo = 0.00 per side. Non Euro Gov't Special - Borrower 3.75 Gov't Special repo = Non Euro Gov't Special - Lender 3.75 minimum per side. REPO SSA/ Jumbo/ covered General Collateral - Borrower 1.25 G11 Brokerage calculated on the notional SSA/ Jumbo/ covered General Collateral - Lender 1.25 No discount SSA/ Jumbo/ covered Special - Borrower 3.75 SSA/ Jumbo/ covered Special - Lender 3.75 Corporate General Collateral - Borrower 1.25 Corporate General Collateral - Lender 1.25 Corporate Special - Borrower 3.75 Corporate Special - Lender

18 MONEY MARKETS (LONDON) TEMM Tradable Instruments Trading is permitted in the Treasury Money Markets Segment in the following Tradable Instruments: Tradable Instruments UK Treasury Bill Primary Certificates of Deposit Secondary Certificates of Deposit Commercial Paper Trading is permitted in the Treasury Money Markets Segment in the following types of Transactions (including Package Transactions): Transaction Types Outright Spread Switch A Transaction in a single money market instrument from the list above Difference in price between two money market instruments from the list above Exchange of one money market instrument for another from the list above Money Market instruments for transactions executed on a Match Principal basis, the below table applies (All rates expressed as basis points) PRODUCT TYPE Currency Spread Primary & Secondary Certificates of Deposit, Commercial Papers and Tbills Corporate All CCY 1 Additional Details on nominal traded Discount Structure No discount for transactions executed on a Name Give up basis, the below table applies London (All rates expressed as basis points) PRODUCT TYPE Currency Rate Primary & Secondary Certificates of Deposit, Commercial Papers and Tbills Corporate All CCY Corporate Bonds (All rates expressed as basis points) PRODUCT TYPE Currency Rate Additional Details on nominal traded Additional Details Discount Structure No discount Discount Structure Bonds Corporate All CCY 1 on nominal traded No discount 18

19 MONEY MARKETS (PARIS) TEPM Tradable Instruments Trading is permitted in the Treasury Money Markets Segment in the following Tradable Instruments: Tradable Instruments UK Treasury Bill Primary Certificates of Deposit Secondary Certificates of Deposit Commercial Paper Trading is permitted in the Treasury Money Markets Segment in the following types of Transactions (including Package Transactions): Transaction Types Outright Spread Switch A Transaction in a single money market instrument from the list above Difference in price between two money market instruments from the list above Exchange of one money market instrument for another from the list above Money Market instruments for transactions executed on a Match Principal basis, the below table applies (All rates expressed as basis points) PRODUCT TYPE Currency Spread Additional Details Discount Structure Primary & Secondary Certificates of Deposit, Commercial Papers and Tbills Corporate All CCY 2 on nominal traded No discount for transactions executed on a Name Give up basis, the below table applies (All rates expressed as basis points) PRODUCT TYPE Currency Rate Primary & Secondary Certificates of Deposit, Commercial Papers and Tbills Corporate All CCY 2 Additional Details on nominal traded Discount Structure No discount 19

20 ENERGY & COMMODITY DERIVATIVES- TECO Tradable Instruments Trading is permitted in the Energy & Commodity Derivatives Segment in the following Tradable Instruments: Traded Instruments Soft Commodities Forward Soft Commodities Option Emissions Forward Emissions Option Oil Forward Coal Option Swap Power (ex-irish) Forward Power (ex-irish) Option Power (ex-irish) Swap Irish Power Forward Gas Forward Gas Option LNG swapoption Trading is permitted in the Energy & Commodity Derivatives Segment in the following types of Transactions (including Package Transactions): Transaction Types Outright EFP Spark Spread EFS Product Spreads Location Spreads Period Spreads Call vs Call Spread Put vs Put Spread (where applicable) 20

21 1.29. Oil Options Product EUA & CER Hub All Trade Type OTC Options Brokerage unit /MT Price Band Rate Product Bloomberg Commodity Index Excess Return Trade Type OTC Options OTC Options OTC Options OTC Options OTC Swaps Brokerage unit bp bp bp bp bp Price Band Band A Band B Band A Band B Period 3 months and under 3 months and under over 3 months over 3 months Rate Criteria - Minimum number of markets 5 per day 3 per day - Minimum volume size $10 mn $10 mn - Maximum spread 3% 2% 21

22 1.31. Power Product Power Power Power Power Power Hub Spain Italy Swiss Other Non C6 Hubs Irish Trade Type Swap Swap Forward Forward/ Swap Swap Brokerage unit /MWh /MWh /MWh /MWh /MWh Threshold criteria Threshold period Threshold level (MWh) Price Band Minimum ticket Spread rate (%age of full rate) 50% 50% 50% 50% 50% Screen initiator Screen aggressor Voice initiator Voice aggressor Auctions - charged at 0.02 on the purchase leg only Soft Agricultural OTC CBOT Grains and Oilseeds USD 10 per lot No brokerage on delta OTC ICE Softs USD 10 per lot Brokerage on one leg only OTC Liffe Grains and Softs USD 10 per lot Brokerage determined by the furtherest tenor Liquidity Swaps USD 5 per lot LNG Product Ccy Volume Unit Rate LNG Financials $ MMBTU

23 TREASURY FX (LONDON)- TEFX Tradable Instruments Trading is permitted in the Treasury FX Segment in the following Financial Instruments: Financial Instruments FX Forward Outright FX Swap FX Non-Deliverable Forwards (NDFs) FX Options All option strategies vs All currencies Trading is permitted in the Treasury FX Segment in the following types of Transactions (including Package Transactions): Transaction Types Outright NDF Spread NDF Liquidity Swaps NDF Fix Arbitrage FX Forward vs FX Spot Switches FX Forward Spread FX Forward Forward FX Forward Butterfly FX Forward Forward Butterfly FX Options Other FX Strategies A duration spread, between the same currency pairs, where both legs are transacted against market standard tenors A duration spread, between the same currency pairs, where both legs are transacted against non-standard dates, with standard dates considered to be normal calendar tenors (1week, 1month, 3 months, etc.) An option strategy with one or more legs deliverable and non-deliverable Please contact the Operator or consult the current Market Notices for the current list. 23

24 1.35. G10 Forwards G10 Forward FX All rates $ per $m EUR JPY GBP CHF AUD NZD CAD DKK NOK SEK Tenors 1 to 3 days to 8 days to 15 days to 33 days to 64 days to 95 days to 186 days to 277 days to 371 days to 735 days to 1099 days to days k per month access fee to register trades directly on to the TPE OTF FX segment 3 month access fee holiday from 3rd January st March EM Non Deliverable Forwards RUB INR IDR KRW TWD CNY PHP MYR VND All African CCY except ZAR Tenors Outrights: 1 to 371 days to 735 days to days Strategies: 1 to 371 days to 735 days to days Strategies charged on the far leg only EM FX Asian FX Asian Forward FX All rates $ per $m CNH HKD SGD THB Tenors 1 to 3 days to 8 days to 15 days to 33 days to 64 days to 95 days to 186 days to 277 days to 371 days to 735 days to 1099 days to days

25 1.39. FX Options (All rates expressed as $ per $m traded) PRODUCT TYPE CCY Rate Additional Details Notes USD/ EUR Longer Dated Options G10 FX Options Local Markets FX Options LATAM Markets FX Options APAC Markets FX Options Vanilla Options 0 - < 2 years Vanilla Options 0 - < 2 years Vanilla Options 0 - < 2 years Vanilla Options 0 - < 2 years USD/ GBP > 2 years - < 3 years 2 x rates USD/ JPY > 3 years - < 5 years 3 x rates USD/ CHF > 5 years 4 x rates USD/ AUD USD/ NZD USD/ SEK USD/ NOK USD/ DKK USD/ CAD EUR/ GBP EUR/ JPY EUR/ CHF EUR/ AUD EUR/ NZD EUR/ SEK EUR/ NOK EUR/ DKK EUR/ CAD GBP/ JPY GBP/ CHF GBP/ AUD GBP/NZD GBP/ SEK GBP/ NOK GBP/ DKK GBP/ CAD JPY/ CHF JPY/ AUD JPY/ NZD JPY/ SEK JPY/ NOK JPY/ DKK JPY/ CAD CHF/ AUD CHF/ NZD CHF/ SEK CHF/ NOK CHF/ DKK CHF/ CAD AUD/ NZD AUD/ SEK AUD/ NOK AUD/ DKK AUD/ CAD NZD/ SEK NZD/ NOK NZD/ DKK NZD/ CAD NOK/SEK NOK/DKK NOK/ CAD SEK/ DKK SEK/ CAD DKK/ CAD USD/ PLN Longer Dated Options USD/ CZK > 2 years - < 3 years 2 x rates USD/ HUF > 3 years - < 5 years 3 x rates USD/ ILS > 5 years 4 x rates USD/ TRY USD/ ZAR Crosses x 1.5 higher rate of the 2 currencies USD/ RUB USD/ RON USD/ KZT USD/ ISK USD/ AED USD/ SAR USD/ KWD USD/ MXN Longer Dated Options USD/ BRL > 2 years - < 3 years 2 x rates USD/ CLP > 3 years - < 5 years 3 x rates USD/ COP > 5 years 4 x rates USD/ ARS USD/ PEN Crosses x 1.5 higher rate of the 2 currencies USD/ CNH Longer Dated Options USD/ CNY > 2 years - < 3 years 2 x rates USD/ KRW > 3 years - < 5 years 3 x rates USD/ INR > 5 years 4 x rates USD/ SGD USD/ TWD Crosses x 1.5 higher rate of the 2 currencies USD/ HKD USD/ MYR USD/ PHP USD/ IDR USD/ THB Trade execution fee for Spreads, Butterflies and Risk Reversals is placed on the leg with the largest nominal All Markets Exotic Options All Currencies Barrier Options Payout Options Worst of Options Dual Digitals Basket Options Forward Vol Agreements Vol/ Var Swaps 2 x Vanilla 0.30% of payout 2 x Vanilla for highest CCY pair 0.50% of payout 2 x Vanilla for highest CCY pair 2 x Vanilla for sum of periods 3.00% across all tenors Trade execution fee for Spreads, Butterflies and Risk Reversals is placed on the leg with the largest nominal 25

26 TREASURY FX (PARIS)- TEPX Tradable Instruments Trading is permitted in the Treasury FX Segment in the following Financial Instruments: Financial Instruments FX Forward Outright FX Swap FX Non-Deliverable Forwards (NDFs) FX Options All option strategies vs All currencies Trading is permitted in the Treasury FX Segment in the following types of Transactions (including Package Transactions): Transaction Types Outright NDF Spread NDF Liquidity Swaps NDF Fix Arbitrage FX Forward vs FX Spot Switches FX Forward Spread FX Forward Forward FX Forward Butterfly FX Forward Forward Butterfly FX Options Other FX Strategies A duration spread, between the same currency pairs, where both legs are transacted against market standard tenors A duration spread, between the same currency pairs, where both legs are transacted against non-standard dates, with standard dates considered to be normal calendar tenors (1week, 1month, 3 months, etc.) An option strategy with one or more legs deliverable and non-deliverable Please contact the Operator or consult the current Market Notices for the current list. 26

27 1.41. G10 Forwards G10 Forward FX All rates $ per $m EUR JPY GBP CHF AUD NZD CAD DKK NOK SEK Tenors 1 to 3 days to 8 days to 15 days to 33 days to 64 days to 95 days to 186 days to 277 days to 371 days to 735 days to 1099 days to days k per month access fee to register trades directly on to the TPE OTF FX segment 3 month access fee holiday from 3rd January st March EM Non Deliverable Forwards RUB INR IDR KRW TWD CNY PHP MYR VND All African CCY except ZAR Tenors Outrights: 1 to 371 days to 735 days to days Strategies: 1 to 371 days to 735 days to days EM FX All African CCY excluding ZAR RUB CZK PLN HUF RON MXN HRK ILS TRY ZAR Tenors 1 to 3 days to 8 days to 15 days to 33 days to 64 days to 95 days to 186 days to 277 days to 371 days to 735 days to 1099 days to days Asian FX Asian Forward FX All rates $ per $m CNH HKD SGD THB Tenors 1 to 3 days to 8 days to 15 days to 33 days to 64 days to 95 days to 186 days to 277 days to 371 days to 735 days to 1099 days to days

28 1.45. FX Options 28

29 INTEREST RATE DERIVATIVES (LONDON)- TEIR Tradable Instruments Trading is permitted in the IRD Segment in the following Tradable Instruments: Financial Instruments Interest Rate Swap Fixed/Floating, Floating/Floating, OIS, Zero- Coupon Basis Swap Single Ccy Basis, CCP Basis* Inflation Swap* Cross Currency Swap Fixed/Floating, Floating/Floating Interest Rate Option (caps, floors) Swaption* Midcurves, Physically Settled, Cash Settled Inflation Option* Bond option* Constant Maturity Swap (CMS)* Constant Maturity Swap Option* FRA* CMS FRA* Government bonds (when traded as part of a Package Transaction) *on certain currencies only Trading is permitted in the IRD Segment in the following types of Transactions (including Package Transactions): Transaction Types (where applicable) Outright A Transaction in a single interest rate instrument from the list of Tradable Instruments above ( Interest Rate Products ) Curve Spread A Transaction in two Interest Rate Products of differing tenors Butterfly Sum of two curve spreads Other Swap Strategies* Condor, Box, Basis Spread, Gaps, Basis Gap spreads, Box spreads, Basis Butterfly, Basis Gap Butterfly, Box Butterfly, Basis Condor, etc.** Option Strategies* ** Interest Rate Swap & Future Strategies* FRA Convexity* FRA vs. Future Interest Rate Swap & Government Bond Strategies* Interest Rate option vs. Interest Rate Swap strategy* IOTA* A spread Transaction between an inflation swap rate and the spread between a nominal bond yield and an inflation bond yield *on certain currencies only **Please contact the Operator for the full list. 29

30 1.47. Interest Rate Derivatives Voice trades Interest Rate Derivatives Platform Trades (All rates expressed as basis points) PRODUCT CCY TYPE Rate Notes Interest Rate Swaps no discount structure IRD platform trades GBP Single currency basis swaps Spread: charged on the far leg notional on the length of the gap using the longer duration interest rate and payment frequency Butterfly: charged on the sum of the two spreads 1) on 50% of the body notional and body interest rate and payment frequency 2) on the far leg notional FRA vs Future: charged on only the FRA leg FRA vs OIS: charged on only the FRA leg FRA Spreads and Box: charged on only one leg IRS vs Futures and IRS vs Cash Bond: charged on only the IRS leg 30

31 1.49. Interest Rate Options Voice Trades (All rates expressed as basis points) G10 Interest Rate Options/ Swap Options PREMIUM EUR GBP USD JPY CHF SEK NOK DKK 0-< < < < < < < < Spread Options CMS FRA CMS Swap Bermudan Options Midcurve Bermudan Swaps and Accreters 1.5 x rates 1.5 x rates 1.5 x standard IRS rates 1.75 x rates 2 x rates 1.75 x standard IRS rates Collars - Half trade execution fee charged on each leg of the spread Spreads - Trade execution fee charged on the leg of the spread that would result in the larger execution fee payable Strangles - Trade execution fee charged on the combined premium of the strangle, payable on the notional of one leg only monthly discount on brokerage fees for IRO/ swaptions applied at legal entity level ( OTF voice and platform trades combined) Per CCY K = 0% discount > 12.5k 25% discount (All rates expressed as basis points) Interest Rate Guarantees PREMIUM SEK, NOK, DKK 0-< < < monthly discount on brokerage fee for IR Guarantees applied at legal entity level (OTF voice and platform trades combined) Per CCY K = 0% discount > 12.5k 25% discount (All rates expressed as basis points) LM Interest Rate Options/ Swap Options PREMIUM ZAR/ILS/PLN/ HUF/CZK/TRY USD/RUB SAR/AED 0-< < < < < < < < Spread Options CMS FRA CMS Swap Bermudan Options Midcurve Bermudan Swaps and Accreters 1.5 x rates 1.5 x rates 1.5 x standard IRS rates 1.75 x rates 2 x rates 1.75 x standard IRS rates Collars - Trade execution fee charged on the leg of the spread that would result in the larger execution fee payable Spreads - Trade execution fee charged on the leg of the spread that would result in the larger execution fee payable 31

32 1.50. Inflation Voice Trades PRODUCT TYPE CCY MATURITY BAND Voice rate Additional Details Discount Structure Notes EUR Spread: charged on the longer leg notional on the length of the GBP DV01 of the underlying gap using the longer duration interest rate and payment Voice rate frequency INFLATION Inflation Swaps Butterfly: charged on the body notional on the gap between the wings using the body interest rate and payment frequency Rolls/ Seasonality: charged on 1 year equivalent 32

33 1.51. Interest Rate Options Platform Trades 33

34 1.52. Inflation Platform Trades (All rates expressed as basis points) TYPE CCY Platform rate card Additional Details Discount Structure Monthly volume discount per legal entity on the inflation swap platform: GBP and EUR discount thresholds are separate Notes Spread: charged on the longer leg notional on the length of the gap using the longer duration interest rate and payment frequency Inflation Swaps (platform rates) EUR Butterfly: charged on the body notional on the EUR inflation 0-5kGBP: 0% gap between the wings using the body interest rate and payment frequency 5-10kGBP: -20% discount DV01 of the underlying 10kGBP-15kGBP: -30% discount 15kGBP - 20kGBP: -40% discount >20kGBP: -50% discount GBP GBP inflation Rolls/ Seasonality: charged on 1 year equivalent 0-5kGBP: 0% 5-10kGBP: -20% discount 10kGBP-15kGBP: -30% discount 15kGBP - 20kGBP: -40% discount >20kGBP: -50% discount (All rates expressed as basis points) TYPE CCY BAND OTF rate card EUR < 2 year 0.15 Bonds GBP > 2 year 0.25 USD Inflation Options EUR 0-< GBP 10-< USD 100-< < <

35 INTEREST RATE DERIVATIVES (PARIS)- TEPI Tradable Instruments Trading is permitted in the IRD Segment in the following Tradable Instruments: Financial Instruments Interest Rate Swap Fixed/Floating, Floating/Floating, OIS, Zero- Coupon Basis Swap Single Ccy Basis, CCP Basis* Inflation Swap* Cross Currency Swap Fixed/Floating, Floating/Floating Interest Rate Option (caps, floors) Swaption* Midcurves, Physically Settled, Cash Settled Inflation Option* Bond option* Constant Maturity Swap (CMS)* Constant Maturity Swap Option* FRA* CMS FRA* Government bonds (when traded as part of a Package Transaction) *on certain currencies only Trading is permitted in the IRD Segment in the following types of Transactions (including Package Transactions): Transaction Types (where applicable) Outright A Transaction in a single interest rate instrument from the list of Tradable Instruments above ( Interest Rate Products ) Curve Spread A Transaction in two Interest Rate Products of differing tenors Butterfly Sum of two curve spreads Other Swap Strategies* Condor, Box, Basis Spread, Gaps, Basis Gap spreads, Box spreads, Basis Butterfly, Basis Gap Butterfly, Box Butterfly, Basis Condor, etc.** Option Strategies* ** Interest Rate Swap & Future Strategies* FRA Convexity* FRA vs. Future Interest Rate Swap & Government Bond Strategies* Interest Rate option vs. Interest Rate Swap strategy* IOTA* A spread Transaction between an inflation swap rate and the spread between a nominal bond yield and an inflation bond yield *on certain currencies only **Please contact the Operator for the full list. 35

36 1.54. Interest Rate Derivatives 36

37 1.55. Updates Rate cards Effective date MIC code Comments Inflation swap - platform 01/02/2018 TEIR Volume discount structure amended EGB Paris 19/02/2018 TEPG Rates amended EGB Madrid 19/02/2018 TOMG Rates amended IRD - Euros 19/02/2018 TEIR, TEPI <2Y modified into <=2Y for IRS and basis swaps IRD - GBP - platform 26/02/2018 TEIR, TEPI Rates card for platform added IRD- GBP- platform 26/02/2018 TEPI Rate card removed on the Paris segment. GBP platform applies for London only (TEIR) EGB Paris 19/02/2018 TEPG Greece added EGB Madrid 19/02/2018 TOMG Greece added IRD - all African currencies excl. ZAR 05/03/2018 TEIR, TEPI IRS and CCY swaps rates added FX - all African currencies excl. ZAR 05/03/2018 TEFX,TEPX Fwds and NDF rates added FX - RUB 05/03/2018 TEFX,TEPX NDF RUB rate added Emerging market bonds - African Gvt Bonds 05/03/2018 TOMF, TEPF African Gvt bonds denominated in local currencies excl. ZAR added Interest Rate Derivatives - RON 25/04/2018 TEIR, TEPI Update of the IRD rate for RON from 0.1 to 1 bp Treasury FX (London) - MIC code correction TEFX MIC code was TPFX and was corrected to TEFX EGB Paris 25/04/2018 TEPG Slovenia & Slovakia rates amended: 150EUR per million EUR for trades less than 2MEUR nominal. Above 2MEUR nominal unchanged at 100EUR per million nominal. EGB Madrid 25/04/2018 TOMG Slovenia & Slovakia rates amended: 150EUR per million EUR for trades less than 2MEUR nominal. Above 2MEUR nominal unchanged at 100EUR per million nominal. Energy - Oil 25/04/2018 TECO Oil Rate from 0.01 to Energy - Gas 25/04/2018 TECO Gas rate card removed 37