Material Terms and Characteristics Disclosures
With respect to the material terms and characteristics of any swap or SBS to be entered into with us, you should refer to the applicable transaction-level and relationship-level documentation including, without limitation, any term sheet, confirmation (including any confirmation relating to a previously-executed swap or SBS), pre-confirmation, master agreement, master confirmation agreement or any other document similar or equivalent to any of the foregoing.
Additional information, including standard product terms, reference price information, confirmation templates, standard market practice information and market conventions for various asset classes may also be found at external sources, including the following:
- https://www2.isda.org/asset-classes/
- https://www.markit.com/documentation
- https://www.lppm.com/good-delivery/
- https://www.lbma.org.uk/pricing-and-statistics
- https://www.lbma.org.uk/LBMA-silver-price
- https://cdn.lbma.org.uk/downloads/Publications/LBMA-The-Guide-2017-v1.pdf
Except as otherwise specified in any documentation provided to you, the material economic terms applicable to any Commodity underlying a swap will be the material economic terms for such Commodity published by the Price Source specified for the related Commodity Reference Price. For this purpose, "Commodity", "Commodity Reference Price", and "Price Source" shall have the meanings specified in Section 7.2(c) of the 2005 ISDA Commodity Definitions, as amended. We do not supply fixings for London Bullion since we do not execute bullion activity. We value our client positions by using the Reuters spot price snapped at 20:00 LDN time.
Prior to entry into any swap or SBS between us, we will communicate to you what we understand to be the material economic terms of that swap or SBS. Where we are acting as prime broker on a swap, certain disclosures may be provided to you by the executing dealers acting on our behalf. If you believe that a material economic term of the swap or SBS was required from us and has not been provided to you, please notify your SG relationship contact, who will provide this information to you upon request. Documentation provided by SG may incorporate by reference certain other documents and definitions, including those published by ISDA. Such referenced documents or definitions (including those listed at https://www.isda.org/books/ ) are available from your SG relationship contact upon request.
If you and we enter into a swap or SBS that is cleared through a clearinghouse or executed through a trading platform that prescribes the terms of the swap or SBS, the swap or SBS will have the terms specified by the applicable clearinghouse or trading platform and, subject to the rules of the clearinghouse or trading platform, any additional terms that you and we expressly agree upon in connection with the swap or SBS. If you and we enter into a swap or SBS for "give-up" to a third party, the terms of the swap or SBS will be subject to the terms of any agreement with that third party. Similarly, if you and a third party enter into a swap or SBS for "give-up" to us as prime broker, the terms of the swap or SBS will be subject to the terms of any agreement with that third party.
To the extent you are trading swaps “intended to be cleared” contemporaneously with execution (“ITBC Swaps”) with us, you agree that any ITBC Swap that is rejected from clearing shall be void ab initio.
To the extent you are trading SBS with us, we are required to provide you with a list of the clearinghouses through which SG clears SBS. For a full list of these clearinghouses, please see the link below:
https://www.isda.org/2021/05/03/current-security-based-swap-clearing
If you have any additional questions regarding any swap or SBS that have not been otherwise addressed by the materials that have been provided to you prior to entry into the swap or SBS, please address those questions to your SG relationship contact before trading. By entering into a swap or SBS, you will be deemed to acknowledge that you have received from us prior to entry into such swap or SBS, and in a manner acceptable to you, disclosures, notifications and other information sufficient for you to evaluate: (i) the material risks of the swap or SBS, including market, credit, liquidity, foreign currency, legal, operational and other applicable risks, (ii) the material characteristics of the swap or SBS, including all material economic terms, operational terms, and the rights and obligations of the parties during the term of the swap or SBS, and (iii) the material incentives and conflicts of interest that may apply with respect to the swap or SBS. We may from time to time provide you with additional notifications and disclosures relating to a particular swap or SBS or trading strategy involving a swap or SBS, including disclosures regarding the material risks and characteristics of such swap or SBS or trading strategy involving a swap or SBS, in addition to the notifications and disclosures provided on or through this website.
The tables contained in the following file identify the typical material economic terms that will apply to a variety of swap transaction types that SG may enter into with counterparties from time to time or SBS transactions that SG may enter into with counterparties from time to time. Any confirmation, other documentation or transaction-specific pre-trade information that we provide directly to you in respect of an actual or potential swap or SBS will supersede the information on this website and any market conventions and, to the extent inconsistent, such confirmation, other documentation or transaction-specific pre-trade information will control. In addition, the agreed upon terms of any swap or SBS that we enter into with you will be set forth in the confirmation or other agreement that you and we enter into with respect to that swap or SBS and may differ materially from the terms set forth in the forms and tables available on or through this website. By making this website available, SG does not indicate its willingness to enter into any swap or SBS with any counterparty on any terms.