This material, including any services or products mentioned within, is only intended for professional investors. It is not intended for, nor should be passed onto, retail clients. It is also not intended for, nor should it be relied upon by, any person or entity in any jurisdiction, country, locality or state where such distribution, publication, availability or use would be contrary to applicable law, rule or regulation.
This material has been produced by MUFG (EMEA). MUFG (EMEA) includes MUFG Securities EMEA plc (“MUSE"), MUFG Securities (Europe) N.V. (“MUS(EU)"), MUFG Bank, Ltd (“MUFG Bank") London Branch and MUFG Bank Ltd. (DIFC Branch – Dubai) all of which are part of the Mitsubishi UFJ Financial Group (“MUFG Group"). Additional MUFG (EMEA) entity information can be found below under 'Jurisdiction Specific Disclaimers'. The MUFG (EMEA) staff producing this material are not a research function and therefore this material has not been prepared under conditions designed to promote the independence of investment research including, but not limited to, the prohibition on dealing ahead of the dissemination of investment research.
This material has been produced only for information and marketing purposes and does not take into account the individual financial circumstances, needs or objectives of the recipients. It therefore should not be construed as advice or a recommendation, except to the extent it is an “investment recommendation" under the United Kingdom (“UK") and European Union (“EU") Market Abuse Regulation (“MAR"). Further details for which can be found below under the UK and EEA jurisdiction specific disclaimers.
Certain products which may be mentioned in this material, including derivative products, give rise to substantial risk, including currency and volatility risk, and are not suitable for all investors. Recipients should seek their own financial, legal, tax or other advice before deciding to invest in any of the instruments mentioned in this material.
Information in this material is not intended to forecast or predict future events and any reference of past performance is not a guarantee or indication of future results. Information may also have been obtained or derived from third party sources and while such information is believed to be correct and reliable it has not been independently verified. MUFG (EMEA) does not make any guarantee, representation, warranty or undertaking, express or implied, as to the fairness, accuracy, reliability, completeness, adequacy or appropriateness of any information or comments contained in this material. Furthermore, the information may not be current due to, among other things, changes in the financial markets or economic environment. MUFG (EMEA) does not, and has no obligation to, update any such information. Any prices or quotations contained herein are indicative only, do not represent firm quotes as to either price or size and should not be used for valuation purposes.
This material has been prepared in accordance with MUFG (EMEA)'s organisational and administrative arrangements for managing conflicts of interest. Such arrangements include policies which set out guidelines relating to (but not limited to) restrictions on access to information, personal dealing and inducements. In this regard, MUFG (EMEA) may make markets, provide liquidity, have (or may in the future enter into) principal or proprietary positions (long or short) in and effect transactions in the financial instruments or trading strategies mentioned or described in this material. MUFG (EMEA) may also perform or seek to perform investment banking, brokerage, or other services for those companies including entering into transactions with them. Furthermore, the staff producing this material may have received compensation based upon various factors, including individual performance competitive factors, firm revenues, sales and trading revenues and overall investment banking revenues.
This material is proprietary to MUFG (EMEA) and may not be quoted, circulated or otherwise referred to without MUFG (EMEA) prior written consent. Notwithstanding this, MUFG (EMEA) shall not be liable in any manner whatsoever for any consequences or loss (including but not limited to any direct, indirect or consequential loss, loss of profits and damages) arising from any reliance on or usage of this material and accepts no legal responsibility to any investor who directly or indirectly receives this material.
MUFG (EMEA) disclaimers, disclosures, policies and notices can be found at https://www.mufgemea.com/governance/legal-and-regulatory/, including the Fixed Income and Currency Products Dealing Disclosures and the Conflicts of Interest Summary Policy.
Details on how MUFG process personal data relating to individuals associated with our clients and vendors are available on the following website at https://www.mufgemea.com/governance/mufg-privacy-notices/
Jurisdiction specific disclaimers
Europe, Middle East, and Africa (“EMEA")
UK and the European Economic Area (“EEA"):
In the UK, MUSE is a limited liability company registered in England (No:1698498) with its registered office at Ropemaker Place, 25 Ropemaker Street, London, EC2Y 9AJ. MUSE is authorised by the Prudential Regulation Authority (“PRA") and regulated by the Financial Conduct Authority (“FCA") (No:124512).
MUFG Bank is a limited liability stock company incorporated in Japan and registered in the Tokyo Legal Affairs Bureau (company no. 0100-01-008846). MUFG Bank's head office is at 4-5 Marunouchi 1-Chome, Chiyoda-Ku, Tokyo 100-8388, Japan. MUFG Bank's London branch is registered as a UK establishment in the UK register of companies (registered no. BR002013) with its office at Ropemaker Place, 25 Ropemaker Street, London, EC2Y 9AN. MUFG Bank is authorised and regulated by the Japanese Financial Services Agency. MUFG Bank's London branch is authorised by the Prudential Regulation Authority (FCA/PRA no. 139189) and subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of MUFG Bank London branch's regulation by the Prudential Regulation Authority are available from us on request.
MUFG Inc. is a limited liability stock company incorporated in Japan and registered in the Tokyo Legal Affairs Bureau (company no. 0100-01-073486). MUFG Inc.'s head office is at 4-5 Marunouchi 1-Chome, Chiyoda-Ku, Tokyo 100-8388, Japan. MUFG Inc.'s London office is at Ropemaker Place, 25 Ropemaker Street, London EC2Y 9AN, and is registered as a UK establishment in the UK register of companies (registered no. BR015994).
In the EEA, MUS(EU) is a public limited company registered in the Netherlands, chamber of commerce number 71213376, with its registered office at World Trade Center, Tower Two, level 5, Strawinskylaan 1887, 1077 XX Amsterdam. MUS(EU) is authorized by the European Central Bank and regulated by De Nederlandsche Bank (“DNB") and also regulated by the Authoriteit Financiële Markten (“AFM"). MUS(EU) has a branch office (“MUSE(EU) Paris Branch") registered in France, chamber of commerce number 844285999, with its registered office at 18 rue du Quatre-Septembre, 75008 Paris. MUS(EU) Paris Branch is regulated in France by the Autorité de contrôle prudentiel et de résolution ("ACPR") and the Autorité des marchés financiers ("AMF").
This material is only intended for a professional client or eligible counterparty and must not be passed onto a retail client, as defined under UK and EU regulatory rules. It does not constitute investment research as those producing this material are not a research function and therefore this material has not been prepared under conditions designed to promote the independence of investment research including, but not limited to, the prohibition on dealing ahead of the dissemination of investment research. Under the UK and EU MAR this material is a marketing communication which may amount to, or include, an investment recommendation and where so there are no plans to update the investment recommendation. Any prices mentioned in the investment recommendation were prices known to us when the recommendation was prepared. Further investment recommendation disclosures can be found at https://www.mufgemea.com/governance/legal-and-regulatory/
In the UAE, MUSE Dubai Branch is registered in Dubai (No:1698498) with its registered office at Level 3, East Wing, The Gate, Dubai International Financial Centre, Dubai, United Arab Emirates. MUSE Dubai Branch is Regulated by the Dubai Financial Services Authority (No: F002623).
MUFG Bank's DIFC branch, is regulated by the Dubai Financial Services Authority (DFSA) (License number: F000470) and has its registered address at Level 3, East Wing, the Gate, Dubai International Financial Centre, Dubai, P.O. Box 506614, United Arab Emirates.
This Presentation is intended for distribution to a “Professional Client" or Market counterparty" but it is not intended for a “retail client" within the meaning of the DFSA rules and should not be distributed to retail clients.
South Africa:
In South Africa, MUSE is permitted to offer and provide financial services to certain categories of sophisticated clients in South Africa under an exemption issued by the South African Financial Sector Conduct Authority, in terms of the Financial Advisory and Intermediary Services Act, 2002.
The Americas (“AMER")
United States of America (“USA"):
In the USA, MUSE and MUFG Bank are registered Swap Dealers (“SD") with the Commodity Futures Trading Commission (“CFTC") and members of the National Futures Association (“NFA"). MUSE is also a registered Security-Based Swap Dealer (“SBSD") with the Securities Exchange Commission (“SEC"). Further information relating to MUSE's registrations can be found in the SD and SBSD notices on our website.
Canada:
In Canada, MUSE operates under an International Dealer Exemption and Foreign Derivatives Dealer Exemption in the provinces of Alberta, British Columbia, Manitoba, Ontario and Québec.
Asia-Pacific (“APAC")
Singapore:
In Singapore, MUSE is a “foreign related corporation" of MUFG Securities Asia Singapore Branch (“MUS(ASIA) SG") under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021 and the Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Related Corporations) Regulations 2021. The Hong Kong head office of MUFG Securities Asia Limited is a “foreign office" of MUS(ASIA) SG under the Securities and Futures (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021 and Financial Advisers (Exemption for Cross-Border Arrangements) (Foreign Offices) Regulations 2021. Any staff of a “foreign office" or a “foreign related corporation" is acting on behalf of the applicable “foreign related corporation" or “foreign office" outside of Singapore, and such staff is not subject to regulation by the Monetary Authority of Singapore (“MAS regulations"). You will not be able to bring any claim for a breach of statutory duty under MAS regulations with respect to that staff, but it does not affect any civil rights or remedies that you may have under contract and/or general law. This will apply only if you are in Singapore and communicating with a staff of either a “foreign related corporation" or a “foreign office" outside of Singapore (as defined above).
Thailand:
In Thailand, MUSE has a derivatives dealer registration with the Securities and Exchange Commission, Thailand.
Australia:
In Australia, MUSE is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 of Australia under the Australian Securities and Investments Commission Class Order Exemption CO 03/1099, CO 03/1103, and CO 03/1100, respectively. MUSE is regulated under the laws of the United Kingdom which differs from Australian laws.