CFTC Swap Disclosure information

These disclosures only apply to you if required by CFTC regulations. Other than with respect to the notice of right to segregate initial margin, these disclosure obligations do not pertain to swap transactions with swap dealers, major swap participants, major security-based swap participants, or security-based swap dealers, and, these disclosure obligations may not pertain to you if you are not a U.S. person (as defined by the CFTC).

If these disclosures apply to you, kindly review all disclosures and material economic terms provided on this page (or otherwise provided to you) prior to entering into any swap (as defined in 17 CFR §1.3) with Rabobank. You should also familiarise yourself with the specific agreements you have in place with us, including any matched ISDA protocols, protocols incorporated by reference (available at isda.org), and any ISDA definitions that are incorporated by reference, which may be obtained at isda.org/books.

In addition, please note that Rabobank may provide you with additional disclosure statements for swap transactions to supplement or supersede the information provided herein. Please review this page frequently for updates as the disclosures may change without notice to you.

You should not construe any information on this page as legal, regulatory, financial, tax, accounting or other advice.

Nothing on this page amends or supersedes the express terms of any transaction between you and us or any related agreements and documentation. Accordingly, disclosures on this page and the description of consequences of various events are in all cases subject to the actual terms of a transaction executed between you and us and any related agreements and documentation.

In accordance with 17 CFR §23.701, Rabobank notifies you that, to the extent you post “Initial Margin” (as defined in 17 CFR §23.700) in respect of any uncleared swap, you have the right to elect that initial margin be segregated in accordance with the requirements set forth in 17 CFR §23.702 and 17 CFR §23.703. Please contact CMOps@rabobank.com, dfainfo@rabobank.com, and your usual Rabobank contact should you wish to elect to segregate initial margin under 17 CFR §23.700 et. seq.

Scenario Analysis

Prior to entering into a swap that is not “available for trading” (as that phrase is used in CFTC regulations) on a designated contract market or swap execution facility, you have the right to request and consult on the design of a scenario analysis to allow you to assess your potential exposure in connection with such swap.

Daily Mark

For cleared swaps, you have the right to receive the daily mark, upon request, from the relevant derivatives clearing organisation.

With respect to the daily mark for uncleared swaps provided by Rabobank to you, pursuant to 17 CFR §23.431(d)(3)(ii), Rabobank discloses to you that (1) the daily mark may not necessarily be a price at which either you or Rabobank would agree to replace or terminate the swap; (2) unless otherwise expressly agreed, calls for margin may be based on considerations other than the daily mark provided to you; and (3) the daily mark may not necessarily be the value of the swap that is marked on the books of Rabobank.

Please review the daily mark disclosures provided on this page (or otherwise provided to you).

Clearing

With respect to any swap that is subject to mandatory clearing, you have the sole right to select the derivatives clearing organisation at which the swap will be cleared.

With respect to any swap that is not subject to mandatory clearing, you may elect to clear such swap (assuming it can be cleared) and you have the sole right to select the derivatives clearing organisation at which the swap will be cleared.

Subject to what has been agreed between you and Rabobank, with respect to any uncleared swap entered into between you and Rabobank that is (a) subject to mandatory clearing but with respect to which you elected not to clear under an available exception or exemption (for example, the end-user exception from clearing) or (b) not subject to mandatory clearing, you may not elect to subsequently clear the uncleared swap you have entered into without the prior written consent of Rabobank.

Upon acceptance of a swap by a derivatives clearing organisation, (a) the original swap between you and Rabobank is extinguished; (b) the original swap between you and Rabobank is replaced by equal and opposite swaps with the derivatives clearing organisation; and (c) all terms of the swap shall conform to the product specifications of the cleared swap established under the rules of the relevant derivatives clearing organisation.

Special Entity Notification pursuant to 17 CFR §23.430(c)

If you are an employee benefit plan defined in Section 3 of the Employee Retirement Income Security Act of 1974 (“ERISA”) that is not otherwise defined as a “Special Entity” under 17 CFR §23.401(c), you have the right to elect to be treated as a Special Entity.

Rabobank as counterparty

Rabobank hereby discloses to you that Rabobank is acting in its capacity as a counterparty and is not undertaking to assess the suitability of any swap or trading strategy involving a swap for you.

Rabobank may on a regular basis trade (taking long or short positions, or both concurrently) in instruments identical or economically related to your Transactions or the Underliers. Rabobank may engage in these activities for its own principal accounts, for accounts under management or to facilitate transactions (including block transactions) on behalf of customers. Subject to any express agreement in the governing documentation, Rabobank may, in its discretion, decide to hedge its exposure under Transactions by taking positions in the Underliers or related instruments. Rabobank may adjust its hedge dynamically by purchasing or selling the Underliers or related instruments, and may close out or unwind its hedge positions. Rabobank’s market activities in connection with such hedging may occur, or become more frequent or of greater magnitude, in connection with or in anticipation of the initiation or termination or exercise of your Transactions, on or before a valuation or observation date, or, in the case of option Transactions, when the price, level or value of the Underlier is near the exercise level or level at which a “barrier” or other condition may be satisfied. Rabobank may also structure, trade and market instruments that may take opposing economic positions to your Transaction.

For uncleared swaps, you will receive the mid-market mark for each swap prior to and after entering the swap transaction with Rabobank.

Rabobank determines the mid-market mark based on certain assumptions and a variety of factors, such as, but not limited to, market conditions (past, present and future), quotes from market participants, and liquidity. During instances of unfavorable or lack of liquidity, Rabobank will rely on all available information and internal models to fairly determine the mid-market mark.

Unless stated otherwise to you, for certain transactions (i.e., orders for interest rate swaps), the specified price, or the limit order, instructed to Rabobank to execute a particular swap will always be treated as the mid-market mark for that specific swap transaction.

For additional information on pricing methodology and assumptions, please review the Daily Mark Methodologies and Assumptions Disclosure Statement.

This disclosure is provided in connection with any pre-trade mid-market marks and post-trade mid-market marks delivered for any swap that Rabobank has entered into or may enter into with you.

The material economic terms provided in the linked templates below are being disclosed to you in accordance with CFTC Rule 23.431. With respect to each referenced transaction type, the terms set out in the relevant template constitute the material characteristics that would generally apply to any transaction of that type that we would execute with you. In addition, if we enter into a type of trade with you for which a template is not provided, external links are provided below which contain information including standard product terms and sample industry confirmation templates for the relevant asset classes. The terms of any transaction entered into between you and us may differ materially from the terms set forth or available in the templates on this web page or on any external link and will be documented in a post-trade written confirmation or other agreement evidencing the transaction, which will supersede the information on this web page. By making this web page available, we are not indicating that we are willing to enter into any transaction with any counterparty on any terms.

Certain terms used in the linked templates are defined in or determined pursuant to ISDA documents, such as the 2021 ISDA Definitions. These ISDA documents are available for purchase from ISDA at www.isda.org. In addition, the rights and obligations of the parties during the term of a transaction will be subject to the applicable customer relationship documentation.

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

Confirmation Templates:

Commodities

Foreign Exchange Forwards and Non-Deliverable Forwards

Interest Rate Transactions

External Links

The following external links contain certain standard product terms and certain sample industry confirmation templates for a number of products:

Additionally, you may also refer to the ISDA Book page for more information.

For templates and documents, go to isda.org/books then Filter by Category by clicking on "Definitional Booklets and Confirmations by Product Type" then Filter by sub-category on the type of product.

Complaints may be directed to the Swap Dealer Compliance Office.

Rabobank - c/o Rabobank Nederland, New York branch
Attention: Swap Dealer Compliance Department
245 Park Avenue, 36th Floor
New York, NY 10167