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Terms of Service: RBS plc – OTC Swaps
The Royal Bank of Scotland plc ("RBS") is a "swap dealer" registered with the Commodity Futures Trading Commission ("CFTC"). RBS is required under relevant CFTC external business conduct rules to provide you certain notices, disclosures, and information (the "Swaps Information") in relation to swaps entered into (or offered to be entered into) between us (to the extent that such rules have become effective.)
If you are a "U.S. person" that will enter into or contemplate entering into a “swap” with RBS and you are not a "swap dealer", "major swap participant", "security-based swap dealer", or "major security-based swap participant", you should read and familiarize yourself with the relevant disclosure documents contained on this website.
By accessing the Swaps Information, or, each time that you enter into or propose to enter into a swap with RBS, you are confirming that you have read, understood and acknowledged each of the statements below:
- Engaging in swaps involves a number of different types of risks and characteristics based on each transaction’s terms and the related governing documentation. Some of those risks and characteristics are generally applicable to all swaps while others are applicable to swaps at a product level (or a combination of two or more products.) Swaps Information consists of information at both the general and product specific levels.
- You have read and understood the Swaps Information, and have consulted with your legal and/or tax counsel, risk personnel and such other professionals as you deem appropriate or necessary. In addition to the Swaps Information, you should read carefully any additional disclosures contained in any documentation provided to you from time to time by RBS for any swaps you are entering or contemplating entering into. Nothing provided on this website shall amend or supersede the express terms of any written or oral agreement between you and RBS, or the terms of any related governing documentation. Swaps Information does not constitute, nor should you treat it as constituting, legal advice from RBS or its affiliates.
- RBS is solely acting as a principal and your counterparty in connection with any offer to enter into or upon entering into a swap (whether covered by the Swaps Information or otherwise) and assumes no responsibility for any use of the Swaps Information. RBS does not assess the suitability of any swap or trading strategy involving a swap, nor does it act in the best interests of any counterparty.
- In relation to Swaps Information from The International Swaps and Derivatives Association, Inc. ("ISDA"), ISDA holds copyright on certain Swaps Information and such works may not be reproduced or distributed without ISD's written permission, except the ISDA Master Agreements, ISDA Credit Support Documents and standardized general and product specific risk disclosures published by ISDA, which may be reproduced and distributed solely for use in documenting specific commercial transactions. In no event may any copyright or trademark notice be removed.
- In relation to Swaps Information from MarkitSERV, LLC, the information compiled herein has been assembled by MarkitSERV, LLC, which is the owner of such compilation of data, and has licensed it to RBS for distribution to you. Any redistribution by you of this data, whether or not for a fee, to third parties is strictly prohibited.
- ISDA, MarkitSERV, LLC and RBS make no warranty, express or implied, concerning a derivative transaction’s suitability and bears no responsibility or liability whatsoever, whether in tort or in contract, in respect of any use of these derivative transactions.
- RBS, ISDA, or MarkitSERV, LLC and its officers, directors, employees, subcontractors, agents, successors or assigns (collectively “Covered Parties”) shall not be liable to you for any loss, injury, claim, liability or damage of any kind whatsoever resulting from, arising out of or in any way related to: (a) any errors in or omissions from Swaps Information; (b) your use of the Swaps Information; (c) your use of any equipment or software in connection with the Swaps Information including due to the improper functioning of, or breakdowns within, RBS’s, ISDA’s or MarkitSERV,LLC’s systems; or (d) any delay or failure in performance. The aggregate liability of the Covered Parties to a Client in connection with any other claim arising out of or relating to the Swaps Information shall not exceed $500.00, which right shall be in lieu of all other remedies that the Client may have against such Covered Party. In no event shall the Covered Parties be liable for any special, indirect, incidental or consequential damages of any kind whatsoever (including, without limitation, attorneys’ fees), lost data, lost profits or revenue or lost savings in any way due to, resulting from or arising in connection with the Swaps Information contained therein, regardless of any negligence of the Covered Parties.
- While RBS has examined relevant external websites with due care and attention before any link has been included on this website, the content of external websites may change at any time without our knowledge, and RBS accordingly assumes no responsibility or liability for the content of any website accessed via an external hyperlink.
- RBS may record telephone conversations with your trading, marketing and other relevant personnel in connection with any transaction or potential transaction. You are deemed to have consented to the recording of such calls, and agree to the extent permitted by law that such recordings may be submitted as evidence in any legal proceedings, or to any regulator, court or other authority having jurisdiction over RBS.