Bound Rates Limited (hereafter “Bound”) is committed to delivering good customer outcomes and a key driver of risk in this area is unfair pricing. We have set out below our view on fair pricing versus unfair pricing and aim to adhere to these expectations at all times.

We will monitor pricing considerations throughout your relationship with us and will take action where we have concerns. You must provide us with a profile of your expected usage at the on-boarding stage for review and upon approval we will provide your pricing for services with Bound. We will continue to monitor your transactions and pricing throughout your time working with us.

The Pricing Standards below describe Bound’s expectations for the customer’s pricing of its products.

1. Transparent pricing

We aim to always have a transparent pricing model and to always disclose a price for the products or services before the customer is bound by the agreement. The pricing information must be communicated to the customer in a clear and non-misleading way and to properly disclose all fees that will be charged. 

We will also retain records that demonstrate that the customer agreed to the products and services terms and conditions, including the pricing.

2. Fair value

We price our products and services fairly and avoid price discrimination, i.e. charging different prices to different consumers that have the same costs to serve, but different willingness to pay. This does not mean that all customers must receive the same price - the price might differ if the cost to serve the customer is different or the quality of the product is different.

Bound strives to ensure that existing customers are not getting worse pricing than new customers (so called “loyalty penalty”) and also that they do not exploit any information or knowledge imbalance in their pricing.

Bound does not charge its customers fees besides a spread on FX in relation to products provided by Bound, and where applicable, relevant payment fees. We expect that the spread applied reflects the level of service provided and does not feature considerations which would constitute harmful price discrimination. We expect to be able to explain in detail any differences in the spreads charged and to retain records that demonstrate the objective criteria considered when setting the spread.

If through our on-going monitoring we see indications of unfair pricing contravening the above, we will review and contact you to provide us with any information that we need to support a more detailed review, and in certain cases we may provide redress to customers for past unfair pricing practices.

Bound also does not charge exit fees. An exception to this would be where the Bound suffers a direct loss as a result of the customer leaving, for example due to closing of a forward trade. In that situation, Bound may claim compensation for the loss from the customer.

3. Vulnerable customers considerations

We look after the interests of all customers and to treat them fairly, and this includes considering vulnerability characteristics in their pricing to ensure that vulnerable customers do not receive a less favorable pricing. 

4. Periodic review

We review customer pricing models on a periodic basis, at least annually. This applies to review of pricing for any new or prospective customers, but also for existing customers.