MiFID / MiFIR is a regulatory framework which sets high investor protection standards throughout Europe and regulates and harmonises trading in financial instruments. MiFID II is the revision and continuation of MiFID I due to changes in market structures as a result of the financial crisis and is particularly intended to increase transparency in the markets and the efficiency and integrity of financial markets.
The MiFID II Directive / MiFIR Regulation contains stricter rules for the sale of financial products to protect investors and will be implemented as of 3 January 2018.
MiFID II and MIFIR won´t result in changes to the range of products and services offered by UniCredit Bank AG.
Disclosure in relation to the European financial markets regulations (MiFID II)
Starting from 03 January 2018, new regulations apply to customers wishing to execute transactions in financial instruments. Target group of the following information are professional clients and eligible counterparties.
In line with the new MiFID II regulation, UniCredit Bank AG provides you in the following with a cost information. The cost information shall inform you about all costs and charges in relation to the financial instrument before executing a transaction. It shall not in any way replace or amend our Terms & Conditions available here .
COSTS & CHARGES DISCLOSURE
Costs and charges can be divided into
Where applicable, inducements will be disclosed separately as part of the cost of investment services. The aggregated costs and charges are calculated and expressed both as an Euro cash amount and percentage based on an assumed notional amount. Costs are presented in aggregated form and can be divided into entry, running and exit costs.
The costs and charges reflect estimates valid under normal market conditions and are calculated based on past experience and market practices. All information will be kept up to date.
For OTC derivatives, costs and charges generally only relate to costs of the financial instrument. Running costs and exit costs do not apply, as OTC derivatives are assumed to be held until maturity. Costs and charges are depending on whether OTC derivatives are traded under a collateral agreement (collateralized) or non-collateralized. For further information, please refer to your individual collateral agreement or contact your personal UniCredit Bank AG sales representative.
In case of investment products, costs and charges may occur in relation to the financial instrument, investment services and/or ancillary services. Exit costs occur when selling the financial instrument before maturity. Where applicable, exit costs are assumed to be equal to entry costs. Depending on financial instruments, running costs can incurre as part of costs of the financial instrument or investment services.
The illustration of the cumulative effect of cost on return describes the impact of the costs on the return of your investment product. E.g. assuming a total cost of 12,500 EUR the return in total would be higher by 12,500 EUR (total cost) or 1.25% (total costs in %) without taking into account the costs in relation to the assumed investment amount (1,000,000 EUR).
Please find below a table for all costs and charges divided into product groups, maturity and currency. The costs and charges are based on the nominal amount or an assumed notional amount as specified in the table and are valid under normal market conditions.
An overview can be found here:
For information on cost and charges in relation to a specific product group, please select the product group here:
Private Placements and Commercial Papers
Interest rate derivatives
Foreign Exchange derivatives
In case you require additional information on products and services, please contact your personal UniCredit Bank AG sales representative.
On the occasion of MiFID II becoming effective from the beginning of 2018, UniCredit will introduce the necessary paywalls for access to the relevant research for those clients who will fall within the remits of MiFID II.
Asset managers, who on a firm-wide basis state to us that our research is to them a minor non-monetary benefit, will be able to continue to receive our research free of charge.
For MiFID regulated clients, who cannot make such a declaration, the price will be determined on the basis of the total cost of producing and delivering the UniCredit's award winning research. Because of UniCredit's large and diverse client base, most of whom do not fall within MiFID II, we will be able to offer our high quality research to the impacted clients at relatively modest prices.
Specifically, for all UniCredit Clients, all macro and strategy research remains free. Paying will be required only for credit research. For credit research, we'll charge EUR 10,000 a year per asset manager for continued full access (i.e. Research reports and unlimited access to analysts), or EUR 2,500 for a basic package (i.e. publications-only package - no access to credit analysts).
Clients within the MiFID II remit, who do not provide a statement of "minor non-monetary benefit" or sign up to one of these two options, will lose access to our single-name credit research as of 3January 2018.
At a glance
UniCredit´s "easy-to-deal-with" approach
EUR 10,000 for the full package
EUR 2,500 for access to all publications
UniCredit Research´s offer
Free of Charge package = EUR 0
Basic Package = EUR 2,500
Free of charge package + all credit publications. No access to credit analysts
Full package = EUR 10,000
Access to Credit Analysts via
Local presence in 13 locations
Fixed Income and Credit Research´s rankings & awards
The poll results highlight the following:
Global Capital Bond Awards 2017: #3 Most Impressive Bond Research
*FI Strategy, **CEE Economics, ***Includes Regulatory & Accounting Service, ****average of all categories in which UniCredit Research has a top-10 ranking; Source: Euromoney, UniCredit Research
According to Article 4 MiFID II UniCredit Bank AG is a Systematic Internaliser for the following classes or subclasses of financial instruments:
UniCredit Bank AG registered (opt-in application) with BaFin as the applicable National Competent Authority.
Relevant financial instruments are traded/offered via trading venues or over-the counter. Future changes of registration status will be communicated by UniCredit Bank AG.
UniCredit Bank AG will fulfil the regulatory requirements concerning trade transparency via the APA/ARM Dt. Börse (Delegated Act (EU) 2017/583 and 2017/587 Article 20 and 21 MiFIR) and will publish quarterly quality of execution reports (Delegated Act (EU) 2016/3333 in addition to Directive 2014/65/EU) on the internet https://www.hvb.de/mifid .
UniCredit Bank AG’s identifiers are:
MIC Code: UCDE
Terms of business and access to published quotes according to Article 14 and Article 18 MiFIR are determined in following document:
According to Article 30(1) of MiFIR indirect clearing arrangements with regard to exchange-traded derivatives (ETDs) are permissible provided that those arrangements do (i) not increase counterparty risk and (ii) ensure that the counterparty benefits from a protection with equivalent effect to the one which is guaranteed for direct clients by Articles 39 and 48 of Regulation (EU) No. 648/2012 of the European Parliament and of the Council of 4 July 2012 on OTC derivatives central counterparties and trade repositories (EMIR).
UniCredit Bank AG is a "financial counterparty" as defined in EMIR and our LEI No. is:
UniCredit Bank AG is a financial institution in category 1 regarding the clearing obligation of interest rate derivatives in EUR, GBP, JPY, USD, NOK, PLN and SEK. As well as a financial institution in category 2 regarding the clearing obligation of credit derivatives.
In accordance with article 36 EMIR (EU 2016/2251) UniCredit Bank AG does comply with their initial margin obligation by 1st September 2018.
UniCredit Bank AG is a "Large Financial Counterparty (FC+)" as defined in Swiss Federal Act on Market Infrastructures and Market Conduct in Securities and Derivatives Trading of 19 June 2015 ("FMIA")
UniCredit Bank AG has a preliminary registration as Swap Dealer ("SD") under CFTC, as well as a member of the "National Futures Association" ("NFA").
The following information does not apply to private individuals, as the requirements of EMIR do not apply to them. It is intended for counterparties within the meaning of Article 2 (8)-(10).
Under the provisions of the European Market Infrastructure Regulation 648/2012 of 4 July 2012 (EMIR), central counterparties (CCPs) and their clearing members shall offer their clients (FCs, NFCs) at least the choice between omnibus client and individual client account segregation.
Below you will find information on these types of account segregation, the level of protection and the related costs, fees and risks.
UniCredit Bank AG is required pursuant to Art. 39 (7) EMIR to make this information publicly available. These publications will be updated from time to time.
Please contact your account manager if you have any questions.
Conditions and Pricing Guidelines for the Clearing of Listed Derivatives Products (ETD’s) under EMIR Articles 38(1) and 39(7) and Commission Delegated Regulation (EU) 2017/2154 supplementing Regulation (EU) No 600/2014 (MIFIR-RTS)