Material Economic Terms

The links (if any) for the selected Product Type and Sub-Product Type below contain market standard Material Terms (as supplemented by the relevant Reference Documents) for the relevant swaps. The relevant Static Terms will be supplemented by transaction-specific Material Terms to be communicated to you prior to trading ("Transactional Terms") along with the Static Terms. The Transactional Terms may amend the Static Terms, as notified by us. The Terms are intended to relate primarily to the requirements of the Commodity Futures Trading Commission.

You are solely responsible for making your own independent appraisal of and investigation into the products, investments and transactions contemplated, particularly outside of the Static Terms provided. Please familiarise yourself with the Static Terms and consider these in conjunction with the Transactional Terms before you or your organisation (“you”) undertakes any swap transaction with HSBC.

In no event may any copyright or trademark notice from the International Swaps and Derivatives Association, Inc. (“ISDA”) be removed. Your use of the Terms should be undertaken only after securing appropriate legal advice on its provisions and neither HSBC nor ISDA makes any representation, warranty or assurance, express or implied, concerning the suitability of the Terms for use in any particular transaction and bears no responsibility or liability whatsoever, whether in tort or in contract, in respect of any use of this instrument.

Neither the Static Terms nor any other document produced by ISDA (each, an “ISDA Document”) may be reproduced or distributed without ISDA's written permission except ISDA Master Agreements, ISDA Credit Support Documents and standardized general and product specific risk disclosures published by ISDA, which may be reproduced and distributed solely for use in documenting specific commercial transactions.

Content of the ISDA Documents is protected by copyright pursuant to U.S. and international copyright laws. In no event may any copyright or trademark notice be removed.

HSBC is not responsible for providing you with legal, tax or other specialist advice and you should make your own arrangements in respect of this accordingly.