MiFID for CIB clients

General References

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.

Cost Information for Professional Clients and Eligible Counterparties

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. Cost information for retail clients can be found on this site.

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

  • "costs of the financial instrument",
  • "cost of investment services and/or ancillary services" and
  • third party payments (inducements).

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:

Cost overview

For information on cost and charges in relation to a specific product group, please select the product group here:

Investment products

Bonds
ETFs
Private Placements and Commercial Papers

OTC derivatives

Interest rate derivatives
Commodity products
Credit derivatives
Equity derivatives
Foreign Exchange derivatives


In case you require additional information on products and services, please contact your personal UniCredit Bank AG sales representative.

Cost Information for Retail Clients

Disclosure in relation to the European financial markets regulations (MiFID II)

For MiFID retail customers wishing to execute FX Forwards and FX Swaps transactions via phone, the following information applies from 03 January 2018.

In line with the new MiFID II regulation, all retail clients will receive a transaction-based cost information prior to the execution of each transaction. For FX Forwards transactions and FX Swaps transactions via phone (short "FX transactions via phone"), UniCredit Bank AG will provide you with the following cost information. This shall inform you about all costs and charges in relation to a to an FX transaction via phone before executing a transaction. It shall not in any way replace or amend our Terms & Conditions available  here .

In addition to this cost information, the sales representative will disclose the transaction-specific costs on the phone.


COSTS & CHARGES DISCLOSURE

Costs and charges can be divided into

  • "costs of the financial instrument",
  • "cost of investment services and/or ancillary services" and
  • third party payments (inducements).

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 FX Forwards and FX Swaps costs and charges generally only relate to costs of the financial instrument. Running costs and exit costs do not apply for FX Forwards and FX Swaps as they are assumed to be held until maturity.

Please find below a table for all costs and charges divided into the product groups "FX Forwards" and "FX Swaps", maturity and currency pairs. The costs and charges are based on the nominal amount or notional amount as specified in the table and are valid under normal market conditions.

Cost overview

In case you require additional information on products and services, please contact your personal UniCredit Bank AG sales representative.

Reporting

Reporting in accordance with RTS27:

Reports to fulfil reporting obligation, as defined by RTS 27, are not available yet. We expect publication of such data within the next days.

Reporting 2017:

Reporting Top-5-Execution-Venue in accordance with  RTS28 CSV-File

Reporting Top-5-Execution-Venue in accordance with  RTS28 PDF-File

Information in accordance with MiFID II Directive 2014/65 EU and Delegated Regulation (EU) 2017/576 (RTS 28) as of 08.06.2016

LEI (Legal Entity Identifier) of UniCredit Bank AG

Please note that the LEI of UniCredit Bank AG is as follows: 2ZCNRR8UK83OBTEK2170

Research

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

  • With the implementation of MiFID II applying to Research as of 3 January 2018, European asset managers will have to pay for some research services.
  • Research is an inducement, but in many cases one of the acceptable inducements, the so-called minor non-monetary benefits (MNMB), which are allowed to be received/provided free of charge.
  • The intention of UniCredit's research pricing methodology is to give our clients the possibility to consume our research as easily as possible.
  • We do not intend to have European asset managers subsidize all our research costs. We bear in mind that we do not produce research for European asset managers only.

UniCredit´s "easy-to-deal-with" approach

EUR 10,000 for the full package

EUR 2,500 for access to all publications

  • Prices are annual flat-fees.
  • Unlimited access to all users of the client's group.
  • We consider a huge part of our research as qualifying as acceptable minor non-monetary benefits and therefore as acceptable inducements, which can be consumed free of charge by most of our asset managers.
  • Asset managers, who on a firm-wide basis confirm to us that our research is a minor non-monetary benefit to them or who are not subject to inducement provisions under MiFID II for other reasons, will be able to continue to receive our research free of charge.
  • Individual selection of publications and services possible.
  • Access to "UniCredit Research Portal" and to external aggregators is included (Bloomberg, UniCredit Research Portal, Factset, Thomson Reuters and S&P Capital IQ).
  • To receive a draft contract, please send an email to your UniCredit Sales respresentative.

UniCredit Research´s offer

MIFID Research Offer

 

Free of Charge package = EUR 0

  1.  
  2. Macro Publications
  3. FI Publications
  4. FX Publications
  5. Cross Asset Publications
  6. Credit Publications
  7. Access to Economists via
  1.  
    • Economics Thinking/Themes Pieces
    • Sunday Wrap
    • Ad-hoc pieces on breaking news, etc.
    • Macro & Markets
    • FI Perspectives
    • FI Flash / FI Trades
    • FX Perspectives
    • FX Flash
    • Equity Derivatives
    • Equity Strategy
    • Commodities
    • Deal Research (Issuer Profiles, Credit Views)
    • Email/Chat/ Phone
    • Data requests
    • 1:1

 

Basic Package = EUR 2,500

Free of charge package + all credit publications. No access to credit analysts

Credit Publications:

  • Euro Credit Pilot
  • Strategy Flash
  • Securitization Market Watch
  • Covered Bonds & Agency Monitoring
  • Daily Credit Briefing
  • High Yield Daily / High Yield Pacenotes
  • Credit Flashes

 

Full package = EUR 10,000

Access to Credit Analysts via

  • Email/Chat/Phone
  • Data requests
  • 1:1
  • Access to Senior Executives

 

UniCredit Research

Local presence in 13 locations

MIFID Research Map

 

Fixed Income and Credit Research´s rankings & awards

  • UniCredit Credit Research once again secures high rankings in the Euromoney poll
  • UniCredit's Credit Research has achieved good rankings in the Euromoney poll, with an average top-5 overall ranking in the last six years.
  • The Euromoney poll is the benchmark pan-European investor survey for credit research, covering the top-20 US and European banks.
  • UniCredit was ranked No. 6 overall in Europe and has top rankings in its home markets of Italy, Germany and Austria.

The poll results highlight the following:

  • UniCredit's position as a strong competitive force at the forefront of European research
  • CIB's robust debt value chain
Euromoney Fixed Income Research Survey
  1. Securitization & ABS
  2. Autos
  3. General Industries
  4. Covered Bonds &  Pfandbriefe
  5. High Yierld Bonds
  6. Green Bonds
  7. Telecom, Media & Technology
  8. Utilities
  9. Consumer Products & Retail
  10. Corporate Hybrid Bonds
  11. Supranational & Agencies
  12. Fixed Income Reserach (incl. of all research)
  13. Non-Bank Financial Instituions***
  14. Banks***
  15. Credit Strategy
  16. Sovereigns*
  17. Emerging Market Corporates
  18. Emerging Markets Sovereigns**
  19. Actionable Trade Ideas
  20. Overall average ranking****
2017
  1. 2
  2. 3
  3. 3
  4. 4
  5. 4
  6. 5
  7. 5
  8. 5
  9. 7
  10. 7
  11. 7
  12. 8
  13. 9
  14. 10
  15. 10
  16. 10
  17. -
  18. -
  19. -
  20. 6
2016
  1. 5
  2. 3
  3. 6
  4. 4
  5. 6
  6. -
  7. 8
  8. 7
  9. 8
  10. 9
  11. 3
  12. -
  13. 4
  14. 5
  15. 9
  16. 9
  17. 9
  18. 8
  19. -
  20. 6
2015
  1. 3
  2. 3
  3. 3
  4. 3
  5. 4
  6. -
  7. 3
  8. 5
  9. 5
  10. -
  11. 2
  12. -
  13. 6
  14. 6
  15. 7
  16. 6
  17. 6
  18. 7
  19. 8
  20. 5
2014
  1. 2
  2. 4
  3. 4
  4. 2
  5. 4
  6. -
  7. 6
  8. 5
  9. 6
  10. -
  11. 2
  12. -
  13. 4
  14. 3
  15. 5
  16. 4
  17. 7
  18. -
  19. 8
  20. 5
2013
  1. 4
  2. 2
  3. 3
  4. 2
  5. 5
  6. -
  7. 3
  8. 3
  9. 6
  10. -
  11. 2
  12. -
  13. 5
  14. 4
  15. 5
  16. 4
  17. 6
  18. 6
  19. 6
  20. 4
2012
  1. 5
  2. 3
  3. 3
  4. 2
  5. 6
  6. -
  7. 3
  8. 4
  9. 6
  10. -
  11. 2
  12. -
  13. 5
  14. 4
  15. 5
  16. 4
  17. -
  18. 6
  19. 7
  20. 4
Institutional InvestorSurvey 2017
  1. Investment Grade
  2. High Yield
  3. Manufacturing / General Industrials (including Autos & Auto parts) High Yield
  4. Manufacturing / General Industrials (including Autos & Auto Parts) Investment Grade
  5. Total team
2017
  1. 4
  2. 5
  3. 3
  4. 2
  5. 7
2016
  1. 6
  2. 5
  3. -
  4. -
  5. 10

 

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

 

Contacts

UniCredit Bank AG
UniCredit CIB Research

Dr. Ingo Heimig
Head of Research Operations & Regulatory Control
+49 89 378 13952

E-Mail

 

Matthias Dax

Research Operations & Regulatory Control
+49 89 378 13946
E-Mail

Policies

Below you find some selected official policies of UniCredit Bank AG as to important topics of MIFID II regulation:

Conflict of interest Policy

Best Execution Policy

External Allocation Policy

Terms & Condition

Systematic Internaliser

According to Article 4 MiFID II UniCredit Bank AG is a Systematic Internaliser for the following classes or subclasses of financial instruments:

  • Shares (SHR): selective share with admission to a European regulated market
  • Securitized Derivatives (SDR): all structured derivatives issues by UniCredit Bank AG
  • Bonds (BON)
  • Structured Finance Products (SFP)

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
LEI: 2ZCNRR8UK83OBTEK2170

Terms of business and access to published quotes according to Article 14 and Article 18 MiFIR are determined in following document:

Systematic Internaliser Service Describtion

Transmission of Orders

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).

FAQs

Furher informations and FAQ you will find here .

EMIR – European Market Infrastructure Regulation Mandatory publications

General Information

UniCredit Bank AG is a "financial counterparty" as defined in EMIR and our LEI No. is:


2ZCNRR8UK83OBTEK2170.

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.

Swiss FMIA

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")


Dodd-Frank

UniCredit Bank AG has a preliminary registration as Swap Dealer ("SD") under CFTC, as well as a member of the "National Futures Association" ("NFA").

EMIR article 39

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.

Please download:

Information document about the legal framework to the client account segragation

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)

EMIR article 11

Obligatory Publication:
Attached intra-group OTC-derivatives volumes were fully exempted from regulation (EU) No. 648/2012 ("Margin RTS") due to Art. 11 (6) EMIR