Equity Derivatives

The name “Macquarie” refers to Macquarie Group Limited and its worldwide affiliates and subsidiaries (the Macquarie Group). Information provided by the Macquarie Group in any document which refers to, or contains a link to, this Sales and Trading Disclosure (the Sales and Trading 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.
The Sales and Trading Information 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 the Sales and Trading 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 referred to in the Sales and Trading Information 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.
The communication which contains the Sales and Trading Information is provided for information purposes only, is subject to change without notice and is not binding. Any prices or quotations in the Sales and Trading Information are indicative only, are subject to change without notice and may not be used or relied on for any purpose, including valuation purposes. The communication which contains the Sales and Trading Information 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 Sales and Trading Information 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
Other than Macquarie Bank Limited ABN 46 008 583 542 (“MBL”) any 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 Macquarie Bank Limited ABN 46 008 583 542. Any investments are subject to investment risk including possible delays in repayment and loss of income and principal invested.MBL does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.”