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The sales and trading department of HSBC may make markets in instruments or products to which this Material relates. Accordingly, recipients should not regard it as an objective or independent explanation of the matters contained herein. Nor should it be regarded as a research report or a document for giving investment advice.
HSBC sales and trading department has based the Material on information obtained from sources that are believed to be reliable but which have not been independently verified. Any charts and graphs included are from publicly available sources or proprietary data. Any indicative trade details provided should not be regarded as complete or as representing the actual terms on which HSBC may trade. Figures included in the Material may relate to past performance or simulated past performance (together "Past Performance"). Past Performance is not a reliable indicator of future performance.
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