Updates to the Global Markets Trading Terms and Conditions and the US Exchange Traded Options PDS effective 1 May 2021

Effective Saturday 1 May, 2021, we will be making a change to the Global Markets Trading Terms and Conditions and the US Exchange Traded Options Product Disclosure Statement (PDS).

Terms and Conditions

• We will update the contact details to use for complaint escalations
• The first sentence of clause 11 of the terms and conditions will be changed to read as follows: “Unless you and we otherwise agree, you acknowledge that any foreign exchange offered by us may be conducted at current rates of dealing for such transactions.” This sentence previously read as follows: “Unless you and we otherwise agree, you acknowledge that any foreign exchange dealing facilitated by us may be conducted at current rates of dealing for such transactions or with any properly licensed office or subsidiary of the Commonwealth Bank of Australia acting as principal.”
• We will remove the following from clause 24: “(except shares in Commonwealth Bank of Australia)” from the following sentence: “You agree that if you fail to pay any amount due and payable under these Terms and Conditions, we or our Agent may apply any cash held by us, our Agents or you and may sell or dispose of any International Securities under our control or the control of our Agents or any other securities of yours under our control (except shares in Commonwealth Bank of Australia), and apply the proceeds in satisfaction of the monies owing by you and in payment of any reasonable additional charges incurred by us.”

PDS

• We will replace various references to: “a participant of the ASX Group” with “a market participant of ASX & Cboe Australia, a clearing participant of ASX Clear Pty Limited and a settlement participant of ASX Settlement Pty Limited”
• We will replace all references of “Westpac Online Investing” to “Westpac Share Trading”
• We will update various links to external resources to ensure they remain accessible
• We will update the contact details to use for complaint escalations
• In the section of the PDS that includes the Global Markets Trading Terms and Conditions that apply to trading in US Exchange Traded Options:
  • the first sentence of clause 11 will be changed to read as follows: “Unless you and we otherwise agree, you acknowledge that any foreign exchange offered by us may be conducted at current rates of dealing for such transactions.” This sentence previously read as follows: “Unless you and we otherwise agree, you acknowledge that any foreign exchange dealing facilitated by us may be conducted at current rates of dealing for such transactions or with any properly licensed office or subsidiary of the Commonwealth Bank of Australia acting as principal.”
  • The second sentence of clause 12 will be changed to read as follows: “A variable foreign exchange spread charge may be incurred for providing this option. The foreign exchange fee is 0.6% of the transaction amount.” This sentence previously read as follows: “A variable foreign exchange spread charge may be incurred for providing this option, not exceeding 1% away from the underlying wholesale spread (bid/offer) as provided by either the Commonwealth Bank of Australia or its Agent Pershing LLC.”

What you need to do

We recommend you carefully review the changes. The updated documents will be available for download from this website from 1 May 2021.

Should you have any questions about these changes, please contact us.