In accordance with our obligations under European Markets Infrastructure Regulation (“EMIR”), we must offer you a choice of client account type that we will instruct the CCP to use to record the transactions we clear on your behalf and any margin provided in relation to those transactions.
There are three types of client account which you can choose between, a net omnibus client account, a gross omnibus client account or an individual client account. Our EMIR Article 39 Disclosure document sets out some important information which you should review before informing us which type of client account you would like us to use for your transactions.
The purpose of this document is to disclose to you the costs associated between these three types of account. For the avoidance of doubt, these costs are in addition to Marex’s clearing fees which are made up of (i) the costs that the CCP charge us and (ii) Marex’s “per lot” clearing fees (together the “Marex Clearing Fees”). We can provide you with further details of the Marex Clearing Fees on request.
Omnibus Client Account – NET
There are no costs additional to the Marex Clearing Fees if you choose a Net Omnibus client account at the CCP.
Omnibus Client Account – GROSS
If you choose a Gross Omnibus client account at the CCP, in addition to the Marex Clearing Fees we will charge you an Account Maintenance Fee. The level of the Account Maintenance Fee will not exceed USD25,000 per month and will depend on a number of factors including:
- the volume of business you do with us;
- the number of different CCPs through which you clear;
- the complexity of the operational arrangements that we need to put in place in order to provide you with an individual client account;
- any third party fees incurred by us in connection with providing you with an individual client account including those of the CCP; and
- our overall business relationship
The operational implications of providing Gross Omnibus client account are still being considered in the industry and the indicative pricing set out above may change. If you have elected a Gross Omnibus client account, we will notify you if the pricing changes.
Individually Segregated Account
If you choose an individual client account at the CCP, in addition to the Marex Clearing Fees we will charge you an Account Maintenance Fee. The level of the Account Maintenance Fee will not exceed USD25,000 per month and will depend on a number of factors including:
- the volume of business you do with us;
- the number of different CCPs through which you clear;
- the complexity of the operational arrangements that we need to put in place in order to provide you with an individual client account;
- any third party fees incurred by us in connection with providing you with an individual client account including those of the CCP; and
- our overall business relationship
The operational implications of providing an individual client account are still being considered in the industry and the indicative pricing set out above may change. If you have elected an individual client account, we will notify you if the pricing changes.
Please note that if you choose an individual client account, we are likely to ask you to pay a higher initial margin requirement than if you choose an omnibus client account. Any additional initial margin that we ask you to pay will be held at the CCP in accordance with our obligations under EMIR.
EMIR Account Pricing Information (January 2018)