The name “Macquarie” refers to Macquarie Group Limited and its worldwide affiliates and subsidiaries (the Macquarie Group). This information is provided on a confidential basis and may not be reproduced, distributed or transmitted in whole or in part without the prior written consent of Macquarie.
It has been prepared by Macquarie Sales and Trading personnel and is not a product of the Macquarie Research Department. Any views or opinions expressed are the views of the author and the Macquarie Sales and/or Trading desk from which it originates (‘the Authors’) and may differ from those of the Macquarie Research Department. Macquarie Trading desks are not subject to any prohibitions on trading prior to the dissemination of this information. The views are not independent or objective of the interests of the Authors and other Macquarie Sales and/or Trading desks that trade as principal in the financial instruments mentioned within and who may be compensated in part based on trading activity. The views do not include and are not intended as trading ideas, investment advice or recommendations specifically tailored for the needs of any particular investor.
This communication is provided for information purposes only, is subject to change without notice and is not binding. Any prices or quotations in the information provided are indicative only, are subject to change without notice and may not be used or relied on for any purpose, including valuation purposes. This communication is not a solicitation to buy or sell any product, or to engage in, or refrain from engaging in, any transaction, except to the extent covered by the CFTC Rules (see Important Derivatives Disclosure). Nor does it constitute investment research, a research report or a personal or other recommendation. Nothing in the information provided should be construed as legal, financial, accounting, tax or other advice.
Important Derivatives Disclosure: This material constitutes a solicitation for entering into a derivatives transaction only for the purposes of, and to the extent it would otherwise be subject to, U.S Commodity Futures Trading Commission Regulations §§ 1.71 and 23.605 promulgated under the U.S. Commodity Exchange Act (the “CFTC Rules”). Futures options and derivatives products are not suitable for all investors and trading in these instruments involves substantial risk of loss.
Macquarie is a global provider of banking, financial advisory, investment and funds management services. As such, Macquarie may act in various roles including as provider of corporate finance, underwriter or dealer, holder of principal positions, broker, lender or adviser and may receive fees, brokerage or commissions for acting in those capacities. In addition, Macquarie and associated personnel may at any time buy, sell or hold interests in financial instruments referred to in this information either on behalf of clients or as principal. Therefore, this information should not be relied upon as either independent or objective from the interests of Macquarie and associated personnel which may conflict with your interests.
To the extent permitted by law, Macquarie accepts no responsibility or liability (in negligence or otherwise) for loss or damage resulting from the use of or relating to any error in the information provided. This information has been prepared in good faith and is based on information obtained from sources believed to be reliable, however, Macquarie is not responsible for information stated to be obtained from third party sources. Any modelling, scenario analysis, past or simulated past performance (including back-testing) contained in this information is no indication as to future performance.
The financial products and/or services referred to in this information may not be eligible for sale in all jurisdictions. This information is directed at institutional clients who have professional experience as defined by applicable law and/or regulation in the relevant jurisdiction. It is not for retail clients and it is not for distribution into any jurisdiction where this information is not permitted. For important country-specific disclosures regarding information from Macquarie Sales and Trading, please click on the region relevant to you at: www.macquarie.com/salesandtradingdisclaimer.
Brazil: The information is distributed in Brazil by Macquarie Brasil Participações Ltda. (“MBPL”).
The information is intended only for determined clients of the Macquarie Group. This information may not be released, issued or distributed to the public.
MBPL is acting for the purposes hereof exclusively as an authorised representative of the Macquarie Group in the Federative Republic of Brazil, in accordance with Brazilian applicable laws, especially but not limited to Central Bank Resolution No. 2,592, of February 25,1999.
Canada: The information is distributed in Canada by Macquarie Capital Markets Canada Ltd (MCMC), Macquarie Oil Services Canada Ltd (“MOSC”), Macquarie Energy Canada Ltd (“MECLTD”), Macquarie Metals and Energy Capital Canada Limited ("MMECCL") or Macquarie Resource Capital Canada Ltd ("MRCC").
MCMC is an Investment Dealer and Futures Commission Merchant registered with all of the provincial and territorial securities commissions in Canada. MCMC is also a Participating Organization of the TSX, TSX-V and M-X and member of IIROC.
United States: The information is distributed in the United States by Macquarie Capital (USA) Inc. (“MCUSA”), Macquarie Futures USA LLC (“MFUSA”), Macquarie Energy LLC (“MELLC”), Macquarie Energy North America Trading Inc. (“MENAT”) or a Macquarie Bank Limited Representative Office in the United States.
The information is intended only for institutional investors as defined by FINRA Rule 2210(a)(4) or qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended.
MCUSA is a US broker-dealer registered with the US Securities and Exchange Commission (“SEC”) and is a member of the Financial Industry Regulatory Authority (“FINRA”).
MFUSA is a US registered Futures Commission Merchant and member of the National Futures Association (“NFA”).
MELLC is a provisionally registered Swap Dealer with the CFTC and a member of the NFA.
Macquarie Bank Limited (MBL) maintains Representative Offices in Illinois, New York and Texas, but is not authorised to conduct business in the US. MBL is a provisionally registered Swap Dealer with the CFTC.
Australia and New Zealand
Australia: The information is intended solely for the use of wholesale clients as defined under the Corporations Act 2001 (Cth).
Macquarie Bank Limited (“MBL”) ABN 46 008 583 542 Australian Financial Services Licence (“AFSL”) and Australian Credit Licence 237502. MBL (including its branches) is authorised by the Australian Prudential Regulation Authority (“APRA”). Details of the extent of our regulation by APRA and the Australian Securities & Investment Commission (“ASIC”) are available from us on request.
Macquarie Securities (Australia) Limited ABN 58 002 832 126 AFSL 238947 (“MSAL”). Details of the extent of our regulation by the Australian Securities and Investment Commission (ASIC) and the relevant exchanges are available from us on request.
New Zealand: Macquarie Securities (NZ) Limited NZBN 9429034377567 (“MSNZ”). MSNZ is an NZX Participant and is a Registered Financial Service Provider (FSP14521). Details of the extent of our regulation by the NZX and Financial Markets Authority (FMA) are available from us on request.
Except where otherwise stated below, Macquarie does not carry on securities, futures, commodities and/or banking business and is therefore not a registered securities, futures or commodities broker or a bank subject to supervision by any regulatory authority in Asia. The content of the information has not been reviewed by any Asian regulatory authority.
Unless otherwise specified below, this information is distributed by Macquarie Bank Limited (“MBL”) without the involvement of any local branches or entities in the relevant jurisdiction.
China: Where the information is related to physical commodities, it is distributed in China by Macquarie Commodities Trading (Shanghai) Co, Ltd. and Macquarie Investment Consulting (Shanghai) Co. Ltd. Macquarie does not carry on securities, futures and/or banking businesses in China and is not a registered securities broker, futures broker, commodities broker or a bank in China.
Hong Kong: Other than information related to physical and OTC financial commodities, the information is distributed in Hong Kong by Macquarie Bank Limited Hong Kong Branch (“MBLHK”) , Macquarie Asia Securities Limited (“MASL”) or Macquarie Capital Limited (“MCL”).
The information is intended solely for professional investors within the meaning of the Securities and Futures Ordinance (Cap. 571) of Hong Kong and any rules made under that Ordinance for the purpose of providing preliminary information and does not constitute any offer to the public within the meaning of the Companies Ordinance (Cap.32) of Hong Kong.
Where distributed in Hong Kong and the information (or any part thereof) relates to securities, it is distributed by MBLHK, MASL or MCL. MBLHK holds a banking licence issued by the Hong Kong Monetary Authority pursuant to the Banking Ordinance (Cap. 155) of Hong Kong and is registered as an Registered Institution with the Securities and Futures Commission of Hong Kong to carry out Type 1 – Dealing in Securities and Type 4 – Advising on Securities regulated activities. MASL and MCL hold Type 1 - Dealing in Securities and Type 4 - Advising on Securities; and in addition, MCL also holds Type 6 - Advising on Corporate Finance and Type 7 – Providing Automated Trading Services licences under the Securities and Futures Commission of Hong Kong.
Where distributed in Hong Kong and the information (or any part thereof) relates to physical or OTC financial commodity products, it is distributed by Macquarie Bank Limited directly. MBLHK is not involved in the distribution of such information in Hong Kong.
India: Where the information is related to securities or futures, it is distributed by Macquarie Capital Securities (India) Pvt. Ltd. (CIN: U65920MH1995PTC090696), formerly known as Macquarie Capital (India) Pvt. Ltd., which holds SEBI licence to act as a Stock Broker bearing registration number INZ000243533.
Indonesia: Where the information is related to securities, it is distributed in Indonesia by PT Macquarie Sekuritas Indonesia (“PTMSI”).
PTMSI has Registration No. Kep-43/PM/1992, dated 19 Feb 1992, holder of Broker-Dealer licence and No. 42/PM/1992, dated 19 Feb 14, holder of Underwriter licence issued by Otoritas Jasa Keuangan (Financial Service Authority).
Japan: The information is distributed in Japan by Macquarie Capital Securities (Japan) Limited Tokyo Branch ("MCSJL") or by MBL directly.
In relation to financial instruments, MCSJL is a Financial Instruments Business Operator, registered with the Financial Services Agency (Registration number: Kanto Financial Bureau (FIBO) No. 231), member of Japan Securities Dealers Association (“JSDA”), and is a Designated Dispute Resolution Institution for Financial Instruments Mediation Assistance Center (“FINMAC”).
In relation to the commodity products, MBL is a specified OTC commodity derivatives operator, notified to the Ministry of Agriculture, Forestry, and Fishery (“MAFF”) and the Ministry of Economy, Trade and Industry (“METI).
Korea: Where distributed in Republic of Korea and the information (or any part thereof) relates to financial products, it is distributed by Macquarie Securities Korea Limited (“MSKL”).
MSKL is a Financial Investment Company authorized and regulated by the Financial Services Commission and Financial Supervisory Service in Korea to carry out financial investment business under the Financial Investment Services and Capital Market Act in Korea and is a member of Korea Exchange (“KRX”).
Malaysia: Where the information is related to securities, it is distributed in Malaysia by Macquarie Capital Securities (Malaysia) Sdn. Bhd., which holds a Capital Markets Services Licence to deal in securities and provide investment advice. Otherwise, the information is distributed in Malaysia solely at your request and is not for public circulation in Malaysia.
Philippines: Where the information relates to equity securities, it is distributed by Macquarie Capital Securities (Philippines) Inc. Otherwise, the information is distributed in the Philippines solely at your request and is not for public circulation in the Philippines.
Singapore: The information is distributed in Singapore by Macquarie Bank Limited Singapore Branch (“MBL Singapore”), Macquarie Commodity Markets (Singapore) Pte Limited (“MCMSPL”) Macquarie Commodities Trading (Singapore) Pte Limited (“MCTS”), Macquarie Futures (Singapore) Pte limited (“MFSPL”) or Macquarie Capital Securities (Singapore) Pte Ltd (“MCSSPL”).
Where distributed in Singapore and the information (or any part thereof) relates to capital markets products (other than capital markets products distributed by MCSSPL and MFSPL), it is distributed by MBL Singapore. MBL Singapore is authorised and regulated by the Monetary Authority of Singapore to carry out banking business in Singapore. As a holder of a banking licence in Singapore, MBL Singapore is exempted from the requirement to hold a Capital Markets Services Licence, Financial Adviser’s Licence, Commodity Broker’s Licence or a Commodity Trading Adviser Licence in Singapore and is permitted to carry on activities regulated under the Securities and Futures Act (Chapter 289), Financial Advisers Act (Chapter 110) and the Commodity Trading Act (Chapter 48A).
Where distributed in Singapore and the information (or any part thereof) relates to physical commodity products, it is distributed by MCMSPL and MCTS, and is intended only for accredited investors as defined under the Commodity Trading Act, Chapter 48A of Singapore. MBL Singapore is not involved in the distribution of such information in Singapore.
Where distributed in Singapore and the information relates to capital markets products (other than capital markets products distributed by MBL Singapore), the information is distributed by MCSSPL and MFSPL. The information is intended only for institutional investors and accredited investors as defined in Section 4A of the Securities and Futures Act (Chapter 289). MCSSPL (Registration No. 198702912C) and MFSPL (Registration No. 201715715W) are holders of Capital Markets Services Licence for dealing in capital markets products under the Securities and Futures Act, Chapter 289 of Singapore.
Taiwan: The information is not for public circulation in Taiwan. Where information (or any part thereof) relates to equity securities, it is only permitted for distribution in Taiwan where it is not in contradiction to the views of the Macquarie Research Department. It is distributed by Macquarie Capital Limited, Taiwan Securities Branch, which holds brokerage, underwriting and proprietary trading licences under the Financial Supervisory Commission of Taiwan.
Where distribution in Taiwan and the information (for any part thereof) relates to physical commodity products or offshore derivatives, financial or other structured products, it is distributed by Macquarie Bank Limited directly at your request. Macquarie Capital Limited, Taiwan Securities Branch is not involved in the distribution of such information in Taiwan.
Thailand: Where the information relates to securities (including derivatives over securities), it is distributed in Thailand by Macquarie Securities (Thailand) Limited, which holds a licence to conduct (1) Securities Brokerage, 2) Securities Dealing, 3) Investment Advisory Services and 4) Securities Underwriting under the Thailand Securities and Exchange Act. In addition the Company has been approved by the SEC to conduct Financial Advisory Services and is registered as the Derivative Dealer under Thailand Derivatives Act.
Where the information relates to derivatives in general, it is distributed in Thailand by MBL, which is a registered Derivatives Dealer with the Thailand Securities and Exchange Commission.
Europe, the Middle East and Africa
South Africa: The information is distributed in South Africa by Macquarie Securities South Africa Limited (“MSSA”).
MSSA (2006/023546/06) is an authorised financial services provider, licensed by the Financial Sector Conduct Authority (FSP 33751), to provide advice and intermediary services in terms of the Financial Advisory and Intermediary Services Act, 2002. MSSA is an authorised user (equities and equity derivatives member) of the JSE.
Switzerland: The information is distributed in Switzerland by Macquarie Bank Limited (“MBL”) or Macquarie Capital (Europe) Limited (“MCEL”).
MBL and MCEL maintain Representative Offices in Geneva. Neither the MBL nor MCEL Swiss Representative Offices are authorised to conduct business in Switzerland by FINMA.
UAE – DIFC: The information is distributed in the Dubai International Financial Centre (“DIFC”) by Macquarie Bank Limited, DIFC Branch (“MBL DIFC”).
The information is intended only for professional clients and market counterparties as defined in the rules of the Dubai Financial Services Authority ("DFSA").
MBL DIFC is regulated by the DFSA (Firm Reference No F001369) and may only undertake the financial services activities that fall within the scope of its existing DFSA Category 4 Branch licence.
United Kingdom and EEA: The information is distributed in the UK and the EEA by Macquarie Bank Limited London Branch (“MBLLB”), Macquarie Capital (Europe) Limited (“MCEL”), Macquarie Bank International Limited (“MBIL”) or Macquarie Bank Europe Designated Activity Company (“MBE”).
The information is intended only for professional clients and eligible counterparties as defined in the rules of the Financial Conduct Authority.
Information is distributed in the UK by MBLLB and in the EEA member states (other than the UK) by MBE or MBIL where required. Where information (or any part thereof) relates to equity securities, the information is distributed by MCEL.
Macquarie Bank Limited (including its branches) is authorised and regulated by the Australian Prudential Regulation Authority. MBLLB is authorised by the Prudential Regulation Authority, and is subject to regulation by the Financial Conduct Authority and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request (FCA Firm No. 170934).
MCEL is authorised and regulated by the Financial Conduct Authority (FCA Firm No. 193905).
MBIL is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FCA Firm No. 471080).
Other than Macquarie Bank Limited ABN 46 008 583 542 (“MBL”), any Macquarie entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). That entity's obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise