Natixis (“we”, “us”, “Natixis”) is registered as a swap dealer with the Commodity Futures Trading Commission (“CFTC”) and a security-based swap dealer with the Securities and Exchange Commission (“SEC”). As a swap dealer and security-based swap dealer, Natixis must comply with several regulatory requirements of the Dodd–Frank Wall Street Reform and Consumer Protection Act and related CFTC and SEC regulations regarding the communication of material disclosures to certain counterparties or prospective counterparties prior to entering into any over-the-counter derivatives transactions known as “swaps”, as defined by the CFTC or “security-based swaps” as defined by the SEC. The disclosures below are intended to provide you, as a swaps/security-based swaps counterparty or representative of a swaps/security-based swaps counterparty, with information regarding the material risks, material terms and characteristics, and material incentives and conflicts of interest as well as the daily mid-market mark associated with swaps/security-based swaps you may enter into with Natixis.
Before entering into a swap/security-based swap transaction with Natixis, we remind you that Natixis is operating under Alternative Compliance rule 240.18a-10(b) and is therefore complying with the applicable capital, margin, segregation, recordkeeping and reporting requirements of the Commodity Exchange Act /CFTC in lieu of complying with the capital, margin, segregation, recordkeeping, and reporting requirements promulgated by the Commission in §§ 240.18a-1 and 240.18a-3 through 240.18a-9;
Before entering into a swap/security-based swap transaction with Natixis, we recommend that you read and understand the relevant disclosures provided below and seek any advice that you consider necessary or desirable. If you have any questions regarding the disclosures provided below, or with respect to any particular swap/security-based swap transaction you are considering entering into with Natixis, please contact your Natixis sales representatives.
Natixis is required to make disclosures regarding the material risks of swap/security-based swap transactions, including market, credit, liquidity, foreign currency, legal, operational risks, and other applicable risks.
The International Swaps and Derivatives Association (“ISDA”) makes available certain documents that describe the material risks of swap and security-based swap transactions. The following links provide guidance on these material risks. The General Disclosure Statement (whose link is provided below) describes the material risk characteristics of a variety of swaps, while various Asset-Specific Disclosures (whose links are provided below) describe the material risk characteristics of specific classes of swaps. The General Disclosure Statement should be read in conjunction with the relevant Asset-Specific Disclosure for a given swap transaction.
Further to the disclosures provided below, other disclosures may apply from time to time depending on the swap transaction being contemplated, particularly in the case of bespoke or customized swaps. When applicable, you should examine carefully these additional disclosures.
|March 1, 2018||General Disclosure Statement|
|February 16, 2019||ABS Swap Disclosure Annex|
|February 11, 2019||Commodities Derivatives Disclosure Annex|
|October 19, 2018||Credit Derivatives Disclosure Annex|
|November 9, 2018||Equity Derivatives Disclosure Annex|
|October 30, 2018||FX Disclosure Annex|
|March 1, 2018||Interest Rate Derivatives Disclosure Annex|
|October 9, 2020||IBOR Alternative Reference Rates Disclosure Annex|
Material Terms & Characteristics
Natixis is required to make disclosures of the material terms and characteristics of swap and security-based swap transactions, including the material economic terms of, the terms relating to the operation of, and the rights and obligations of counterparties during the term of, a relevant swap/security-based swap. The following links provide guidance on these material characteristics.
Please be advised that this information does not supersede in any way the information contained in any applicable transaction-level and relationship-level documentation you have exchanged or will exchange with us including, without limitation, any term sheet, confirmation, master agreement, or master confirmation agreement.
Please also be advised that your use of this documentation shall follow the owners’ applicable terms and conditions. If you have any questions on the material terms and characteristics of the swap/security-based swap transactions or on the information provided below, please contact your Natixis sales representative.
|1992 ISDA Master Agreement (Local Currency – Single Jurisdiction)|
|1992 ISDA Master Agreement (Multicurrency – Cross Border)|
|User’s Guide to the 1992 ISDA Master Agreements|
|2002 ISDA Master Agreement|
|User’s Guide to the 2002 ISDA Master Agreement|
|ISDA Commodities Documentation Matrix|
|2005 ISDA Commodity Definitions|
|Supplement to Sub-Annex A to the 2005 ISDA Commodity Definitions|
North American Loan CDS and LCDX Documentation
|2000 ISDA Definitions|
|2003 ISDA Credit Derivatives Definitions|
|2003 ISDA Credit Derivatives Definitions (incorporating the May 2003 Supplement and the July 2009 Supplement)|
|2006 ISDA Definitions|
|2014 ISDA Credit Derivatives Definitions|
|2019 Narrowly Tailored Credit Event Supplement to the 2014 ISDA Credit Derivatives Definitions|
|1994 ISDA Equity Option Definitions|
|1996 ISDA Equity Derivatives Definitions|
|2002 ISDA Equity Derivatives Definitions|
|User's Guide to the 2002 ISDA Equity Derivatives Definition|
|2007 Full Lookthrough Depository Receipt Supplement to the 2002 Equity Derivatives Definitions|
|2007 Partial Look-through Depository Receipt Supplement to the 2002 ISDA Equity Derivatives Definitions|
|2006 ISDA Definitions|
|2006 ISDA Fund Derivatives Definitions|
|2011 ISDA Equity Derivatives Definitions|
|Appendix to the Main Book of the 2011 ISDA Equity Derivatives Definitions|
|1998 FX and Currency Options Definitions|
|User's Guide to the 1998 FX and Currency Options Definitions|
|Compendium of Amendments to Annex A to the 1998 FX and Currency Option Definitions|
|GFMA Material Swap Characteristics|
|EMTA FX and Currency Derivatives Documentation|
|EMTA FX and Currency Derivatives Current Templates|
|2006 ISDA Definitions|
Material Incentives and Material Conflicts of Interest
Natixis is required to make disclosures regarding the material incentives and conflicts of interest that may arise between you and Natixis in connection with Natixis entering into swaps/security-based swap with you. Conflicts of interests can arise in particular when Natixis has an economic or other incentive to act, or persuade you to act, in a way that favors Natixis or its affiliates. The General Disclosure Statement (whose link is provided above) describes typical material incentives and conflicts of interest that Natixis may have with respect to swap/security-based swap transactions it enters into. It should be read in conjunction with the additional disclosure of material incentives and conflicts of interest described below.
Applicable law permits you to choose the clearing organization (“Clearing House”) to which you submit a swap for clearing. You should be aware that Natixis may not be a member of, or may not otherwise be able to submit your swap to, the Clearing House of your choice. Natixis consequently has an incentive to persuade you to use a Clearing House of which Natixis or its affiliate is a member.
In addition, an exchange (i.e., designated contract market), swap execution facility (each, a "Trading Facility"), or Clearing House may from time to time have in place other arrangements that provide their members or participants with volume, market-making or other discounts or credits, may call for members or participants to pre-pay fees based on volume thresholds, or may provide other incentive or arrangements that are intended to encourage market participants to trade on or direct trades to that Trading Facility or Clearing House. Natixis or an affiliate may participate in and obtain financial benefits from such incentive programs. When we provide execution services to you, we may direct orders to affiliated or unaffiliated market-makers, other executing firms, individual brokers or brokerage groups for execution. When such affiliated or unaffiliated parties are used, they may, where permitted, agree to price concessions, volume discounts or refunds, rebates, or similar payments in return for receiving such business.
Finally, where permitted by applicable law (including, where applicable, the rules of the applicable Trading Facility), Natixis, its directors, officers, employees, and affiliates may act on the other side of your order or transaction by the purchase or sale for an account, or the execution of a transaction with a counterparty, in which Natixis or a person affiliated with Natixis has a direct or indirect interest, or may affect any such order with a counterparty that provides Natixis or its affiliates with discounts related to fees for swap/security-based swap transactions. In cases where we have offered you a discounted commission or clearing fee for swap transactions executed through Natixis as agent or with Natixis or its affiliate acting as counterparty, Natixis or its affiliate may be doing so because of the enhanced profit potential resulting from acting as executing broker or counterparty..
Daily Mid-Market Mark
This section applies to all customers who are US Persons that are not Swap Dealers or Major Swap Participants or Security-Based Swap Dealers and Security-Based Major Swap Participants.
Natixis is required to provide the Mid-Market Mark (“Daily Mark”) for all swaps and Security-Based swaps we have with you that are not cleared by a Central Clearing Counterparty and to disclose the methodology and assumptions used to prepare the Daily Mark. These methodology and assumptions are provided to you for informational purposes an general guidance only and should be treated as confidential information.
The content of this disclosure does not represent legal, financial, tax, accounting or other advice. The Daily Mark is not intended to serve as a valuation or appraisal of a Swap or Security-Based Swap, and Natixis does not represent it as a basis for valuing a Swap or a Security-Based Swap in your financial statements, for tax or regulatory reporting, or otherwise.
While Natixis has reviewed documentation maintained by ISDA, including ISDA’s General Disclosure Statement and Asset-Specific Disclosures, it makes no representation as to their content, which may change at any time without notice and without our knowledge. Information provided through this webpage is also subject to change without prior notice; please visit this website regularly to ensure that you have the most up-to-date information.
No document produced by ISDA may be reproduced or distributed without ISDA's written permission except ISDA Master Agreements, ISDA Credit Support Documents and standardized general and product specific risk disclosures published by ISDA, which may be reproduced and distributed solely for use in documenting specific commercial transactions. Content of the ISDA Documents is protected by copyright pursuant to U.S. and international copyright laws. In no event may any copyright or trademark notice be removed.
Natixis shall not be liable for any decision taken on the basis of the information disclosed on this webpage.
We invite you to regularly check these websites as information contained therein is subject to change.
Please contact one of our Compliance specialists if you would like additional information on any of these disclosures.
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