Who should read these disclosures?
The information on this website is for clients of National Australia Bank Limited (“NAB”) who are US Persons within the meaning of regulations published by the US Commodity Futures Trading Commission (“CFTC”) or deal with NAB’s New York branch concerning products that are within the scope of the CFTC regulations.
What’s included in these disclosures?
NAB is a registered “swap dealer” under the CFTC regulations, and the information below includes disclosures which NAB is required to provide to you pursuant to CFTC regulation 23.431 prior to entering into any pre-trade “Transaction” (as defined in the “General Disclosure Statement for Transactions” of Disclosure Documents published by the International Swaps and Derivatives Association, Inc.).
For information on the material characteristics that would generally apply to certain swap transactions that we would execute with you, please view the “Material Economic Terms” section and the “Material Risk Disclosures” below.
Other important disclosures are contained in “Additional Important Client Information” below.
To the extent that the provisions of any specific trade would differ from the generally applicable terms or if any additional deal-specific terms exist, such specific provisions will be disclosed to you in a trade specific pre-trade disclosure. This disclosure should be viewed as the principal pre-trade disclosure with respect to those provisions, and the terms of any Transaction will continue to be documented in a post-trade written confirmation or other document evidencing the Transaction.
By transacting with NAB, you are deemed to acknowledge that you have read and accepted the information provided on this website. The information on this website may be updated from time to time, so we encourage you to review the content prior to entering into any Transaction.
A confirmation, term sheet or other documentation we directly provide to you in respect of an actual swap will supersede the information on this website and, to the extent inconsistent, such confirmation or other documentation will take precedence.
Material economic terms
The tables in the links below set out the minimum Material Economic Terms (“METs”) that would generally apply to any swap of that type that we enter into with you. The METs may be supplemented by transaction-specific material terms which may be communicated to you prior to trading.
Material Economic Terms – Commodity (PDF, 80KB), opens in new window
Material Economic Terms – Credit (PDF, 112KB), opens in new window
Material Economic Terms – Equity (PDF, 127KB), opens in new window
Material Economic Terms – Foreign Exchange (PDF, 132KB), opens in new window
Material Economic Terms – Interest Rate (PDF, 116KB), opens in new window
Before entering into any Transaction, you should conduct a thorough and independent evaluation of all the terms and risks of the Transaction in light of your particular circumstances and the nature and extent of your exposure to, and willingness to incur, risk.
You should also consider whether the Transaction is appropriate for you in light of your experience, objectives, financial and operational resources and other relevant circumstances. Unless expressly agreed in writing, we are not providing you with legal, financial, tax, accounting or other advice in connection with any Transaction.
Material risk disclosures
The General Disclosure Statement for Transactions (PDF, 529KB), opens in new window and each of the product-specific disclosure documents (the “Disclosure Documents”) contain important information that NAB is required to disclose to you prior to entering into a swap. The format and content of these disclosures were developed by a group of industry participants in the over-the-counter derivatives market, coordinated by the International Swaps & Derivatives Association, Inc. The disclosures may discuss product types or features that are not relevant to your Transaction. In order to assess the material risks, characteristics and material incentives and conflicts of interests before entering into any Transaction, please review the “General Disclosure Statement” below and the disclosure annexes for the relevant products.
The Disclosure Documents will apply to all standard Transactions between you and NAB. Where more specific disclosures of material risks may be necessary with respect to a Transaction between you and NAB in addition to the Disclosure Documents, you will be provided with alternative (or supplementary) disclosures suitable for such Transactions.
Disclosure Documents published by the International Swaps & Derivatives Association, Inc.
Additional important client information
Pre-Trade Mid-Market Mark Information
NAB will provide you with a pre-trade mid-market mark pursuant to CFTC regulation 23.431(d). The following link contains important counterparty information relating to the mid-market mark.
Post-Trade Daily Mark Statement Information
Pursuant to CFTC regulation 23.431(d), you have the right to receive a daily mark from either the relevant designated clearing organization, for cleared swap transactions, or NAB, for uncleared swap transactions. The following link contains important counterparty information relating to the daily mark.
Telephone Conversation Recordings
NAB is required under the CFTC regulations to record telephone conversations with counterparties relating to any proposed swap transaction or related cash or forward transaction. By transacting with NAB and to the extent permitted by applicable law, you are deemed to have consented and obtained any necessary consent from those individuals communicating with NAB on your behalf (whether employees, contractors, agents or others) to such recording and to the submission of such recording as evidence in any legal proceedings, or to any regulator, court or other authority to whom NAB may be required by law to provide.
NAB cannot execute a trade order left by a customer over voicemail as it is not an acceptable form of communication for swap dealing activity. If you leave an order over voicemail, NAB will follow up with you via a recorded telephone line or another approved form of electronic or written communication.
Prior to entering into any Transaction not made available for trading on a designated contract market or swap execution facility, you may request and consult on the design of a scenario analysis to allow you to assess your potential exposure in connection with such Transaction pursuant to CFTC regulation 23.431(b).
Complaints and Disputes
If you have a dispute with us, or you are dissatisfied with the service that NAB has provided or how we manage our business, please contact NAB Markets Divisional Control by emailing: email@example.com.
No information set out above constitutes advice, an advertisement, an invitation, a confirmation, an offer or a solicitation, to buy or sell any security or other financial, credit or lending product or to engage in any investment activity, or an offer of any banking or financial service. Some products or services mentioned on this website may not be suitable for you and may not be available in all jurisdictions.
All securities and financial products or instrument transactions involve risks. Past performance of any product described on this site is not a reliable indication of future performance.
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