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Dodd Frank Disclosures

Dodd Frank Disclosures

As a “swap dealer” provisionally registered with the Commodity Futures Trading Commission (“CFTC”), Westpac Banking Corporation (ABN 33 007 457 141) must provide disclosures of material information to certain U.S counterparties other than swap dealers and major swap participants under the requirements of CFTC regulation 23.431.

 

You should note that any confirmation 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. 

 

By transacting with Westpac, 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 and so we encourage you to review the content prior to entering into any Transaction.

Dodd Frank Material Disclosures


The General Disclosure Statement and each of the Annexes (together the “DF Disclosure”) published by the International Swaps and Derivatives Association, Inc. (“ISDA”), provide a description of the material characteristics, risks, and material incentives and conflicts of interest with respect to these swap transactions. These can be accessed using the links below.

General Disclosure Statement (PDF 381KB)

Interest rate Derivatives Disclosures Annex (PDF 115KB)

FX Derivatives Disclosure Annex (PDF 73KB)

Equity Derivatives Disclosures Annex (PDF 164KB)

Credit Derivatives Disclosure Annex (PDF 275KB)

Commodity Derivatives Disclosure Annex (PDF 147KB)

Asset Backed Securities Disclosure Annex (PDF 71KB)

 

In addition to these disclosures, additional disclosures detailing specific risks of a particular swap may be disclosed to you by us prior to you entering into the swap with us.

The International Swaps and Derivatives Association, Inc. ("ISDA") holds copyright on certain ISDA documents and these may not be reproduced or distributed without ISDA's written permission, except the 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. In no event may any copyright or trademark notice be removed.

Your use of the DF Disclosure should be undertaken only after securing appropriate legal advice on its provisions and neither Westpac nor ISDA makes any representation, warranty or assurance, express or implied, concerning the suitability of the DF Disclosure for use in any particular transaction and bears no responsibility or liability whatsoever, whether in tort or in contract, in respect of any use of the DF Disclosure.

Use of ISDA documentation to document transactions should be undertaken only after securing appropriate legal advice on its provisions. ISDA makes no warranty, express or implied, concerning the respective instruments' suitability for use in any particular transaction and bears no responsibility or liability whatsoever, whether in tort or in contract, in respect of any use of these instruments.

Material Economic Terms (METs) Disclosures

The tables below set out the minimum 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.
 

Before entering into any swap transaction, you should conduct a thorough and independent evaluation of the terms 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 swap transaction.

 

Material Economic Terms – Commodity (PDF 287KB)
Material Economic Terms – Credit (PDF 283KB)
Material Economic Terms – Equity (PDF 345KB)
Material Economic Terms – Foreign Exchange (PDF 270KB)
Material Economic Terms – Interest Rate (PDF 284KB)

Pre-Trade Mid-Market Marks

With respect to swaps executed by you with Westpac, Westpac will provide you with a pre-trade Mid-Market Mark, pursuant to CFTC regulation 23.431(a)(3)(i).

Scenario Analysis

Prior to entering into a swap that is 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 pursuant to CFTC regulation 23.431(b). Contact your usual Westpac relationship manager for further information.

Daily Mark

Pursuant to CFTC regulation 23.431(d):

  • For cleared swaps, you have the right to receive the Daily Mark from the relevant derivatives clearing organization upon request,
  • For uncleared swaps, Westpac will provide you with a Daily Mark. Your Daily Marks will be made available on the following webpage; https://dailymark.integrate.net.au/DTIP/DailyMark/
     

Westpac’s methodology for the calculation of the Daily Mark is available below:

Daily Mid-Market Marks (Daily Marks) (PDF 208KB)

Things you should know

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