document_description: The document outlines terms related to income payments and property transfers in securities transactions. It specifies obligations for transferring equivalent property when income is not in monetary form and details procedures for income payments related to securities and margin securities, including equities. It also addresses conflicts between the annex and the main agreement.


source: doj

document_description: The document outlines the terms and conditions related to the transfer and settlement of securities, including notice requirements, income payments, tax implications, and corporate actions. It specifies the obligations of the Buyer and Seller in various scenarios, including failure to transfer securities before the Income Payment Date and the handling of taxes and duties.

document_type: legal

document_subtype: contract


document_description: This document outlines the terms and conditions related to the transfer, voting rights, and tax responsibilities associated with Purchased Securities, Margin Securities, and Equivalent Securities. It specifies the rights and obligations of the parties involved in the event of subdivision, consolidation, takeover, pre-emption, option, or other similar events affecting the securities. It also details the procedures for exercising voting rights and the responsibilities for paying transfer duties or taxes.


document_description: This document is a 2002 ISDA Master Agreement between Deutsche Bank AG and Southern Financial, LLC, dated October 28, 2013. It outlines the terms and conditions governing one or more transactions between the parties, including the Schedule and Confirmations. The agreement specifies the interpretation of terms, the precedence of documents in case of inconsistencies, and the obligations of the parties regarding payments and deliveries.

document_subtype: Master Agreement

key_organizations: International Swap Dealers Association, Inc.


document_description: This document outlines the obligations and conditions under Section 2(a)(i) of an agreement, including conditions precedent, change of account procedures, netting of payments, and tax deductions or withholdings. It specifies the conditions under which parties can change accounts, net payments, and handle tax deductions.


document_description: This document outlines the tax indemnification and liability clauses in an agreement between two parties, X and Y. It specifies conditions under which X must pay additional amounts to Y to cover indemnifiable taxes and outlines the liabilities if X fails to withhold taxes as required by law. The document also includes representations made by each party regarding their status, powers, and compliance with the agreement.

key_people:
Party X
Party Y


document_description: This document outlines the legal representations and agreements related to a contractual agreement, including compliance with laws, consents, binding obligations, absence of litigation, accuracy of information, tax representations, and agency status.


document_description: This document outlines the obligations and events of default under a legal agreement, including tax agreements, maintenance of authorizations, and compliance with laws. It specifies the requirements for providing necessary forms or documents to avoid tax deductions, maintaining necessary governmental consents, and paying stamp taxes. It also details events of default such as failure to pay or deliver, breach of agreement, and repudiation of the agreement.


document_description: The document outlines various default scenarios under a financial agreement, including credit support defaults, misrepresentations, and defaults under specified transactions. It specifies the consequences of such defaults, including liquidation, acceleration of obligations, or early termination of transactions.


document_description: This document outlines the conditions under which a party may be considered in default or bankruptcy under a legal agreement. It specifies the criteria for cross-default and bankruptcy, including the occurrence of a default or event of default, insolvency, or the initiation of bankruptcy proceedings. The document also details the consequences of such events, including the potential for specified indebtedness to become due and payable.


document_description: This document outlines conditions under which a merger or consolidation without assumption of obligations is considered a breach of agreement. It also details various termination events such as Illegality, Force Majeure, and Tax Events that can affect the parties involved in a transaction.


document_description: This document outlines provisions related to compliance, early termination, and close-out netting in the context of financial transactions. It specifies conditions under which an event of default or termination event may occur, and the rights and obligations of the parties involved in such events. The document also details procedures for notifying parties of termination events and transferring rights and obligations to avoid termination events.


document_description: This document outlines the conditions under which parties have the right to terminate transactions under certain sections of an agreement. It specifies the procedures and conditions for designating an Early Termination Date in cases of Credit Events, Tax Events, Illegality, or Force Majeure Events. It also details the effects of such a designation on the obligations of the parties involved.


document_description: This document outlines the procedures and calculations for determining and paying an Early Termination Amount in the event of an Early Termination Date, which can occur due to an Event of Default or a Termination Event. It specifies the responsibilities of each party in calculating and providing statements of the amounts due, as well as the payment timelines. The document also details how the Early Termination Amount is calculated differently depending on whether there is one or two affected parties.


document_description: This document outlines the terms and conditions related to Early Termination Events, including Illegality, Force Majeure, and Bankruptcy, under a financial agreement. It specifies how Early Termination Amounts are determined and adjusted, the treatment of unpaid amounts, and the set-off process for amounts payable between parties. The document also includes clauses on pre-estimation of loss and the conversion of currencies for set-off purposes.


document_description: This document outlines the terms and conditions of an agreement, including indemnities, evidence of loss, and miscellaneous provisions such as the entire agreement clause, amendments, survival of obligations, cumulative remedies, execution in counterparts, and no waiver of rights.


document_description: This document outlines the terms related to interest and compensation prior to the early termination of a transaction. It specifies the conditions under which interest is payable on defaulted payments and deliveries, as well as on deferred payments. The document also details the applicable rates and conditions under which these payments are to be made.


document_description: This document outlines the terms for communication, change of details, governing law, jurisdiction, service of process, and waiver of immunities in an agreement. It specifies how notices should be delivered, the governing law (either English law or New York law), and the jurisdiction for legal proceedings. It also includes provisions for appointing a process agent and waiving sovereign immunity.

key_locations:
State of New York
Borough of Manhattan
New York City
English courts


document_description: This document contains definitions used in a legal agreement, specifying terms such as 'Additional Representation', 'Additional Termination Event', 'Affected Party', 'Affected Transactions', 'Affiliate', 'Agreement', and 'Applicable Close-out Rate'. It outlines the meanings and conditions under which these terms apply within the context of the agreement.


document_description: This document outlines the terms and conditions related to the payment of the Early Termination Amount in the event of an early termination of a transaction. It specifies the applicable rates depending on the circumstances of the termination, such as the Applicable Deferral Rate, Default Rate, Non-default Rate, and Termination Rate. It also defines key terms such as Automatic Early Termination, Burdened Party, Change in Tax Law, and Close-out Amount.


document_description: This document outlines the procedures for determining a Close-out Amount for Terminated Transactions. The Determining Party is responsible for calculating this amount using commercially reasonable procedures and relevant information, including market data and quotations from third parties. The document specifies that out-of-pocket expenses and legal fees are excluded from Close-out Amount determinations. It also details the types of information and procedures that may be used in the determination process.


document_description: This document contains definitions and terms related to the application of different valuation methods to Terminated Transactions, as well as various legal definitions and clauses relevant to contractual agreements. It includes definitions for terms such as 'Confirmation', 'Contractual Currency', 'Convention Court', 'Credit Event Upon Merger', 'Credit Support Document', 'Cross-Default', 'Default Rate', 'Defaulting Party', 'Designated Event', 'Determining Party', 'Early Termination Amount', 'Early Termination Date', 'electronic messages', 'English law', 'Event of Default', 'Force Majeure Event', 'General Business Day', and 'Illegality'.

key_locations: England Wales


document_description: This document contains definitions and terms related to a legal agreement, including tax obligations, business days, and other contractual terms.


document_description: This document contains definitions for terms used in a legal agreement, including 'Payee', 'Payer', 'Potential Event of Default', 'Proceedings', 'Process Agent', 'rate of exchange', 'Relevant Jurisdiction', 'Schedule', 'Scheduled Settlement Date', 'SpecifiedEntity', 'Specified Indebtedness', 'Specified Transaction', 'Stamp Tar', and 'Stamp Tar Jurisdiction'.

document_subtype: contract definitions


document_description: This document outlines the terms and conditions related to obligations and waiting periods under specific sections. It includes clauses on fair market value determination and waiting periods for certain events or circumstances. The document is executed by Deutsche Bank AG and Southern Financial, LLC, with signatures from representatives including Jeffrey Epstein.

key_people:
Cynthia Cuomo
Kathleen Yohe
Jeffrey Epstein

key_organizations:
Deutsche Bank AG
Southern Financial, LLC


document_description: This document outlines the terms and conditions related to compensation obligations and waiting periods under specific sections. It includes clauses on fair market value determination and waiting periods for certain events or circumstances. The document is executed by Deutsche Bank AG and Southern Financial LLC.

key_organizations:
Deutsche Bank AG
Southern Financial LLC


document_description: This document is a schedule to the 2002 ISDA Master Agreement between Deutsche Bank AG and Southern Financial, LLC. It outlines termination provisions, amendments to the definition of 'Specified Transaction', and the application of 'Cross Default' provisions.

title: Schedule to the 2002 ISDA Master Agreement

document_subtype: ISDA Master Agreement Schedule


document_description: This document outlines the terms and conditions related to payment failures, specified indebtedness, threshold amounts, credit events upon merger, bankruptcy provisions, and termination events between Party A and Party B. It includes provisions for automatic early termination, termination currency, and additional termination events such as maintenance of ownership by Jeffrey Epstein and adverse regulatory changes.

key_organizations:
Party A
Party B


document_description: This document outlines the requirements for delivering various forms, documents, and certificates between Party A and Party B, including financial statements, legal opinions, and credit support documents. It also specifies the addresses for notices and communications for both parties.

key_people:
Harry Belier
Jeffrey Epstein

key_locations:
Frankfurt, Germany
St. Thomas, Virgin Islands (U.S)

document_subtype: Agreement


document_description: This document outlines the terms and conditions for transactions between two parties, emphasizing non-reliance on the other party for investment advice, the capability of each party to assess and understand the transaction risks, and the status of parties not acting as fiduciaries. It also includes representations related to the U.S. Securities Act of 1933, acknowledging that certain transactions may involve unregistered securities and that parties are either 'Institutional Accounts' or 'accredited investors.' Additional representations are made by Party B regarding its assets.

document_subtype: agreement


document_description: This document outlines an agreement incorporating the Short Form Protocol, addressing withholding tax under FATCA, and detailing representations and acknowledgements by Party B. It includes provisions on tax liabilities, transaction risks, and the financial status of Party B.


document_description: This document outlines the financial and legal obligations of Party B in a transaction agreement. It confirms Party B's financial capability to bear risks and comply with applicable laws. It also details the set-off rights in case of an early termination and the escrow payment process.

key_people:
Party A
Party B


document_description: This document outlines amendments and agreements related to escrow arrangements, waiver of jury trial rights, and the role of Deutsche Bank Securities Inc. as an agent. It also discusses the applicability of the U.S. Bankruptcy Code to transactions under the agreement.


document_description: The document outlines the terms and conditions for foreign exchange, currency option, commodity, and bullion transactions between the parties. It incorporates definitions and protocols from the International Swaps and Derivatives Association (ISDA) and specifies the applicability of the 2002 Master Agreement Protocol. The document also includes provisions for disclosure of information to branches, subsidiaries, affiliates, and regulatory authorities.

key_organizations: International Swaps and Derivatives Association, Inc.


document_description: This document outlines amendments to representations and agreements between Party A and Party B, including compliance with the Dodd-Frank Act and adherence to ISDA Protocols. It specifies the eligibility of both parties as contract participants and their classification under CFTC regulations.

key_organizations: International Swaps and Derivatives Association


document_description: This document appears to be a financial agreement or contract involving Deutsche Bank AG and Southern Financial, LLC, with signatures from representatives of both entities.

document_type: financial

document_subtype: financial agreement


document_description: This document is a Credit Support Annex to the ISDA Master Agreement between Deutsche Bank AG and Southern Financial LLC, dated October 28, 2013. It outlines the terms of the security interest and collateral arrangements between the parties.

title: CREDIT SUPPORT ANNEX to the Schedule to the ISDA MASTER AGREEMENT

document_subtype: Credit Support Annex


document_description: This document outlines the credit support obligations between a Pledgor and a Secured Party, detailing the conditions under which credit support must be transferred or returned based on valuation dates and amounts. It includes conditions precedent for transfer obligations, timing for transfers, and calculation methods for credit support values.


document_description: This document outlines the procedures for substituting and disputing credit support in a financial agreement. It specifies the process for transferring substitute credit support and resolving disputes related to valuation calculations by the Valuation Agent. The document includes provisions for recalculating exposure and value in case of disputes and the notification process following recalculations.


document_description: This document outlines the terms and conditions related to the holding and use of posted collateral by the Secured Party. It specifies the care, eligibility, and liability associated with posted collateral, as well as the rights of the Secured Party to use the collateral under certain conditions. It also details the handling of distributions and interest amounts related to the collateral.


document_description: This document outlines the rights and remedies of the Pledgor in the event of an Early Termination Date due to an Event of Default or Specified Condition with respect to the Secured Party. It details the actions the Pledgor can take regarding Posted Collateral and the obligations of the Secured Party to transfer collateral and interest amounts. It also covers the handling of deficiencies and excess proceeds, and the representations each party makes regarding the transfer and ownership of Eligible Collateral.


document_description: This document provides definitions for terms used in a legal annex, including 'Cash', 'Ora Support Amount', 'Custodian', 'Delivery Amount', 'Disputing Party', 'Distributions', 'Eligible Collateral', 'Eligible Credit Support', 'Exposure', 'Independent Amount', 'Interest Amount', 'Interest Period', 'Interest Rate', and 'Local Business Day'.

document_subtype: Definitions


document_description: This document outlines the security interest and credit support obligations between Deutsche Bank AG (Party A) and Southern Financial, LLC (Party B). It specifies the obligations of Party B under the agreement, defines terms such as Delivery Amount, Return Amount, and Credit Support Amount, and lists eligible collateral for Party B.

title: Security Interest and Credit Support Agreement


document_description: This document outlines the terms and conditions related to eligible accounts, collateral, and thresholds for Party A and Party B. It specifies the criteria for an account to qualify as an Eligible Account, the types of collateral that may be agreed upon, and the thresholds for Independent Amounts and Minimum Transfer Amounts. The document also includes provisions for rounding delivery and return amounts.

document_subtype: Collateral Agreement


document_description: This document outlines the terms related to valuation, timing, conditions precedent, and substitution in a legal agreement. It specifies the roles of the Valuation Agent, the timing for valuation and notification, and the conditions under which termination events are considered specified conditions. It also addresses the requirements for substitution and the need for consent from the Secured Party.


document_description: This document outlines specific financial terms and definitions related to a financial agreement between two parties, referred to as Party A and Party B. It includes definitions for terms such as Aggregate Ceiling Limit, Aggregate Net Open Position, and various Tier-related financial metrics. The document specifies that certain values and ratios will be notified by Party A to Party B from time to time.


document_description: The document outlines Additional Termination Events related to FX Transactions and Currency Option Transactions for Party B. It specifies conditions under which Party A can designate an Early Termination Date for all transactions if certain financial ratios and limits are breached by Party B.


document_description: This document outlines amendments to a legal agreement, specifically addressing changes to definitions, liability limits, further assurances, transfer of collateral, and tax implications related to posted collateral. It includes provisions for exposure, secured party liability, further assurances by the pledgor, transfer of eligible collateral, and withholding tax on interest amounts.

document_subtype: contract amendment


document_description: This document outlines an agreement between Party A (Deutsche Bank AG) and Party B (Southern Financial, LLC) regarding the designation of a single secured party and pledgor. It specifies that Party A is the secured party and Party B is the pledgor, with Party B responsible for making transfers of eligible credit support. The document also allows Party A to change the methodology for calculating the Net Open Position.

title: Agreement as to Single Secured Party and Pledgor

key_people:
Cynthia Cuomo
Kathleen Yohe
Jeffrey Epstein
Paul E. Hala
Thomas Hoddinott

key_organizations:
Deutsche Bank AG
Southern Financial, LLC
Deutsche Bank Securities Inc.


document_description: Exhibit A lists Deutsche Bank Securities Inc. as an eligible account for the Credit Support Annex.


document_description: This document outlines the terms and conditions regarding the management and control of financial assets between a Debtor, Secured Party, and an Intermediary. It specifies the rights and obligations of each party concerning the transfer and redemption of assets in primary and secondary accounts, entitlement orders, and the conditions under which the Secured Party can assume sole control over the accounts.

key_people:
Debtor
Secured Party
Intermediary


document_description: This document outlines the terms of a legal agreement regarding a Securities Account, including rights of set-off, choice of law, submission to jurisdiction, and conflict with other agreements. It specifies that the agreement and the Securities Account are governed by New York law and includes a jury waiver clause. The document also addresses conflict resolution with other agreements and conditions for amendments.

key_locations:
State of New York
New York City


document_description: This document outlines the terms of an agreement involving an Intermediary, a Debtor, and a Secured Party. It includes provisions on entitlement orders, representations, warranties, covenants, indemnification, and assignment of rights. The Intermediary agrees to comply with entitlement orders and not to enter into agreements limiting this obligation. The document also covers indemnification of the Intermediary and prohibits assignment of rights, except by the Secured Party to its affiliates.


document_description: This document outlines a security agreement between Southern Financial, LLC (Debtor) and Deutsche Bank AG (Secured Party), with Deutsche Bank Securities, Inc. as the Intermediary. It details the rights, benefits, and protections of the Secured Party, including notice and termination procedures.

title: Security Agreement between Southern Financial, LLC and Deutsche Bank AG

key_people:
Jeffrey Epokin
Gedeon Pinedo
Nicholas Haigh

key_locations:
St. Thomas, US Virgin Islands
New York, NY

document_subtype: Security Agreement

key_organizations:
Southern Financial, LLC
Deutsche Bank AG
Deutsche Bank Securities, Inc.


document_description: This document is a counterparts agreement involving Southern Financial, LLC and Deutsche Bank entities. It outlines that the agreement may be executed in multiple counterparts, which together constitute one instrument. Key signatories include Jeffrey Epstein, Cynthia Cuomo, Kathleen Yohe, Paul E. Salvas, and Thomas Hoddinott.

title: Counterparts Agreement

key_people:
Jeffrey Epstein
Cynthia Cuomo
Kathleen Yohe
Paul E. Salvas
Thomas Hoddinott

key_organizations:
Southern Financial, LLC
Deutsche Bank AG
Deutsche Bank Securities Inc.


document_description: An entitlement order from a secured party to an intermediary regarding a securities account. The order includes instructions to redeem and transfer financial assets related to the account.

document_type: correspondence

document_subtype: entitlement order


document_description: A notice of sole control over securities entitlements related to a specific securities account, instructing the intermediary not to accept directions from anyone other than the secured party.

document_subtype: Notice of Sole Control


document_description: A termination notice from a secured party to an intermediary, notifying the termination of an agreement and instructing the intermediary to accept future directions from the debtor regarding a securities account.

title: Termination of Agreement

document_subtype: termination notice


document_description: A communication from the COO of Wealth Management Operations at Deutsche Bank, located in Jaipur, India. The document emphasizes the confidentiality of the information and the monitoring of communications for compliance purposes. It also provides a link for EU corporate and regulatory disclosures and states that Deutsche Bank does not provide legal or tax advice.


document_description: This document is a communication from Deutsche Bank Securities Inc. and LGT Bank Ltd. It contains disclaimers about confidentiality, legal and tax advice, and data privacy. It also provides contact information for LGT Bank Ltd. and a link to Deutsche Bank's disclosures.

key_organizations:
Deutsche Bank Securities Inc.
LGT Bank Ltd.


document_description: A letter from Stewart Oldfield, Director at Deutsche Bank Wealth Management, to Mile Lukic at LGT Bank Liechtenstein, regarding The Haze Trust's account at Deutsche Bank. The letter states that the account was opened in 2013 and there were no known AML issues.

key_people:
Stewart Oldfield
Mile Lukic

document_subtype: letter

key_organizations:
Deutsche Bank Wealth Management
LGT Bank Liechtenstein
Deutsche Bank Trust Company Americas


document_description: Form W-9 is used to provide a correct taxpayer identification number (TIN) to a requester who is required to file an information return with the IRS. This form is for Butterfly Trust, classified as a Trust/estate, with an EIN of 26-6639711. The form includes certification under penalties of perjury regarding the accuracy of the TIN and exemption from backup withholding and FATCA reporting.

title: Form W-9 Request for Taxpayer Identification Number and Certification

document_date: November 2017

document_subtype: Form W-9


document_description: Instructions for completing Form W-9, including certification of TIN, backup withholding, FATCA reporting, and penalties for non-compliance. The document provides guidance for U.S. persons, partnerships, and foreign entities on tax reporting and withholding requirements.

title: Form W-9 Instructions

document_subtype: tax form instructions


document_description: Instructions for completing Form W-9, including details on providing TINs for various account types and protecting against identity theft.

title: Form W-9 Instructions

document_subtype: tax form

key_organizations:
IRS
Taxpayer Advocate Service


document_description: The document provides information about the IRS's policy on email communication, identity theft prevention, and the Privacy Act Notice related to the collection of Taxpayer Identification Numbers (TINs). It emphasizes that the IRS does not initiate contact via email and provides instructions for reporting phishing attempts. The Privacy Act Notice explains the legal requirements for providing a TIN and the potential uses of the information collected.

title: Form W-9 (Rev. 11-2017)

key_organizations: Treasury Inspector General for Tax Administration


document_description: This document is a brokerage account agreement from Deutsche Bank Securities Inc. It is marked as confidential and is related to the Jeffrey Epstein case.

title: Deutsche Bank Securities Inc. Brokerage Account Agreement

document_subtype: Brokerage Account Agreement


document_description: This document is an account agreement between Butterfly Trust and Deutsche Bank Securities Inc. It outlines the terms and conditions governing the brokerage account(s) of the client, Butterfly Trust. The agreement includes client representations, terms and conditions for the account, and rights of Deutsche Bank Securities Inc. It specifies that the account is classified as a cash brokerage account and requires separate approval for a margin account.

title: Deutsche Bank Wealth Management Account Agreement

document_subtype: Account Agreement

key_organizations:
Deutsche Bank Securities Inc.
Butterfly Trust
Pershing LLC


document_description: This document is an account agreement outlining the terms and conditions for transactions conducted through DBSI. It covers order execution, rules and regulations, purchase and sale of securities, trading restrictions, handling of restricted securities, order placement and modification, aggregation of orders, transmission of instructions, role of third parties, and liens on securities and other property. The agreement specifies the responsibilities of the client and DBSI, as well as the role of Pershing as a third-party clearing agent.

document_subtype: account agreement

key_organizations: DBSI Pershing


document_description: This document is a continuation of an account agreement for a client's retirement account maintained by DBSI. It outlines various terms and conditions related to the account, including satisfaction of indebtedness, fees, FDIC insurance, cash sweep selection, credit information and privacy, confirmations and statements, recording conversations, and joint accounts.

key_organizations:
DBSI
Deutsche Bank AG
Pershing


document_description: This document is an account agreement outlining the terms and conditions between the client and DBSI. It covers topics such as joint account management, non-disclosure of confidential information, third-party authorizations, limitations of liability, customer inquiries, and the right to terminate or amend the agreement. The agreement is governed by the laws of the State of New York.

key_organizations:
DBSI
Deutsche Bank Securities Inc.
Pershing


document_description: This document outlines the arbitration agreement, tax status declaration, and trusted contact person information for clients of DBSI and Pershing. It includes details on the arbitration process, tax status certification for U.S. and non-U.S. persons, and the option for clients to designate a trusted contact person.

key_organizations:
DBSI
Pershing
FINRA
Internal Revenue Service


document_description: This document is an account agreement outlining the terms and conditions for a client's account with DBSI. It includes sections on trusted contact person information, client responsibilities, and important information for ERISA employee benefit plan clients. The document also addresses tax and compliance responsibilities and options for account ownership.

key_organizations:
DBSI
Pershing
Internal Revenue Service
U.S. Department of Labor


document_description: This document is an account agreement containing a pre-dispute arbitration clause. It outlines the responsibilities of the client regarding tax obligations and regulatory reporting duties in connection with their account and business relationship with DBSI. The document includes sections for signatures and personal information, which are currently empty.

title: Account Agreement with Pre-Dispute Arbitration Clause

key_people:
Harry I Beller
Erika A Kellerhals

key_organizations:
DBSI
Butterfly Trust


document_description: This document is an appendix to an Account Agreement, detailing definitions and terms related to services provided by DBSI, a subsidiary of Deutsche Bank AG. It includes definitions for terms such as 'Administrator', 'Affiliate', 'Applicable Law', 'Branch Supervisor', 'Cash Sweep Options', 'Investment Specialist', 'DB Wealth Management Privacy Statement', 'ERISA', 'Immediate family member', 'Party', 'Restricted Securities', and 'Securities and Other Property'. The document outlines the responsibilities and roles of various entities and individuals involved in the management and administration of client accounts.

key_people:
Branch Supervisor
Investment Specialist

document_subtype: Account Agreement Appendix

key_organizations: BNY Mellon Investment Servicing Trust Company


document_description: This document is a margin disclosure provided by Deutsche Bank Securities Inc. (DBSI) to inform clients about the risks and terms associated with trading securities on margin. It outlines the potential risks, including the possibility of losing more funds than deposited, forced sale of securities, and changes in maintenance margin requirements. It also explains the rights of DBSI to sell securities without prior notice and the conditions under which securities may be loaned out.

title: Margin Disclosure

document_subtype: disclosure document

key_organizations:
Deutsche Bank Securities Inc.
Pershing


document_description: This document is a margin addendum to an account agreement, outlining the terms and conditions for opening a margin account. It includes details on the mechanics and risks of margin, financing, interest and costs, demand loans, liens, consent to loan or pledge of securities, and margin maintenance. The addendum specifies the rights of DBSI and Pershing regarding collateral and securities.

document_subtype: Margin Addendum

key_organizations:
DBSI
Pershing
Deutsche Bank


document_description: The document outlines the terms and conditions related to margin accounts, including rights of DBSI and Pershing, Reg T extensions, short sales, mandatory close-out of short sales, tax treatment of earnings, rehypothecation, additional risks, restricted securities, and collection remedies. It emphasizes the responsibilities and risks for the client in managing a margin account.


document_description: This document is a margin agreement where the client acknowledges receipt and agreement to the terms, including the margin disclosure. It includes provisions for the loaning of securities and a pre-dispute arbitration clause. It requires signatures from account holders or authorized parties for different types of accounts.

document_subtype: margin agreement

key_organizations:
DBSI
Pershing
Deutsche Bank AG


document_description: This document is a client authorization form for the use of free credit balances at Deutsche Bank Securities Inc. (DBSI) for the Butterfly Trust account. It outlines options for cash sweep programs and maintaining non-interest-bearing free credit balances. It also provides information on establishing retirement accounts and selecting sweep vehicles.

title: Client Authorization for use of Free Credit Balances

document_subtype: Client Authorization


document_description: This document provides information about Deutsche Bank Securities Inc.'s cash sweep options for uninvested cash balances in brokerage accounts. It describes the options available, eligibility requirements, rates of return, fees, and account protection. It also outlines the responsibilities of account holders to monitor their eligibility and the process for changing cash sweep options.

title: Deutsche Bank Wealth Management Cash Sweep Options Disclosure

document_subtype: Disclosure Document

key_organizations:
Deutsche Bank Securities Inc.
Deutsche Bank AG New York Branch


document_description: The document outlines the fee structures and benefits associated with various sweep programs and deposit accounts managed by DBSI, Pershing, and DBTCA. It details the fees retained by DBSI and Pershing, the role of DBTCA as a Program Bank and Excess Bank, and the benefits of the DB AG NY Sweep Program and Money Market Sweep Funds. It also explains the Insured Deposit Program (IDP) and FDIC insurance limitations.

key_organizations:
DBSI
Pershing
DBTCA
DB AG NY Sweep Program
Money Market Sweep Funds
FDIC


document_description: The document outlines the eligibility criteria and operational details of the Investment Deposit Program (IDP). It specifies that the IDP is available to individuals, certain nonprofit organizations, fiduciaries, and trusts, but not to retirement accounts or governmental plans. It describes the roles of DBSI, Pershing, and Program Banks in managing deposits, withdrawals, and insurance coverage. The document also details the process of deposit allocation among Program Banks to maximize FDIC insurance coverage.

document_subtype: Investment Deposit Program (IDP) Information

key_organizations:
DBSI
Pershing
Program Banks
FDIC
DBTCA


document_description: This document outlines the terms and conditions of the Program Banks associated with the IDP (Insured Deposit Program) managed by DBSI and Pershing. It includes information on how Program Banks can be added or removed, interest accrual and payment details, and how interest rates are determined based on the Household Market Value. It also advises clients to compare the IDP with other cash sweep options.

document_subtype: bank program disclosure

key_organizations: DBSI Pershing DBTCA


document_description: The document provides information about the management of a Deposit Account, including details on deposits, withdrawals, interest rates, and account protection. It explains the role of DBSI, Pershing, and Program Banks in handling deposits and withdrawals, and outlines the FDIC insurance coverage for deposits. It also includes a waiver of confidentiality for regulatory audits.

document_subtype: account information

key_organizations:
DBSI
Pershing
Program Banks
FDIC


document_description: The document provides information on FDIC insurance coverage for different types of accounts, including individual, custodial, joint, revocable trust, and irrevocable trust accounts. It explains how accounts are aggregated for insurance purposes and the limits of coverage. It also discusses the treatment of accounts upon the death of the owner and the six-month grace period provided by the FDIC for restructuring deposits.

document_subtype: informational document

key_organizations: FDIC DBSI


document_description: The document outlines the effects of a merger or acquisition involving a Program Bank on deposit insurance. It includes a list of Program Banks as of September 28, 2016, and provides information on how to obtain a current list of Program Banks.

title: Effect of Merger or Acquisition Involving a Program Bank

document_type: tabular

key_locations:
Lewiston, ME
Green Bay, WI
Wilmington, DE
Lumberton, NC
Salt Lake City, UT
Sioux Falls, SD
Providence, RI
Philadelphia, PA
Birmingham, AL
New York, NY
Pasadena, CA
Lockport, NY
Lake Success, NY
Kalispell, MT
Columbus, OH
Westbury, NY
Dallas, TX
Pine Bluff, AR
Warrenton, VA
Fort Worth, TX
Richardson, TX
Pittsburgh, PA
Portland, OR

document_subtype: banking information

key_organizations:
Androscoggin Bank
Associated Bank
Barclays Bank Delaware
Branch Bank & Trust
CIT Bank
Citibank NA
RBS Citizens Bank
RBS Citizens Bank of PA
Comenity Capital Bank
Compass Bank
Deutsche Bank Trust Company Americas
East West Bank
First Niagara Bank
Flushing Savings Bank
Glacier Bank
Huntington National Bank
Israel Discount Bank
New York Community Bank
Plains Capital Bank
Simmons Bank
Sonabank
Southwest Bank
Texas Capital Bank
Tristate Capital
Umpqua Bank


document_description: The document describes the Deutsche Bank AG New York Branch (Non-FDIC Insured) Sweep Deposit Program, which allows clients to have their free cash balances automatically swept into interest-bearing accounts at the Deutsche Bank AG New York Branch. It outlines the eligible interest rate tiers based on household market value and provides information on how to access current interest rates. The document also provides details about Deutsche Bank AG, its regulatory environment, and where to find additional financial statements.

key_locations:
New York
Frankfurt am Main

document_subtype: bank program description

key_organizations: German Federal Financial Supervisory Authority

key_organizations: New York State Department of Financial Services


document_description: The document outlines the eligibility criteria and operational details of the DB AG NY Sweep Program. To be eligible, participants must be accredited investors as defined under Regulation D of the Securities Act of 1933. The program is available to individuals, certain nonprofit organizations, fiduciaries, and trusts, but not to retirement accounts, governmental plans, or managed advisory accounts. An initial deposit of $250,000 is required. The document also details the roles of DBSI, DBTCA, and Pershing in the program, including the handling of deposits and withdrawals.

document_subtype: Program Eligibility and Summary

key_organizations:
DBSI
DBTCA
Pershing
Deutsche Bank AG


document_description: The document outlines federal banking regulations related to Money Market Deposit Accounts (MMDA) and Transaction Accounts, including transfer limits, interest rates, and account management under the DB AG NY Sweep Program. It also discusses the rights of the Branch to require notice for withdrawals, interest rate determination, and account activity reporting.

document_subtype: banking regulations and account information

key_organizations:
DB AG NY Sweep Program
Deutsche Bank AG New York Branch
DBSI
Pershing


document_description: This document is a trading authorization form for the Butterfly Trust account at Deutsche Bank. It authorizes an agent to buy, sell, and trade securities on behalf of the account holder, indemnifying Deutsche Bank from any losses. The authorization remains in effect until revoked in writing.

title: Trading Authorization Limited to Purchases and Sales of Securities

document_subtype: Trading Authorization

key_organizations:
Deutsche Bank
Deutsche Bank Securities Inc.


document_description: This document is a Trust Authorization for the Butterfly Trust, serviced by Deutsche Bank Securities Inc. It outlines the powers and authorizations granted to the Trustees of the Trust, including the ability to manage brokerage accounts, invest and reinvest assets, and appoint third parties for securities transactions. The Trust is governed by the laws of New York and the Trust Instrument dated December 27, 2016.

title: Trust Authorization for Butterfly Trust

document_subtype: Trust Authorization


document_description: This document is an authorization agreement involving DBSI and trustees of a trust. It outlines the responsibilities of the trustees to provide documents, notify DBSI of changes, and indemnify DBSI against liabilities. The agreement remains in effect until written notice of revocation or trustee changes is received by DBSI.

document_subtype: authorization agreement

key_organizations:
DBSI
Deutsche Bank AG


document_description: This document is a consent form for electronic delivery of materials and communications from Deutsche Bank Wealth Management. It outlines the terms under which Deutsche Bank can send offering documents, prospectuses, and other communications electronically to the client. The consent applies to all accounts held with Deutsche Bank Wealth Management and includes provisions for revoking consent and obtaining paper copies of electronic materials.

title: Consent to Electronic Delivery of Materials and Communications

document_subtype: Consent Form

key_organizations:
Deutsche Bank AG
Deutsche Bank Securities Inc.
Deutsche Bank Trust Company Americas
Deutsche Bank National Trust Company
Deutsche Bank Trust Company, N.A.
Deutsche Bank Trust Company Delaware


document_description: The document outlines Deutsche Bank's compliance with federal laws to combat terrorism financing and money laundering. It details the requirements for customer identification and verification, including the collection of personal and institutional information and documentation. It also mentions the bank's obligations under EU rules and the need for clients to update their information if changes occur.

document_subtype: Customer Identification Program Notice

key_organizations:
Deutsche Bank
Deutsche Bank AG
Deutsche Bank Securities Inc.
FINRA
NYSE
SIPC


document_description: The document is a supplement to the February 1994 version of the booklet 'Characteristics and Risks of Standardized Options', amended to accommodate options originally listed to overlie less than 100 shares. It replaces Part II of the December 2009 Supplement and discusses rules regarding adjustments for ordinary cash dividends or distributions.

title: November 2012 Supplement to Characteristics and Risks of Standardized Options

document_date: November 2012

document_subtype: supplement


document_description: Cover page of a document titled 'CHARACTERISTICS AND RISKS OF STANDARDIZED OPTIONS' with supplements covering 1997 through 2012. Classified as confidential.

document_date: February 1994

document_type: other


document_description: This booklet provides information about options issued by the Options Clearing Corporation (OCC). It explains the nature of options, the types of options (call and put), and the distinction between physical delivery options and cash-settled options. The booklet also notes the regulatory environment for options markets in the U.S. and abroad.

key_locations:
United States
Amsterdam
Netherlands

document_subtype: booklet

key_organizations:
Options Clearing Corporation
Securities and Exchange Commission


document_description: The document discusses the nature and trading of cash-settled options, including call and put options. It explains the standardized terms of options, such as expiration date, exercise price, and the underlying interest. The document also mentions the possibility of options being traded on multiple markets and the existence of a secondary market for options trading.


document_description: This chapter provides a description of the special vocabulary applicable to options, including terms for cash-settled options, put options, call options, and more. It defines the roles of option holders and option writers, explaining their rights and obligations.

title: Options Nomenclature

document_subtype: options nomenclature


document_description: The document explains the obligations of option writers and holders in the context of physical delivery and cash-settled options. It describes the role of the Options Clearing Corporation (OCC) and its Clearing Members in ensuring the performance of options obligations. The document also defines the exercise price in options trading and provides an example of a physical delivery option.


document_description: The document discusses the exercise price of cash-settled options, expiration dates, and styles of options (American-style, European-style, and capped). It explains how the exercise price determines the cash amount an option holder receives upon exercise and describes the conditions under which different styles of options can be exercised.


document_description: The document discusses the rules and procedures related to the exercise of options, including automatic exercise provisions, exercise limits, assignment of exercised options, and cash settlement amounts. It also provides an example of a cash-settled call option on the XYZ Index.

key_organizations:
OCC
Clearing Member


document_description: The document discusses the cash settlement process for options, including the determination of exercise settlement values and potential adjustments to standardized terms. It highlights the possibility of changes in the method of determining exercise settlement values and the role of an adjustment panel in making decisions about adjustments.


document_description: The document discusses the concept of 'premium' in options trading, explaining that it is the price paid by the holder and received by the writer for the rights conveyed by the option. It is not a standardized term and is subject to market fluctuations. Various factors affecting the pricing of an option are outlined, including market conditions, interest rates, and volatility.


document_description: The document provides an overview of options trading, including definitions of opening and closing transactions, premium currency, and examples of profit and loss scenarios. It explains the differences between American-style and European-style options and the implications of exercising options versus closing transactions.


document_description: The document provides definitions and examples of options trading terms such as 'at the money', 'in the money', 'out of the money', and 'intrinsic value'. It explains how these terms relate to the current market value of the underlying interest and the exercise price of the option. Examples are given using XYZ stock to illustrate these concepts.


document_description: The document provides examples and explanations of intrinsic and time value in options trading. It discusses how the intrinsic value of a call or put option is determined by the market price of the underlying stock relative to the option's strike price. It also explains how time value is influenced by factors such as the time remaining until expiration, whether the option is in or out of the money, and the volatility of the underlying interest.


document_description: The document discusses the impact of volatility and interest rates on option premiums, specifically focusing on capped options. It explains the concept of cap intervals and cap prices, providing examples of capped call and put index options. The automatic exercise value of capped options is also described, with an example illustrating how it is determined based on the underlying interest's price or level at a specified time each trading day.


document_description: The document discusses the exercise value and cash settlement amount for capped options, including examples of how these are calculated.


document_description: The document discusses stock options on equity securities, including options on common stocks, limited partnership interests, American Depository Receipts, and preferred stocks. It covers options available on exchange-traded and NASDAQ-traded equity securities, and explains that issuers of underlying securities do not determine or consent to the selection of their securities for options. The document also highlights the principal risks of stock options and features such as exercise prices.

document_subtype: informational booklet


document_description: The document discusses stock options, including the rights of buyers, potential adjustments due to corporate events, and rules regarding cash dividends. It highlights that stock options may not be adjusted for ordinary cash dividends unless they exceed a certain percentage of the aggregate market value. The document also notes that call holders might exercise options to capture dividends, affecting call writers.


document_description: The document discusses the adjustments in stock options and exercise prices due to stock distributions, stock splits, and dividends. It explains how stock splits affect the number of shares and exercise prices, and how dividends and distributions of property other than the underlying security might require different adjustments.


document_description: The document discusses potential adjustments to outstanding XYZ stock options in various scenarios, such as distributions, mergers, and conversions of underlying securities. It outlines how options might be adjusted to require delivery of different securities or cash, depending on the event affecting the underlying stock. The document also notes that adjustments are generally not made for tender or exchange offers, which can pose risks for put option writers.

key_organizations: XYZ ABC PQR


document_description: This chapter provides an overview of stock indexes, which measure the prices of a group of securities or other interests. It explains the concept of stock indexes, their compilation, and their representation of various markets or sectors. The chapter also includes an example of how a stock index is calculated based on market values.

title: Chapter IV: Index Options


document_description: The document discusses methods of calculating index values, the impact of trading strategies on index levels, and factors affecting index prices. It highlights how index options, futures, and securities trading can influence index values, especially near expiration dates.


document_description: The document provides information on trading index options, emphasizing the importance of understanding the underlying indexes and their calculation methods. It discusses the value determination of index options, the role of reporting authorities, and the cash-settlement feature of index options. It also highlights the dissemination of index levels and the potential for non-current information affecting index levels.

title: Features of Index Options


document_description: The document discusses the trading and settlement of index options, including how exercise prices and premiums are expressed and calculated. It explains the role of multipliers in determining the total exercise price and aggregate premium. The document also describes how exercise settlement values are determined based on the reported levels of index securities, with variations depending on whether the prices are taken from the opening or closing of the trading day. It mentions the possibility of options with exercise prices or premiums in foreign currencies being introduced in the future.


document_description: The document discusses two types of debt options: price-based and yield-based. Currently, only yield-based options are being traded. It highlights the importance of understanding the relationship between rates, yields, and prices of debt securities for investors interested in debt options. The document also references risks associated with debt options, which are discussed in Chapter X.

document_subtype: financial document


document_description: The document discusses the relationship between interest rates, bond prices, and the value of call and put options on debt securities. It explains how changes in interest rates affect the prices of outstanding debt securities and the value of price-based and yield-based options.


document_description: The document provides an overview of Treasury securities, including options, bonds, notes, and bills. It explains the characteristics of each type, such as maturity periods, interest payments, and auction processes. Treasury bonds and notes are direct obligations of the United States, paying fixed interest semi-annually, while Treasury bills are sold at a discount and do not pay interest. The document also includes an example calculation of the discount rate for a 13-week Treasury bill.

document_subtype: Treasury Securities Overview


document_description: The document discusses trading and settlement processes for yield-based options related to 5-year Treasury notes. It explains how trading is based on current auction yields and how exercise prices and premiums are determined. The document also mentions the role of the Federal Reserve Bank of New York in announcing spot yields for Treasury securities.


document_description: The document discusses yield-based options, which are European-style options based on the yield of the most recently auctioned Treasury security with the longest remaining life. It highlights factors affecting pricing, settlement procedures, and potential adjustments if the U.S. Department of the Treasury changes its issuance schedule or terms. It also mentions the possibility of trading suspensions if current quotations become unavailable or unreliable.

title: Yield-Based Options Overview


document_description: The document discusses foreign currency options, which are options to purchase or sell one currency at a price denominated in another currency. It explains the concept of exchange rates, trading currency, and underlying currency. It also differentiates between dollar-denominated options and cross-rate options, and mentions the introduction of cash-settled foreign currency options. The term 'foreign currency' includes individual national currencies and the European Currency Unit (ECU).


document_description: The document discusses the risks associated with foreign currency options, emphasizing the need for understanding the characteristics of the markets for underlying currencies. It highlights the potential for government intervention in currency markets and the decentralized nature of foreign currency trading.


document_description: The document discusses the relationship between foreign currency options and the underlying foreign currency values relative to the trading currency. It explains how call and put premiums are affected by changes in currency values and provides examples of dollar-denominated and cross-rate call options.


document_description: The document discusses the intrinsic value of foreign currency options, particularly focusing on the impact of exchange rate fluctuations between German marks and British pounds. It highlights the importance of understanding expiration dates for foreign currency options and provides examples of dollar-denominated options for British pounds and Japanese yen.


document_description: The document discusses the adjustment of terms for foreign currency options, including the power of the adjustment panel to vote on changes. It also details the premiums for dollar-denominated options on various foreign currencies, including the Swiss franc, French franc, and Japanese yen, and provides examples of how these premiums are calculated. Additionally, it touches on the settlement and exercise of options with physical delivery.


document_description: The document outlines the settlement procedures for foreign currency options exercises through the facilities of the Options Clearing Corporation (OCC). It details the process for settling exercises, including the role of OCC's correspondent banks and the potential involvement of The Intermarket Clearing Corporation. It also discusses the responsibilities of investors and brokerage firms in the settlement process.

document_subtype: settlement procedures

key_organizations:
Options Clearing Corporation (OCC)
The Intermarket Clearing Corporation


document_description: The document discusses the special features of cross-rate options, particularly in relation to the Japanese yen and U.S. dollar. It highlights the significance of these options for investors converting profits or losses into U.S. dollars. The document explains the unit of trading, exercise price, and premiums for cross-rate options, using an example of yen-denominated options covering German marks.


document_description: The document discusses the trading and settlement of yen-denominated options covering British pounds, including premium payments and exercise settlements in foreign currencies. It outlines the OCC's authority to impose special settlement procedures in case of foreign governmental restrictions or other events. The document also mentions cash-settled foreign currency options with European-style expiration.

document_subtype: options trading


document_description: The document discusses cash-settled foreign currency options, including contract size, exercise settlement value, and automatic exercise conditions. It highlights the calculation of settlement value based on interbank spot market quotations and mentions margin requirements for options with short expiration dates.


document_description: The document discusses flexibly structured options, which are issued by OCC and traded on U.S. markets. Unlike other options, their terms are not fully standardized, allowing parties to fix certain variable terms within market rules. This flexibility differentiates them from other options. The document highlights the risks and trading procedures associated with these options, noting the potential lack of an active secondary market and the minimum size requirements for transactions.

document_subtype: informational document


document_description: The document discusses the special features and terms of flexibly structured options in the options market. It outlines the designation of variable terms, such as the underlying interest, option type, exercise price, and settlement details, which can be specified by the parties involved. The document also mentions the standardization of other terms according to the rules of the options market and OCC. Additionally, it highlights the minimum transaction size requirements for flexibly structured options.

document_subtype: options market rules


document_description: The document discusses the settlement values and currency options for flexibly structured options in the options market. It explains how exercise settlement values are determined based on closing prices of constituent securities and outlines the rules for currency settlement, including the use of cross-rate and foreign currency options.


document_description: The document provides information on the exercise and settlement of options, including the rules and procedures applicable to exercising options, the importance of understanding these procedures for both option holders and writers, and the process for exercising options. It also discusses the automatic exercise of certain options and the need for option holders to instruct their brokerage firms to exercise options before the firm's cut-off time.

document_subtype: instructional


document_description: The document discusses the importance of brokerage firms' cut-off times for accepting exercise instructions for options before expiration. It highlights the procedures for automatic exercise of in-the-money options and the potential for exceptions in unusual circumstances. The document also mentions the role of the Options Clearing Corporation (OCC) in processing exercise instructions and the limited authority to extend option expiration.


document_description: The document outlines the assignment procedures for options exercised through the Options Clearing Corporation (OCC). It describes how assignments are made prior to trading on the business day following receipt of exercise instructions, and how options assignments are allocated to customers by member firms. It also discusses the risks for option writers, particularly those with uncovered positions, and the settlement process for exercised options.

document_subtype: assignment procedures


document_description: The document outlines the settlement procedures for options exercised through the Options Clearing Corporation (OCC). It details the responsibilities of clearing members, the process for settlements involving securities that are called for redemption or due to expire, and the liability procedures in case of delivery failures. It also mentions the regular settlement dates for stock options and cash-settled options.

key_organizations: Securities and Exchange Commission (SEC)


document_description: The document discusses the settlement process for options trading, including the authority of the OCC to postpone settlements, the responsibilities of brokerage firms, and special procedures in unusual circumstances. It also covers the handling of cash-settled options with non-U.S. dollar settlement currencies.


document_description: The document discusses the transaction costs and margin requirements associated with options investing. It highlights that transaction costs can be higher for options than for underlying interests, especially in strategies involving multiple purchases and sales. Margin requirements are also detailed, particularly for writers of options, with emphasis on the need for collateral and the impact of market movements on margin calls.

document_subtype: options investing

key_organizations: Board of Governors of the Federal Reserve System


document_description: The document discusses margin requirements for holders and writers of physical delivery call options, particularly on foreign currency. It highlights the complexity and variability of margin requirements across different brokerage firms and emphasizes the importance of understanding these requirements for managing risks and opportunities.


document_description: The document discusses the risks associated with holding options, particularly the risk of losing the entire investment if the option expires worthless. It emphasizes the importance of timing and direction in price changes of the underlying interest. An example is provided comparing different investment strategies with varying degrees of leverage.


document_description: The document discusses investment strategies involving XYZ stock options, highlighting the potential profits and losses for three investors (A, B, and C) based on the stock's price at option expiration. It includes a table showing the profit or loss and percentage return for each investor at different stock prices. The document emphasizes the risks and rewards of leveraged investments and the impact of options being out of the money.

key_people:
Investor A
Investor B
Investor C


document_description: The document discusses the risks and considerations associated with European-style and capped options, including the challenges of realizing value before expiration, the implications of automatic exercise features, and the potential for net loss despite favorable market conditions. It also touches on regulatory aspects related to option exercise.

document_subtype: legal analysis


document_description: The document discusses the authority of the OCC and options markets to restrict the exercise of options under certain circumstances, such as trading halts or insufficient supply of underlying securities. It outlines the conditions under which these restrictions can be imposed and the potential consequences for option holders, including the risk of losing their entire investment if restrictions remain until expiration.

key_organizations: OCC SEC


document_description: The document outlines the risks faced by option writers, including the possibility of being assigned an exercise at any time for American-style options and only at specific times for European-style options. It discusses the implications of being assigned, such as the inability to close out the position once assigned and the potential financial consequences. Additionally, it highlights the opportunity cost for covered call writers who forgo potential profits from increases in the underlying asset's value.

title: Risks of Option Writers


document_description: The document discusses the risks and returns associated with writing call options, both covered and uncovered. It provides examples of potential outcomes for investors who write options, highlighting the potential for both gains and losses depending on market movements. The document emphasizes the high risk involved in writing uncovered calls, where potential losses are unlimited if the underlying asset's price rises significantly.


document_description: The document discusses the risks associated with writing uncovered call and put options. It highlights the financial capacity, willingness to incur potential losses, and liquidity required for investors engaging in these activities. The document also provides an example involving XYZ stock to illustrate the potential financial implications of writing put options.


document_description: The document discusses the risks associated with option trading, including the potential for option writers to be assigned exercises based on news published after the cut-off time, the obligation of option writers if the trading market becomes unavailable, and the risks of combination transactions. It emphasizes the complexity and risks of combination strategies and advises consulting with experienced individuals.

document_subtype: legal discussion


document_description: The document discusses the risks and complexities associated with combination transactions in options trading, including increased transaction costs, the potential for unlimited risk in straddle writing, and the challenges posed by different styles of options. It also highlights the risks if a trading market becomes unavailable.


document_description: The document discusses the risks associated with trading options, particularly when trading is halted or suspended. It highlights the potential for substantial losses if the value of the underlying interest moves adversely during a halt. The document also covers the risks of American-style options, cash-settled options, and capped options, including the implications of foreign currency settlements.

document_subtype: legal risks and options trading


document_description: The document discusses the risks associated with options trading, including erroneous market reports, insolvency of brokerage firms, and international trading risks. It highlights the potential for automatic exercise of options based on incorrect market data and the implications of brokerage firm insolvency on customer positions. Additionally, it addresses the risks of trading options in foreign markets due to time differences and holidays. The document also mentions the potential failure of OCC's backup systems in the event of widespread clearing member insolvencies.

document_subtype: legal notice


document_description: The document discusses the special risks associated with writing cash-settled index call options. It highlights the challenges faced by writers in replicating the underlying index and the timing risks involved. The document also notes the availability of OCC's financial statements and registration statement for inspection.

document_subtype: prospectus


document_description: The document discusses the use of index options for hedging against market risk and company risk. It highlights the complexities and special risks involved in using index options, especially when the portfolio does not exactly mirror the underlying index. It also notes the potential difficulty in purchasing or liquidating securities at prices that match those used in determining exercise settlement values.


document_description: The document discusses the risks associated with trading index options, particularly in cases where the reported index level is erroneous. It explains that traders are bound by trades made on erroneous index levels and may not have remedies under certain market rules. The document also outlines the potential financial consequences for holders of cash-settled index options if the index level changes after an exercise decision is made.


document_description: The document discusses the exercise and settlement of cash-settled index options, highlighting the risks and timing considerations involved. It explains that exercise cut-off times for index options may be earlier than for other options and may occur before definitive settlement values are determined. The document also notes that current index levels may not reflect the most recent prices of constituent securities, which can affect the exercise settlement value.


document_description: The document discusses the risks associated with capped index options and debt options, particularly in foreign markets and dealer markets. It highlights the potential for automatic exercise of capped index options under market restrictions and the unique risks of trading index options in foreign markets when U.S. markets are closed. Additionally, it addresses the special risks of debt options due to the nature of debt securities and the markets in which they are traded.


document_description: The document discusses the trading and settlement of debt options, including issues related to price changes, odd-lot markets, delivery shortages, and trading hours. It highlights potential disadvantages for investors dealing in odd-lot markets, the authority of the OCC in delivery shortages, and the risks associated with trading hours and price movements. It also mentions the challenges for option writers in fulfilling settlement obligations.


document_description: The document discusses the complexities and risks associated with offsetting option positions using Treasury securities. It highlights the challenges in calculating the necessary principal amount of Treasury securities to offset risk, the fluctuation of this amount due to changes in yields and maturity periods, and the potential for errors in reported yield values. It also notes the lack of remedies for trades based on erroneous yield values.


document_description: The document discusses the risks and procedures associated with exercising yield-based options before the exercise settlement value is available. It highlights the potential financial obligations for holders if the underlying yield changes unfavorably after exercise. The document also addresses the possibility of trading halts and the role of the Options Clearing Corporation (OCC) in determining settlement values when official values are unavailable.


document_description: The document discusses the special currency risks associated with foreign currency options. It highlights how the value of any currency, including U.S. dollars, can be affected by political and economic factors of the issuing country. The price of a foreign currency option depends on the value of the underlying currency and its relative value to other currencies. Fluctuations in exchange rates can affect the value of options, even if the underlying currency remains stable. Investors should consider factors affecting the economies and currency values of both the trading and underlying currencies. The document also provides an example involving a yen-denominated call option on British pounds.


document_description: The document discusses the challenges and considerations involved in foreign currency transactions, particularly in the interbank market. It highlights the disadvantages faced by individual investors dealing in odd lot markets, the lack of systematic reporting and timely quotations, and the potential impact of foreign governmental restrictions or taxes.


document_description: The document discusses the settlement process and risks associated with cash-settled foreign currency options, including scenarios where the exercise settlement value is in error or unavailable. It also highlights special risks related to flexibly structured options.


document_description: This document outlines the scope and limitations of a booklet prepared under SEC Rule 9b-1 pursuant to the Securities Exchange Act of 1934. It clarifies that the booklet is not a prospectus and should not be construed as investment advice or a recommendation to buy or sell securities. It also states that the booklet is not intended to meet jurisdictional requirements outside the U.S. options markets and is not incorporated by reference into the OCC prospectus or other publications.

key_locations:
Chicago, Illinois
Washington, D.C.

document_subtype: booklet

key_organizations: SEC OCC

reference_numbers: 450 5th Street N.W., Room 1024, Washington, D.C. 20549


document_description: This booklet provides information on the requirements and procedures for handling special accounts for options trading, including buy and sell orders, customer approvals, and recommendations for option transactions. It does not cover the risks associated with trading in options markets or related markets, nor does it describe the internal rules and procedures of brokerage firms. Readers are advised to consult their brokerage firms for specific information.


document_description: The document discusses the potential risks and disruptions in the U.S. options markets due to various factors such as natural disasters, system failures, and economic disturbances. It highlights the limitations of the booklet in covering risks related to options pricing theories and systemic risks affecting the options markets. The document also notes the interdependence of securities markets with national and international financial systems.


document_description: The document is a supplement to the February 1994 edition of the booklet 'Characteristics and Risks of Standardized Options'. It discusses the introduction of trading in cash-settled options on indexes of mutual funds, explaining how these indexes are calculated based on the net asset values of selected mutual funds. It highlights that mutual fund indexes are not updated during the trading day and are based on non-current information, similar to certain foreign stock indexes.

document_date: December 1997


document_description: This document is a supplement to the February 1994 edition of the booklet entitled 'Characteristics and Risks of Standardized Options'. It amends the booklet with changes pertaining to non-rate-modified cash-settled foreign currency options, superseding the January 2007 supplement. It includes details on exercise prices and premiums for dollar-denominated currency options.

title: Supplement to Characteristics and Risks of Standardized Options

document_date: April 2007

document_subtype: supplement


document_description: The document discusses changes and clarifications to a booklet regarding foreign currency options. It includes details on how premiums are expressed for different currency options, modifications to examples and paragraphs in the booklet, and explanations on cash-settled foreign currency options. The document also outlines how exercise settlement values are determined based on exchange rates from selected sources.


document_description: The document outlines the procedures and authority of the Options Clearing Corporation (OCC) in determining and adjusting the exercise settlement value of cash-settled foreign currency options. It details the OCC's authority to suspend options, fix cash settlement amounts, and the role of adjustment panels in protecting investors and the public interest. It also describes the procedures in case of delays in fixing cash settlement amounts and the implications for option holders and writers.

document_subtype: options market regulation


document_description: The document describes rate-modified cash-settled foreign currency options, which are options on an underlying exchange rate between two currencies. The holder receives the difference between the modified rate and the exercise price in U.S. dollars, multiplied by a multiplier. The document explains how these options resemble cash-settled index options and provides examples of how exchange rates and exercise prices are expressed using a rate-modifier.

document_subtype: financial instrument description


document_description: The document discusses the calculation of exercise settlement values for rate-modified currency options, emphasizing the distinction between rate-modifiers and multipliers. It provides examples of how these values are calculated and notes the deletion of a paragraph from a specific page.


document_description: This document is a supplement to the February 1994 edition of the booklet entitled 'Characteristics and Risks of Standardized Options'. It reflects changes in OCC's rules and the rules of certain options markets, including modifications to the definition of 'ordinary cash dividend or distribution', adjustments to exercise prices, and changes in settlement procedures. It also discusses the expansion of OCC's authority regarding yield-based Treasury options and the acceleration of expiration dates for options on equity securities.


document_description: The document discusses rules and adjustments related to options series designated by OCC as 'grandfathered' and the treatment of cash dividends or distributions announced after February 1, 2009. It also covers the adjustment of exercise prices for stock options, particularly in cases of stock dividends, distributions, and splits.

document_subtype: financial rules and adjustments


document_description: The document discusses stock options and how they are adjusted in the event of stock splits or distributions. It provides examples of how exercise prices and the number of shares are adjusted to maintain the aggregate exercise price. The document also mentions potential future changes in how exercise prices might be stated and the rules for adjustments in such cases.

key_organizations:
XYZ Corporation
OCC


document_description: The document contains amendments to a booklet regarding stock options. It includes changes to the description of stock options, specifically the number of shares covered by a single option and adjustments that may occur. It also introduces new paragraphs about special exercise settlement procedures and restrictions, detailing how the OCC may handle situations where market data is unavailable or inaccurate.


document_description: The document outlines amendments to the procedures for exercise settlement of index options in cases of delays or foreign governmental restrictions. It specifies that exercise settlement will be postponed if the exercise settlement amount per contract is less than $1.00. It also details OCC's authority to impose special exercise settlement procedures in certain circumstances, such as foreign governmental restrictions or insufficient supply of an underlying security.

document_subtype: amendment


document_description: The document contains amendments to sections of a legal booklet related to options trading. It includes changes to exercise restrictions for cash-settled and physical delivery options, exemptions of standardized options from 1933 Act registration, and adjustments for yield-based Treasury options.

key_organizations:
OCC
SEC
U.S. Department of the Treasury


document_description: The document discusses credit default options and credit default basket options, which are financial instruments related to the credit risk of specified debt securities. It explains the concept of reference obligations and reference entities, and how credit events trigger the exercise of these options. The document also outlines the conditions under which a credit event must occur for the option to be exercised.


document_description: The document discusses the adjustment of credit default options in the event of certain occurrences such as succession or redemption events. It explains how premiums are calculated and the conditions under which adjustments are made to the terms of outstanding credit default options. An example involving Company XYZ is provided to illustrate a complete redemption scenario.

document_subtype: credit default options


document_description: The document outlines the procedures and adjustments related to credit default options in the event of a credit event, redemption, or succession event. It specifies how options will be adjusted or expire based on these events, including the removal of reference entities from baskets and the adjustment of cash settlement amounts.


document_description: Company XYZ spins off Company LMN, with Company XYZ remaining the obligor for 70% of the original reference obligation and Company LMN becoming the obligor for a new reference obligation. The credit default option is adjusted into two separate contracts specifying Company XYZ and Company LMN as reference entities. The cash settlement amount and premium multiplier are allocated according to a 70/30 division. The listing options market adjusts the option by replacing the affected reference entity with the successor entities and specifies the weight of each new reference entity.

key_people:
Company XYZ
Company LMN

document_subtype: contract

key_organizations:
Company XYZ
Company LMN


document_description: The document discusses the risks and rules associated with credit default options, including the determination of credit events by listing options markets, the lack of underlying interest prices, and the potential unavailability of trading markets. It also mentions the SEC's approval of certain credit default options for trading and the CFTC's exemption for clearing such options.

key_organizations: OCC CFTC SEC


document_description: This document is a supplement to the booklet 'Characteristics and Risks of Standardized Options', replacing the April 2008 supplement. It introduces new options products: delayed start options, binary stock options, binary index options, and range options. It updates definitions and descriptions of options, including physical delivery options and cash-settled options.

document_date: June 2008


document_description: The document contains revised paragraphs for a booklet related to options trading. It discusses standardized terms for options, including exercise price, settlement methods, and option styles. It also covers the determination of cash settlement amounts for different types of options, such as binary and range options, and the establishment of exercise prices for options series.


document_description: The document provides an overview of binary options and range options, detailing their characteristics and trading conditions. Binary options are cash-settled with two possible outcomes and are subject to automatic exercise. Range options are European-style and offer payouts based on the underlying interest falling within a specific range.


document_description: The document provides detailed information about cash-settled options, including range options, binary options, and the determination of contract size and cash settlement amounts. It explains the role of multipliers in calculating the aggregate value of options and the cash settlement amount upon exercise.


document_description: The document discusses the mechanics of binary and range options, including cash settlement amounts and conditions under which these options return a cash settlement. It provides examples to illustrate how binary call and put options work, as well as the conditions for range options based on the underlying index value at expiration.


document_description: The document describes the division of a range length into three segments: low range, middle range, and high range, for a series of range index options. It explains how the cash settlement amount varies within these ranges based on the level of the underlying index. An example is provided with specific values for range length, range interval, maximum range exercise value, and multiplier. Additionally, it discusses the behavior of holders of American-style options in terms of exercising or making closing transactions.


document_description: The document discusses options trading terminology, specifically focusing on the concepts of 'at the money,' 'in the money,' and 'out of the money' for different types of options, including range options. It provides examples to illustrate these concepts.


document_description: The document discusses adjustments to binary stock options in the event of stock splits, reverse stock splits, and distributions of property other than the underlying security. It provides examples of how exercise prices and settlement values are adjusted based on these events.

key_organizations: ABC XYZ


document_description: The document discusses the adjustment of binary stock options in the event of a merger or consolidation. It outlines how cash, securities, or other property received by stockholders may become the underlying interest of the options. An adjustment panel has the discretion to fix a value for non-cash property received. The document also covers the cessation of trading in options, the automatic exercise of in-the-money options, and the role of an adjustment panel in making decisions regarding stock options. Additionally, it provides information on indexes and their role in determining the value of options.

document_subtype: stock options adjustment


document_description: The document provides information on cash settlement of index options, replacement of booklet content, and details on index option trading. It explains the determination of 'size' for different types of options and the expression of exercise prices and premiums in U.S. dollars. An example is provided to illustrate the calculation of aggregate premium based on the multiplier. Additionally, a paragraph and example on page 27 are deleted.

document_subtype: financial document


document_description: The document discusses the risks associated with writing binary call and put options, highlighting the potential for substantial financial losses. It emphasizes the need for investors to understand the risks and have sufficient liquid assets to meet margin requirements. The document also explains the obligations of binary option writers under exchange rules.

document_subtype: booklet excerpt


document_description: The document discusses the risks and requirements for put writers, including margin requirements and potential losses. It includes an example of a binary put option on XYZ security and explains the concept of cash-secured put writing.


document_description: The document discusses the risks associated with being an option writer, particularly in the context of binary options and straddle writing. It highlights the potential for unlimited risk in certain scenarios and the impact of different option types on risk profiles.


document_description: The document discusses the risks associated with exercising options, particularly focusing on the timing risk for writers of cash-settled index options. It explains the difference in risk between American-style and European-style options and highlights the potential errors in reported index levels affecting settlement values.

document_subtype: legal document


document_description: The document discusses the settlement values of cash-settled index options and the conditions under which these values are determined. It highlights the process for determining exercise settlement values, especially in extraordinary circumstances, and the implications for option holders and writers. The document also addresses the reporting of index levels during trading delays or interruptions.


document_description: The document discusses the special risks associated with binary options, particularly in comparison to non-binary options. It highlights the limited return potential of binary options, the challenges in hedging with binary options, and the increased risk of market manipulation affecting binary options.


document_description: This document is a supplement to the February 1994 booklet on standardized options, providing updates on options related to stock index variance, trading securities strategies, and equity dividends. It supersedes the September 2008 supplement.

document_date: December 2009


document_description: The document discusses various types of stock indexes, including stock indexes, variability indexes, strategy-based indexes, and dividend indexes. It explains how these indexes are calculated and what they measure. Specific amendments and additions to a booklet on these topics are also mentioned.


document_description: The document discusses dividend indexes and variability indexes, focusing on their calculation, significance, and the factors affecting them. It highlights the complexity of investment strategies involving these indexes and the need for investors to understand the methods of calculation and the relationship between index values and option prices.


document_description: The document discusses variability options and their differences from standard index options, including settlement methods, expiration dates, and methods of calculating implied volatility. It highlights the importance of understanding the specific features of variability options before trading.


document_description: The document discusses the evaluation of implied volatility indexes in relation to market liquidity and options. It also covers realized variability indexes and options, including their calculation and settlement methods. Additionally, it introduces strategy-based indexes and the complexity involved in their calculations and use.

title: Volatility and Strategy-Based Indexes


document_description: The document discusses the risks and complexities associated with volatility indexes and implied volatility options. It highlights the potential divergence between exercise settlement values and indicative values due to market forces. The document also emphasizes the complexity of strategies involving options on variability or strategy-based indexes, requiring a thorough understanding of the underlying concepts and calculation methods.


document_description: The document defines the conditions under which cash dividends are considered 'ordinary' for options purposes, particularly in relation to the market value and declaration date. It outlines the rules for adjustments to option contracts based on cash dividends or distributions, with specific exceptions for fund shares and special circumstances.

document_subtype: legal supplement


document_description: The document discusses options on conventional index-linked securities, which are debt securities trading on exchanges like equity securities. These securities are issued by financial institutions and provide cash returns based on the performance of a reference asset. The document explains the trading and exercise of options on these securities, including the adjustment of underlying units and exercise prices.

key_organizations:
financial institutions
banks


document_description: The document discusses the settlement dates for accelerated index-linked security options and the potential discrepancies with cash payment dates from issuers. It outlines the general rules and exceptions for adjustments to options on index-linked securities, particularly in cases of partial calls or interest payments. It also highlights the importance of understanding the risks and characteristics of underlying interests, advising readers to seek information from issuers, index publishers, and brokers.


document_description: The document contains amendments to a booklet, specifically adding paragraphs about the special risks associated with debt options and index-linked securities. It discusses potential settlement procedures and adjustments in the event of shortages or calls on index-linked securities.


document_description: The document provides an overview of credit default options, including their automatic exercise upon confirmation of a credit event, the role of the listing options market, and the conditions under which these options expire worthless. It explains the concept of credit default basket options and the criteria for a credit event.

key_organizations: CCC OCC


document_description: The document discusses the characteristics and mechanics of credit default options and credit default basket options. It explains that credit default options are binary options with no exercise price or intrinsic value, and are automatically exercised upon a credit event. Credit default basket options aggregate individual credit default options and can be single or multiple payout, with cash settlements based on credit events of reference entities. Premiums are expressed in points and decimals.


document_description: This document outlines the adjustments that may be made to credit default options when certain events occur, such as succession or redemption events. It explains the discretion of the listing options market in making these adjustments and the rules governing them. The document also details the process for redemption event adjustments and provides an example involving Company XYZ.

title: Adjustment of Credit Default Options

key_organizations:
listing options market
Company XYZ


document_description: The document outlines the adjustment procedures for credit default basket options in the event of a complete redemption or a succession event. It explains how the options will be adjusted by removing affected reference entities from the basket and adjusting the cash settlement amount accordingly. It also details how succession events, where new entities assume reference obligations, will lead to adjustments in the credit default options.


document_description: The document discusses the adjustment of credit default options following a succession event, where Company XYZ and LMN are identified as successor entities. It explains how the credit default options are adjusted into separate contracts for each successor entity, and how the cash settlement amount and premium multiplier are allocated. It also covers the adjustment of credit default basket options and the special risks associated with pricing credit default options.


document_description: The document discusses credit default options and related market regulations, including credit event determination, market access for value, lack of underlying interest, trading halts, and regulatory approvals.

key_organizations: OCC SEC CFTC


document_description: The document is a supplement to the February 1994 version of the booklet 'Characteristics and Risks of Standardized Options'. It includes amendments to accommodate options on indexes measuring implied volatility of a single reference security and options on relative performance indexes. It updates sections on the types of underlying interests for options and the definition and types of indexes.

document_date: March 2011


document_description: The document discusses changes and additions to a financial booklet regarding implied volatility indexes and relative performance indexes. It highlights factors affecting implied volatility index values, updates to the booklet's content, and introduces the concept of relative performance indexes, which measure the relative total return of two index components.


document_description: The document discusses the settlement and expiration of options, particularly in cases where the expiration date is accelerated. It also covers the adjustment of index options and changes in the terms of index option contracts.


document_description: The document outlines the procedures and authority of an adjustment panel to modify terms of index option contracts in response to significant changes in the underlying index or reference index. It details the conditions under which the panel may adjust the index multiplier, exercise prices, or substitute a successor index. The panel's decisions are binding and not subject to review. Additionally, it updates the risks associated with various types of index options as described in a booklet.

document_subtype: contract adjustment terms


document_description: The document replaces paragraphs 12 through 14 under the section 'Special Risks of Index Options' in the Booklet with new content. It discusses the complexities and risks associated with strategies involving variability index options, strategy-based index options, and relative performance index options. It emphasizes the need for investors to understand the calculation methods of these indexes and the potential discrepancies between predicted and actual volatility. It also addresses the settlement process for exercises based on erroneous index levels.

document_subtype: Supplement to Booklet