Mid Market Mark Calculator

Mid-Market Mark Calculator for non-Swap Dealer/non-Major Swap Participant Counterparties

 

For certain counterparties, under CFTC rules HSBC is obliged to disclose Mid-Market Marks to you prior to executing swaps. The Mid-Market Mark calculation excludes credit reserve, hedging, liquidity, profit and any other cost adjustments.

HSBC has made available a user friendly tool for clients to request and receive indicative mid-market quotations for all FX currency pairs we currently price electronically in CFTC regulated foreign exchange products - FX Swaps, Outright Forwards, Non-Deliverable Forwards and Time Options.

Should you encounter a technical issue or a price appears as unavailable then please contact your local Sales Representative.


Where this refers to “we” or “HSBC” it refers to the relevant HSBC entity with which you are transacting (HSBC Bank USA, NA or HSBC Bank plc as applicable) and where this refers to “you” it refers to you or your organisation.

All mid-market marks provided on this website required pursuant to CFTC Regulation 23.431(d) (the "Mid-Market Marks") are provided for convenient reference and information purposes only. By viewing the Mid-Market Marks via this website, if you have not agreed to receive the Mid-Market Marks verbally (such as, by subscribing to ISDA Amend), you agree (i) to receive the Mid-Market Marks via this website, (ii) that this is a reliable method for receiving written disclosures, (iii) any Mid-Market Marks received verbally are superseded by those on this website and (iv) to be bound by the following obligations and limitations. Mid-Market Marks provided on this website are accurate only as at the time accessed on this website and are not automatically refreshed to reflect live pricing. Accordingly, a new request will need to be submitted each time an updated Mid-Market Mark is required. In the event that you are unable to access the Mid-Market Mark through this website, please contact your local sales representative at HSBC.

Any Mid-Market Mark you receive is not intended as an offer or solicitation of the purchase or sale of any instrument and does not constitute a recommendation or investment advice. HSBC shall not be liable for any financial loss or any decision taken on the basis of the information disclosed in any Mid-Market Mark. HSBC is not responsible for providing you with legal, tax or other specialist advice and you should make your own arrangements in respect of this accordingly.

Any Mid-Market Mark provided is indicative only. It is not necessarily the rate or price that will be offered for trading and does not include amounts for credit reserve, hedging, funding, liquidity, or any other costs, adjustments or profits. Any Mid-Market Mark provided does not represent (i) the actual terms at which new transactions could be entered into, (ii) a price at which either you or HSBC would necessarily agree to replace, terminate, liquidate or unwind the transaction, (iii) the value of the transaction that will be marked on the books of HSBC, or (iv) the calculation or estimate of an amount that would be payable following the designation or occurrence of: (A) an Early Termination Date under Section 6(e) of any ISDA Master Agreement or any ISDA Interest Rate and Currency Exchange Agreement, (B) a similar date under FBF and AFB master Agreement, or (C) a similar date or event under another master agreement or master agreement terms. HSBC may from time to time make a market in or otherwise buy and sell instruments identical or economically related to the instruments and the price at which HSBC engages in such activity for a given investment is unlikely to be a Mid-Market Mark for such investment. Additionally, calls for margin may be based on considerations other than a Mid-Market Mark provided by HSBC.

A Mid-Market Mark will not reflect the actual market price at which an offer would be made to purchase, sell, enter into, exercise, novate, unwind, terminate or settle a transaction at the relevant point in time. Rather, it will represent mathematical approximations of market values as of a given date, at a given time, derived from proprietary models and methodologies based on certain assumptions regarding past, present and future market conditions or other factors, or from other sources of pricing or market information (e.g., third party quotes, prices on trading venues, or clearing house marks for comparable or interpolated transactions). In HSBC's sole discretion, we may use a variety of models, methodologies and assumptions to prepare a Mid-Market Mark, depending upon the type of transaction, its characteristics, whether there is a liquid market, and other factors. We reserve the right to alter, replace or vary our models, methodologies, and assumptions from time to time.

We do not take into account specific tax rules or accounting methods applicable to counterparties, clients or potential clients of HSBC in its preparation of a Mid-Market Mark. We may have prepared the Mid-Market Marks on the basis of proprietary models used for HSBC's needs. Therefore, we shall not be liable for differences, if any, between a Mid-Market Mark and mid-market marks provided by third parties; as such differences may arise as a result of the application and implementation of alternative accounting methods, tax rules or valuation models.

The methodology and assumptions used to prepare a Mid-Market Mark shall be provided via this website and HSBC shall update you upon any material change to the methodology or assumptions used to prepare Mid-Market Marks via this website; provided that HSBC shall not be obligated to disclose confidential, proprietary information about any model it may use to prepare a Mid-Market Mark.

Except in the case of fraudulent misrepresentation, HSBC expressly disclaims any responsibility for (i) the accuracy of the models or estimates used in deriving a Mid-Market Mark, (ii) any errors or omissions in computing or disseminating a Mid-Market Mark, (iii) any uses to which a Mid-Market Mark is put and (iv) any loss or damage arising out of the provision or use of this information (including, without limitation, incidental or consequential damages); and any market or other changes following dissemination of the Mid-Market Mark. If there is a delay between the Mid-Market Mark and a decision to execute, you should generate a new Mid-Market Mark before trading using this tool.

Distribution, possession or delivery of a Mid-Market Mark in, to or from certain jurisdictions may be restricted or prohibited by law. Recipients of Mid-Market Marks are required to inform themselves of and comply with all such restrictions or prohibitions. Neither HSBC, nor any of its affiliates directors, employees, agents or advisers or any other person accepts any liability to any person in relation to the distribution, possession or delivery of Mid-Market Marks in, to or from any jurisdiction.

No part hereof may be reproduced, distributed or published by you for any purpose without the prior written consent of HSBC. For the avoidance of doubt, Mid-Market Marks of derivative transactions provided by HSBC may not be reproduced in the audited annual reports of the original recipient named above or any of its affiliates, and HSBC will not, under any circumstances, provide any consent to a request to reproduce Mid-Market Marks in audited annual reports.

Please note that the content on this website may incorporate only a subset of your financial transactions with HSBC.