Following the financial crisis in 2008, the leaders of the Group of Twenty (G20) nations agreed to a series of measures to increase the transparency of the derivatives market and to reduce systemic risks.

Global regulatory reform initiatives have already been completed or are underway to implement these measures – e.g., the US Dodd-Frank Wall Street Reform and Consumer Protection Act (“Dodd-Frank Act”) of the USA and the European Market Infrastructure Regulation (“EMIR”) in the European Union.

The Swiss law on derivative trading (“FinfraG” – Finanzmarktinfrastrukturgesetz, Federal Act on Financial Market Infrastructures (“FMIA”)) has entered into force on 01 January 2016.

Depending on the specific regulation, each reform contains some or all of the following obligations:

  • reporting of derivative transactions to authorized trade repositories
  • central clearing of certain OTC derivative contracts
  • a variety of accompanying risk mitigation techniques for uncleared OTC derivatives transactions
  • trading of OTC contracts on an exchange or electronic trading platform.

DERIVATIVE REFORMS IMPLEMENTATION IN BANK JULIUS BAER & CO.LTD.

In order to facilitate the collaboration with counterparties and clients, this website aims to provide some basic information on the implementation of these regulations in Bank Julius Baer & Co. Ltd.

CFTC INTERIM COMPLIANCE IDENTIFIER (CICI) / LEGAL ENTITY IDENTIFIER (LEI)

Bank Julius Baer & Co. Ltd., Bahnhofstrasse 36, 8001 Zürich, Switzerland:

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DODD-FRANK

  • Bank Julius Baer & Co. Ltd. is neither registered as a “Swap Dealer” nor as a “Major Swap Participant” according to Dodd-Frank.
  • As confirmed in the Cross-Border Representation Letter, Bank Julius Baer & Co. Ltd. is not a U.S. Person under the definition of the Dodd-Frank Act, neither is it an Affiliate Conduit or U.S. Person Guaranteed.
  • Bank Julius Baer & Co. Ltd. is an “Eligible Contract Participant” as defined under Dodd-Frank.
  • Bank Julius Baer & Co. Ltd. has signed the ISDA August 2012 Dodd-Frank Protocol as well as the ISDA March 2013 Dodd-Frank Protocol. Both Protocols can be found on the ISDA website¹

EMIR

  • Being established in Switzerland, Bank Julius Baer & Co. Ltd. is classified as third country entity.
  • Bank Julius Baer & Co. Ltd. is an equivalent to a Financial Counterparty (FC).
  • Bank Julius Baer & Co. Ltd. has signed the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol, which can be found on the ISDA website¹:
  • As stated in the ISDA 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol Adherence Letter, Bank Julius Baer & Co. Ltd. is a Portfolio Data Sending Entity. Local Business Days of Zurich apply.
  • Bank Julius Baer & Co. Ltd. uses TriOptima’s Quick Port Platform for its portfolio reconciliation processes.
  • For further information please see the latest BJB FAQs

FINFRAG

  • FinfraG applies to Bank Julius Baer & Co. Ltd. in Switzerland including its branches in Singapore, Hong Kong and Guernsey.
  • Bank Julius Baer & Co. Ltd. is classified as Financial Counterparty above the threshold (FC+).
  • Bank Julius Baer & Co. Ltd. uses TriOptima’s Quick Port Platform for its portfolio reconciliation processes.

BACKGROUNDINFORMATION ON BANK JULIUS BAER & CO. LTD.:

Bank Julius Baer & Co. Ltd. is a 100% subsidiary of Julius Baer Group Ltd.. Bank Julius Baer & Co. Ltd., the renowned Swiss private bank with origins dating back to 1890, is the Group’s largest company and main operating entity.

¹The „International Swaps & Derivatives Association, Inc.“ („ISDA“) holds copyright on certain ISDA documents and these documents may not be reproduced or distributed without ISDA’s written permission.