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Ação SAN (Madrid) Positivo_BR 4.3555 | 2.31% | 17:35

CFTC Swap Disclosures and Notices

Banco Santander S.A. (“Santander”) is provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a non-U.S. swap dealer (LEI number: 5493006QMFDDMYWIAM13) pursuant to the Commodity Exchange Act (“CEA”), as amended by Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd-Frank Act”). The CEA and the CFTC rules promulgated thereunder impose regulatory requirements on swap dealers, including business conduct standards with respect to the execution of swaps with certain counterparties.

These business conduct standards mandate that Santander provide certain disclosures of material information at a reasonably sufficient time prior to entering into a swap transaction with its swap counterparties (other than counterparties that are swap dealers, major swap participants, security-based swap dealers or major security-based swap participants) to allow the counterparty to assess the material risks and material characteristics of the swap and the material incentives and conflicts of interest that Santander may have in connection with the swap.

If you are a swap dealer, major swap participant, security-based swap dealer or major security-based swap participant or if you are a non-U.S. person to which Santander is not required by the CFTC to provide these disclosures, the disclosures outlined below are not intended nor provided for your use.


Pursuant to CFTC Rule 23.431(a), Santander is hereby providing you with the ISDA General Disclosure Statement and Disclosure Annex relating to particular swap transaction types, which describing the following:

  • Material characteristics and risks of swaps transactions
  • Material characteristics of swaps transactions related to certain underlying reference assets
  • Material incentives and conflicts of interests that might exist when entering into a swap transaction with Santander.

These disclosures documents, including certain asset-class-specific disclosures relating to interest rate, credit, asset-backed security, commodity, and foreign exchange swaps, may be found here.  If you have any difficulties linking to this URL or otherwise accessing these documents, please contact clientservice@gruposantander.com immediately so that we may assist you.

These disclosures shall be deemed to be supplemented by any such additional information and disclosures included in any transaction-specific documentation exchanged between us, including any derivatives master agreement or amendment thereto, swap transaction term sheet, pre-trade confirmation or master confirmation agreement, or such other communications exchanged between us incorporating such additional information with respect to a swap or proposed swap (“Transaction Disclosures”). In the event of any conflict between such Transaction Disclosures and other (more generic) disclosures, the Transaction Disclosures shall prevail.

You should not construe the content of any of the materials herein or disclosures provided as legal, financial, tax, accounting or other advice, and you should consult your own attorney, financial advisor, tax advisor or accountant as to legal, financial, tax, accounting and related matters concerning the materials and disclosures provided.


In the context of discussing, proposing or entering into a swap with Santander, you should refer to any transaction-specific disclosures, material economic terms and any other documentation provided to you by Santander, as well as to the disclosures provided in this communication. Any reference in the materials and disclosures provided herein to any websites should be considered to mean any successor website, as applicable.

Copyright for ISDA disclosures

ISDA (or its affiliates) holds copyrights to certain of the documents to which hyperlinks are provided herein.  Those documents may not be reproduced or distributed without ISDA’s written permission, as applicable; provided, however, that the ISDA Master Agreements, ISDA Credit Support Documents and standardized general and product-specific risk disclosures published by ISDA and other documents expressly excepted on ISDA’s website, as applicable, may be reproduced and distributed solely for use in documenting specific commercial transactions. ISDA provides certain disclaimers to the documents to which hyperlinks are provided herein that you are hereby deemed to have read and are incorporated into this website, as applicable. Additionally, the transaction documentation may contain disclaimers of liabilities that you should review and alert your contact at Santander in the event of any questions or concerns.

Complaint Hotline

Any compliant, please call the Swap Dealer Complaint Hotline at 212-350-3654

Or by email at: clientservice@gruposantander.com and swapdealercompliance@gruposantander.com

Or at the address below:

Client Service
Santander Back-Offices Globales Mayoristas
Edificio Montepríncipe, 2ª Floor
Calle Patones, 1
28925 Alcorcón (Madrid)


Pursuant to the CFTC’s rules, as a swap dealer, Banco Santander S.A. is required to disclose at a reasonable time prior to trade, along with the price of the swap, the mid-market mark of such swap. (Pre-Trade Mid-Market Mark).

In accordance with the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”), prior to entering into a swap transaction, as a swap dealer, Banco Santander S.A. is required to deliver to you, pursuant to Section 23.431(a)(3)(i) of the rules promulgated by the CFTC, at a reasonable time prior to trade a Pre-Trade Mid-market Mark (“PTMM”) for the swap (as such term is defined in Section 1a of the Commodity Exchange Act) to any counterparty who is not a Swap Dealer, Major Swap Participant, Security Based Swap Dealer or Major Security Based Swap Participant.

Pre-Trade Mid-Market Mark Disclosure
To satisfy this requirement, Banco Santander will provide the Pre-Trade Mid-Market Mark to you either:

  • in writing via electronic mail or chat (e.g.: Bloomberg chat etc) or any other means of electronic communication.
  • orally, whether over a phone that is a recorded device followed up with a post-trade written confirmation (provided that you have either consented in writing or made the relevant election under the ISDA 2012 DF Protocol and Questionnaire to receive oral Pre-Trade Mid-Market Marks).

Election to opt-out from this disclosure
Banco Santander will not be required to provide a Pre-trade Mark for certain transactions covered by CFTC no-action letters 12-42; 13-12; 12-58 if a counterparty has agreed in advance, in writing, that Banco Santander need not disclose such Pre-trade Mark. Participants in the ISDA August 2012 DF Protocol may provide notice of such consent through ISDA Amend by completing Addendum II to the ISDA August 2012 DF Protocol Questionnaire which is available here.

Alternatively, you may send Banco Santander a direct communication of your consent to [SBGM_DQ_Entidades@gruposantander.com] substantially in the following form:

[INSERT FULL LEGAL NAME AND CICI/LEI IDENTIFIER] hereby consents to the non-disclosure by Banco Santander S.A. of pre-trade mid-market marks in respect of those transactions described in and subject to the conditions of (1) CFTC No-Action letter 12-42 (with respect to certain foreign exchange transactions); (2) CFTC No-Action Letter 13-12 (with respect to certain foreign exchange transactions); and (3) CFTC No-Action Letter 12-58 (with respect to certain interest rate and credit derivative transactions).]

If you have any questions regarding these materials, please contact your usual Banco Santander S.A’s representative.

General Information On The Pre-Trade Mid-Market Mark
The Pre-Trade Mid-Market Mark does not include amounts for profit, credit reserve, hedging, funding, liquidity, or any other costs or adjustments. Please note that any Dodd-Frank PTMM Banco Santander provide to you may not necessarily, and would often be expected not to: be a price at which either we or you would agree to enter into or terminate a swap. You should not regard any Pre-Trade Mid-Market Mark that we provide to be an offer to enter into or terminate the relevant swap at that value or price. Furthermore, any margin calls related to swaps may be based on considerations other than the Pre-Trade Mid-Market Mark and the Pre-Trade Mid-Market Mark may not be the value of the swap that is marked on Banco Santander S.A’s books. For liquid product, you should regard the mid of bid and offer as our Pre-Trade Mid-Market Mark.

Because a Pre-trade Mark does not include amounts for profit, credit reserves, hedging, funding, liquidity and other relevant costs, reserves and adjustments, it is highly likely to differ from the price at which Banco Santander is willing to enter into the relevant proposed swap. That difference is not indicative of the profit, if any, that Banco Santander will realize from the relevant proposed swap, which will be dependent on a number of variables including, without limitation, price volatility, market liquidity and relevant hedging activity, if any, by Banco Santander.

Each PTMM is provided solely for the information of the counterparty to the swap and is not intended for the benefit of any other party.

Unless otherwise indicated, all Pre-Trade Mid-Market Marks are provided in the same currency as the live trading price quoted to you by Banco Santander S.A..

The PTMM for a swap can change from day to day as a result of changes in the relevant economic markets.

A swap’s value may not be readily observable in the market and is therefore subjective. Accordingly, Banco Santander S.A’s Pre-Trade Mid-Market Mark may vary significantly from the pre-trade mid-market mark provided by other market participants for a swap, in that cases Banco Santander S.A. will be providing you with an analysis explaining the methodology followed to obtain the price.

To the extent that the Pre-Trade Mid-Market Mark may be based on inputs or information obtained from external sources, Banco Santander believes any such sources to be reliable but makes no representations or warranties with respect to the accuracy, reliability or completeness of such data or information, or the resulting Pre-Trade Mid-Market Mark. Swap prices will also vary among swap participants based on the various inputs used by market participants in quoting and executing swaps, such as costs to cover the transaction risk, profits, credit spreads, underlying volatility and credit support terms.

In certain cases, the pre-trade mid-market mark will be provided to you by the electronic platform on which you may execute your swap transactions (such as in the case of certain FX execution platforms).

Banco Santander makes no representations or warranties that any Pre-Trade Mid-Market Marks are suitable for complying with any financial or tax reporting obligation, determining net asset value, computing any tax liability or any other purpose and, except as otherwise agreed, Banco Santander disclaims any liability for all loss or damage (whether direct or indirect, incidental or consequential) for any such use or reliance by you. The Disclosures contained herein do not constitute advice by Banco Santander and you should refer to your own financial, legal, tax, accounting and other professional advisers in this regard.