Costs and Charges Disclosure
Deutsche Bank AG has set out on this website its ex-ante costs and charges disclosure [for its CIB businesses] as may be updated or supplemented from time to time. For disclosures related to Deutsche Bank’s Wealth Management and Private & Commercial Clients businesses please see the tab “Private & Commercial Bank” above.
The total costs and charges of an investment in financial instruments consist of costs and charges in connection with the financial instrument or product, and the costs and charges in connection with the investment or ancillary service.
Product costs and charges are associated with the manufacturing and managing of the financial instruments. Such costs and charges are incurred or specified by the manufacturer of the financial instruments (issuers for bonds and certificates, Deutsche Bank in the case of OTC transactions entered into with Deutsche Bank) and applied to the financial instruments (e.g. issuer margin for a certificate and elements of pricing not associated with market risk in the context of a OTC transactions) or taken into account in the overall pricing of the financial instrument.
Service costs and charges are associated with the provision of investment and ancillary services, such as in relation to clearing services for listed derivatives or cleared OTC transactions or maintaining a securities account. The service costs and charges are payable by the investor to the Bank.
Placement fees or trailer fees paid to the Bank as sales remuneration in connection with the provision of an investment service or ancillary service will also be attributed to the service costs and charges.
The purpose of the ex-ante cost and charges disclosures is to break down and illustrate the costs and charges associated with classes or sub-classes of financial instruments, and investment services. This disclosure provides examples of particular products and the costs and charges associated with them. It does include examples of all financial instruments or products within each asset class. The costs and charges figures provided in this disclosure are illustrative of the costs and charges associated with particular financial instruments, but may not reflect the costs and charges associated with any actual transaction.
The illustrative cost and charges information will be calculated on the basis of certain assumptions and estimates, which are specified in the examples, and typical costs.
The actual costs may vary from those set out in the examples as a result of (without limitation) differences in the following parameters:
- actual investment amount or notional of the transaction (though this change may not be proportionate)
- individual holding period
- trading venue
- trading currency
- product costs and charges of the respective financial instrument
- service costs and charges agreed with the Bank
- performance of the financial instrument (taking into account, in respect of financial instruments denominated in a foreign currency, changes in the exchange rate during the holding period)
- changes in the product and service costs and charges during the holding period