Information about Citfin – Finanční trhy, a.s.

Basic Information

Citfin – Finanční trhy, a.s.

Radlická 751/113e, 158 00 Praha 5 – Jinonice
IN: 250 79 069, TaxIN: CZ 250 790 69
Bank connection: Citfin
Account number: 1002091/2060
Company is registered in Commercial Register kept by
Municipial Court in Prague, Section B, File 4313

GIIN Citfin FT: PRDZKH.99999.SL.203
LEI: 213800BVHZ8XUCN63U23

Board of Directors

Chairman of the Board and CEO: Martina Arnold Rubin
Member of the Board and Sales Director: Ing. Dagmar Kubíková, MBA

Supervisory Board

Chairman of the Supervisory Board: doc. Ing. Karel Kopp, CSc.
Member of the Supervisory Board: Ing. Attila Kovács
Member of the Supervisory Board: Vilma Beková

Signature Rules of Citfin – Finanční trhy a.s.

The Board of Directors acts on behalf of the company – either the Chairman acts independently or in cooperation with the member of the Board of Directors.

  • The Chairman of the Board of Directors is Martina Arnold Rubín.
  • A Member of the Board of Directors is Ing. Dagmar Kubíková, MBA.

Other people that are granted with the legal capacity in writing and authorised:

To conclude client relationships with the clients of Citfin – Finanční trhy, a.s.:

  • Martina Arnold Rubín (CEO)
  • Ing. Dagmar Kubíková, MBA (CSO)
  • Ing. Kateřina Vladyková (Senior Account Manager)

Licenses, Permits and Downloadable Documents

  CNB Company Registration Confirmation; Citfin – Finanční trhy a.s.; available only in Czech!10. 7. 2009425 KB Download
  CNB Securities Broker Licence; Citfin – Finanční trhy a.s.; available only in Czech!13. 7. 2009525 KB Download
  CNB’s authorisation on acting as a payment institution; available only in Czech!15. 4. 2011525 KB Download
  Framework Agreement Citfin – Finanční trhy, a.s.15. 7. 2018323 KB Download
  General Business Terms Citfin – Finanční trhy, a.s.1. 3. 2019667 KB Download
  Investment Questionnaire of Adequacy15. 7. 2018254 KB Download
  Product List Citfin – Finanční trhy, a.s.1. 3. 2019798 KB Download
  Pricelist Citfin – Finanční trhy, a.s.15. 5. 2017207 KB Download
  The Articles of Association of Citfin – Finanční trhy a.s.; available only in Czech!16. 1. 2017275 KB Download
  Complaints Procedure15. 10. 2018218 KB Download
  BankServis User Manual Citfin – Finanční trhy, a.s.15. 10. 20182 MB Download

Related Information

Regulation (EU) No. 648/2012 of the European Parliament and of the Council on OTC Derivatives, Central Counterparties and Trade Repositories and other associated regulations of the European Commission (hereinafter referred to as “EMIR”) establishes new obligations for participants in derivative transactions. EMIR sets obligations for providers of derivatives and for clients using these derivatives.

Since Citfin – Finanční trhy, a.s. (hereinafter referred to as “Citfin”) provides foreign exchange derivatives within its portfolio (forwards and swaps), the provision of these foreign exchange derivatives must fulfil the obligations set by EMIR.

 

EMIR Obligations

  1. Categorisation of Clients in Accordance with EMIR. To fulfil obligations arising from EMIR, the client must know whether they are a financial counterparty or a non-financial counterparty (above-threshold, below-threshold). Citfin automatically classifies its clients in the non-financial counterparty category. If you find that you do not fall within the non-financial counterparty category within EMIR’s classification, or you expect that to happen in the near future, immediately inform Citfin. Financial counterparties are investment firms authorised in accordance with Directive 2004/39/EC, credit institutions authorised in accordance with Directive 2006/48/EC, insurance undertakings authorised in accordance with Directive 73/239/EEC, assurance undertakings authorised in accordance with Directive 2002/83/EC, reinsurance undertakings authorised in accordance with Directive 2005/68/EC, UCITSs and, where relevant, their management company, authorised in accordance with Directive 2009/65/EC, institutions for occupational retirement provisions within the meaning of Directive 2003/41/EC and alternative investment funds managed by AIFMs authorised or registered in accordance with Directive 2011/61/EU. A non-financial counterparty is an undertaking, other than a financial counterparty (non-financial counterparties are licence holders of a payment institution, unless they hold another licence as described above), established in the European Union. In accordance with EMIR, a non-financial counterparty is obligated to check that their outstanding positions do not exceed the clearing threshold, i.e. threshold associated with a clearing obligation via a central counterparty:
    • Limits for obligatory clearings are set by art. 11 of Commission Regulation no. 149/2013 as follows:
      • EUR 1 billion gross notional value for OTC credit derivative contracts,
      • EUR 1 billion gross notional value for OTC equity derivative contracts,
      • EUR 3 billion gross notional value for OTC interest derivative contracts,
      • EUR 3 billion gross notional value for OTC foreign exchange derivative contracts,
      • EUR 3 billion gross notional value for OTC commodity derivative contracts and other OTC derivative contracts not listed above.
    • In case a non-financial counterparty exceeds the threshold, it is obligated to inform ESMA, ČNB and Citfin of this fact.
    • Limits are monitored as an average position in OTC derivative contracts for over a period of 30 days.
  2. Reconciliation of Outstanding Futures. One of the requirements of EMIR is a reconciliation of outstanding derivative transactions. At prescribed intervals, Citfin will supply its clients via the Bankservis application or via e-mail about outstanding foreign exchange derivative transactions and their values in accordance with the requirements of EMIR.Reconciliation intervals are dependent on the type of counterparty and the number of outstanding contracts:
    • Financial and above-threshold non-financial counterparties
      • daily – more than 500 outstanding contracts
      • weekly – 51 to 499 outstanding contracts
      • quarterly – 50 or fewer outstanding futures contracts
    • Below-threshold non-financial counterparties
      • quarterly – more than 100 outstanding futures contracts
      • annually – 100 or fewer outstanding futures contracts

    Starting in the first quarter of 2014, a reconciliation process for outstanding futures contracts will begin at the prescribed frequency based on the number of outstanding contracts

  3. Reporting Obligation. All derivatives must be reported to trade repositories. It is necessary to arrange which of the counterparties will report to the trade repository. Citfin can report for the client, the client can do the reporting themselves or the obligation can be delegated to a third party. We propose to our clients that they allow Citfin to provide reporting for them. If the client wishes to report futures contracts themselves, they must inform Citfin of this fact in writing. If Citfin does not receive this information from the client, Citfin will do reporting for the customer. The basic requirement for fulfilling the reporting obligation for legal persons is that the counterparties must mutually impart their temporary or permanent legal entity identifier (“LEI”). LEI is the identifier of the counterparty and the reporting obligation cannot be fulfilled without it. The reporting obligation is effective from the 12th February 2014. If the client, that uses foreign exchange derivatives, does not provide Citfin their LEI, the reporting obligation arising from EMIR will not be fulfilled.
  4. Receiving LEI. The issuing and (annual) renewal of LEI is subject to a fee. The fees differ by provider. In the Czech Republic, the LEI provider is Centrální depozitář cenných papírů, a.s., and the fee for issuing and for annual renewal totals CZK 1,875 and CZK 940 respectively. The form for requesting an LEI by Centrální depozitář cenných papírů can be found here. The list of all current LEI providers is available here. Please send your LEI to obchod@citfin.cz.

 

EMIR Information Sources

http://www.cnb.cz/en/supervision_financial_market/legislation/index.html
https://www.esma.europa.eu/search/site/emir

In connection with the acquisition of a permit to trade securities pursuant to Section 6 of Act No. 256/2004 Sb., on business activities on the capital market, as amended (hereinafter the Capital Market Undertakings Act”), transposing Directive 2004/39/EC of the European Parliament and of the Council of 21 April 2004 on markets in financial instruments (hereinafter “MiFID”) into the Czech law, which aims to increase the protection of clients who are provided with investments services and increase the transparency of capital markets, we would like to hereby inform our clients about certain changes related to the provision of investment services (future trades).

When providing investment services, the securities dealer shall:

  • Act honestly, fairly and professionally in accordance with the client’s interests,
  • Provide adequate and complete information, which cannot be unclear, misleading, deceptive or unfair,
  • Provide the clients with investment services that reflect the clients’ current situation.

Contents:

  1. Basic Company Information
  2. Investment Services and Instruments
  3. Categorisation of Clients
  4. Warning about Risks Associated with the Use of Investment Instruments
  5. Conflict of Interests Policy
  6. Rules of Handling Clients Assets
  7. Guarantee Fund of Securities Traders
  8. Rules for Executing Orders

The application for inclusion in the “Professional Client” category can be found HERE only in czech language.

For more information visit the website of Czech National Bank.

The times in the tables indicate the time limit (Cut-Off Time) by which the client must deliver the payment order to Citfin – Finanční trhy, a.s. so that the payment is made on the same day. The payment execution is also subject to the sufficient coverage of funds on the client’s payment account with Citfin.

 

Payment orders with the NORMAL speed for the payment transaction

If the client indicates the NORMAL speed for the payment transaction in the payment order and meets the requirements for the payment execution (the payment order is delivered by the Cut-Off Time, and the funds on the client’s payment account with Citfin are sufficiently covered), the funds will be transferred to the recipient’s bank:

  • Within T+1 in the case of a domestic payment
  • Within T+2 or T+3 in the case of a foreign payment

 

NORMAL SPEED OF PAYMENTS

Cut-Off Time for the receipt of the payment order and coverage of the payment transaction

CurrenciesTime
all currencies16.30

 

 

Payment orders with the URGENT speed for the payment transaction

If the client indicates the URGENT speed for the payment transaction in the payment order and meets the requirements for the payment execution (the payment order is delivered by the Cut-Off Time, and the funds on the client’s payment account with Citfin are sufficiently covered), the funds will be transferred to the recipient’s bank:

  • Within T+0 in the case of a domestic payment
  • Within T+0 or T+1 in the case of a foreign payment

If the client indicates the URGENT speed for the payment transaction in the payment order, he/she will be charged a fee according to the price list of Citfin – Finanční trhy, a.s., which is available on this website.

URGENT SPEED OF PAYMENTS

Cut-Off Time for the receipt of the payment order and coverage of the payment transaction

CurrencyTime
CZK in ČR12.30
CZK foreign11.30
EUR in EHP*15.00
kurz Euro € pro směnu devizEUR outside EHP*13.30
kurz Americký dolar pro směnu devizUSD13.30
kurz Libra šterlinků pro směnu devizGBP08.30
kurz Švýcarský frank pro směnu devizCHF08.30
kurz Norská koruna pro směnu devizNOK08.30
kurz Švédská koruna pro směnu devizSEKn/a
kurz Japonský jen pro směnu devizJPYn/a
kurz Złoty pro směnu devizPLN08.30
kurz Kanadský dolar pro směnu devizCADn/a
kurz Forint pro směnu devizHUF08.30
kurz Dánská koruna pro směnu devizDKKn/a
kurz Australský dolar pro směnu devizAUDn/a
kurz Ruský rubl pro směnu devizRUBn/a
kurz Rumunské leu pro směnu devizRONn/a
kurz Čínský jüan pro směnu devizCNYn/a

*EEA means the European Economic Area consisting of all EU Member States and Norway, Iceland, Switzerland and Liechtenstein.