Professional Clients and Eligible Counterparties 

This costs and charges disclosure policy is provided by B2C2 OTC Limited ("B2C2", "we", "our" or "us"). 

B2C2 is required by article 24(4) of the Markets in Financial Instruments Directive (Directive2014/65/EU) ("MiFID II”) to inform clients of the costs and charges for the services offered and products traded on an ex-ante (i.e. pre-trade) basis.

This disclosure document has been prepared to provide you with ex-ante information on our costs and charges where we provide investment services and activities or ancillary services as defined under MiFID II. It forms part of our ongoing efforts to provide transparency to all our clients on our business practices.

Terms not defined in this document have the meaning given to them in the B2C2 Terms of Business for Professional Clients and Eligible Counterparties (as amended from time to time). Should you require additional information in relation to a particular transaction or service, please contact your B2C2 representative.

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When B2C2 enters into a transaction with you in its capacity as principal, we do not charge you for related investment services and/or ancillary services.

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The following sets out estimates of maximum costs and charges that would apply for principal transactions in different categories of financial instruments under normal market conditions. The actual costs and charges may vary depending upon the circumstances specific to each transaction.

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When B2C2 provides you with a price to enter into a transaction, the costs and charges associated with that transaction will be the difference between the price of that transaction and an estimated fair market valuation of the financial instrument (the "Costs and Charges"). The price of the transaction may include any of the factors set out below. The extent to which these factors are reflected in our Costs and Charges will vary depending on the nature of the financial instrument and the transaction.

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Price formation in the Crypto and FX Derivatives businesses generally takes the following approach: Firstly, formation of an instrument price which considers observable market prices, executed transactions, volatility data, other market data, internal models and observable trade flows. The instrument price is the observable mid-market price. Secondly, this instrument price is adjusted by the application of Costs and Charges to form the final client price. The difference between the observable mid-market price and the final client price will therefore constitute the Costs and Charges to the client. Further details of factors that may contribute to the Costs and Charges are set out below.

The below table represents the indicative maximum costs and charges for Crypto and FX CFDs and Options. When B2C2 transacts with its clients it does so at an “all-in” price, inclusive of any costs and charges applied to the price at which B2C2 may be able to transact in the market.
The percentage values below are in relation to the notional value of the trade, where the notional falls within certain minimum and maximum sizes and apply in respect of liquid crypto currencies (e.g. bitcoin) under normal market conditions. For an indication of the costs and charges on more illiquid and/or structured Crypto and FX Derivatives transactions, please contact your B2C2 representative.