This document provides an overview of the services provided by Barclays Bank PLC (“BBPLC”), Barclays Capital Inc. (“BCI”) and its affiliates (each a “Barclays Entity,” and collectively “Barclays”), and of the fees and other compensation received by Barclays from those clients of Barclays with whom Barclays has a direct relationship, including clients which are employee benefit plans subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) (each, a “Plan”).
These materials are intended to provide clients with information about our services and compensation and are intended also to include information for Plans (and their representatives) described under final U.S. Department of Labor Regulations issued under Section 408(b)(2) of ERISA. This document should be read in conjunction with other fee disclosures, notices, agreements and other materials furnished by a Barclays Entity.
With respect to Plan clients, if you are not the “responsible plan fiduciary” authorized to engage service providers for the Plan, please forward these materials to the appropriate Plan fiduciary. This document is not an agreement for services, nor is it intended to replace or amend any agreement or other contract Barclays may have with or in respect of a client, written or otherwise, nor is it any guarantee with respect to the pricing of any of our services. In the event of any discrepancy between the information contained in these materials, and the terms that govern our contractual relationships with respect to direct relationships with clients, the latter will govern.
If you are a customer of an introducing broker not affiliated with Barclays, please contact that broker for any required disclosures. We invite interested clients (and particularly Plan clients) to periodically check this website (http://www.barclays.com/disclosures/erisa.html), which may include additional or supplementary information from time to time as the occasion arises. Please note that this document does not relate to the products and services obtained through the Barclays Wealth and Investment Management platform.
To the extent any client has a relationship with Barclays Wealth and Investment Management, they should consult their representative at Barclays Wealth and Investment Management.
BCI is both a U.S. registered broker-dealer and a U.S. registered investment adviser under the Investment Advisers Act of 1940, as amended. Except as provided in writing (and only to such extent) Barclays does not expect to be acting in an advisory capacity (for purposes of the Investment Advisers Act) or as a fiduciary within the meaning of Section 3(21) of ERISA with respect to Plans.
General Description of Services
As a global financial firm, Barclays offers a full spectrum of products and services to help meet its clients’ needs.
The services Barclays provides to clients may generally be divided into the following categories: (1) establishment and maintenance of a securities brokerage account with or without custody at a Barclays Entity, (2) the provision of short-term “sweep” or other money market enhancements for available credit balances pending reinvestment or redistribution on behalf of a client account custodied or maintained at a Barclays Entity,ii (3) the execution of agency transactions in U.S. securities and certain foreign securities, U.S. futures and certain foreign futures, and certain over-the-counter (“OTC”) products, including agency transactions in U.S. fixed income securities by or through BCI, (4) the provision of executing, clearing, settlement, financial intermediation, and delivery services for foreign exchange commodities and OTC derivatives, and (5) matching trades, effecting settlement and payments and facilitating deliveries.
Certain services listed herein may include other sub-services such as sub-custodians and subclearers that are not specifically delineated. Barclays also provides a number of ancillary services, for example, research reports, analytics through Barclays Live, as well as our direct market access (“DMA”) capabilities and electronic execution. Please refer to any Barclays contracts or agreements for further details concerning a client’s access to any such services and the terms and conditions pursuant to which they are provided.
A Barclays Entity may also provide client account activity reports and other confirmations of transactions, and estimated price or indicative valuations, in any case, without undertaking to render investment advice, manage money or act as a fiduciary with respect to the Plan accounts.
Also, a Barclays Entity may offer services to help Plans and other clients transition portfolios of securities and other positions. The terms and conditions that govern such arrangements, along with the fees and other commissions will be provided under the terms of the applicable transition services agreement (or similar agreement).
This document provides in tabular form: (1) a description of the services that a Barclays Entity may provide under a contract or arrangement with a Plan, (2) a description of the fees and compensation for such services (or where they may otherwise be found), (3) a description of indirect compensation, potential conflicts of interest and other commercial considerations with respect to such services and (4) a description of payments which may be made among related parties or subcontractors with respect to such services.