Disclaimers

This Legal Notice governs your use of this website. Please read it carefully. By accessing this website you acknowledge and agree to the following. If you do not agree, please log off this website immediately.


Global Report Disclaimer

Société Générale (together with its branches and subsidiaries worldwide, including Newedge Group S.A. and its branches and subsidiaries, “SG”) does and seeks to do business with companies that may be covered in its reports.  As a result, investors should be aware that SG might have a conflict of interest.  For the avoidance of doubt, investors should note that this report is not objective and is a marketing communication as defined by the Markets in Financial Instruments Directive (“MiFID”).  For more details, see MiFID policies on our website at www.newedge.com

This report is for information purposes only, subject to change without notice and is not to be construed as an offer to buy or sell any financial instruments or securities.  If this material is generated by or on behalf of SG Americas Securities, LLC and includes an analysis of the price or market for any derivatives, it should be construed as a solicitation for the purpose of the relevant CFTC Rules.  SG makes no representation or warranty that the information contained herein is accurate, complete, fair or correct or that any transaction is appropriate for any person and it should not be relied on as such.  Subject to the nature and contents of this report, the investments described are subject to fluctuations in price and/or value and investors may get back less than originally invested. Certain high volatility investments can be subject to sudden and large declines in value that could equal or exceed the amount invested. Futures and options, as well as certain other financial instruments, are speculative products and the risk of loss can be substantial.  Consequently only risk capital should be used to trade futures and options and other speculative products. Investors should, before acting on any information herein, fully understand the risks and potential losses and seek their own independent investment and trading advice having regard to their objectives, financial situation and needs.  This report and the information included are not intended to be construed as investment advice.  Any forecasts are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.  SG accepts no liability for any direct, indirect, incidental or consequential damages or losses arising from the use of this report or its content.  This report is not to be construed as providing investment services in any jurisdiction where the provision of such services would be illegal.

The opinions and views expressed in this report reflect the personal views of the author(s), are subject to change without notice and do not necessarily reflect the views of SG or any of its affiliated companies.  SG, its branches, subsidiaries and affiliates, and its and their respective officers, directors and employees may from time to time have positions, make markets or effect transactions in any investment or related investment covered by this report.  All information as well as references to prices and yields are subject to change without notice. Past results are not necessarily an indication of future performance.  This communication is intended only for use by the individual or entity to which it is addressed and may not be used in any way by or provided in whole or in part to any other person or entity.

Please note that this analysis or report is not meant for distribution to retail clients domiciled in Singapore (i.e., a person who is not an accredited investor, expert investor or institutional investor as defined under the Financial Advisers Act).  For matters relating to this analysis or report, Singapore recipients should contact their Singapore Account Executive.

If these reports are prepared by an SG entity outside of the United States, these reports are issued solely to major US institutional investors pursuant to SEC Rule 15a-6. Any US person wishing to discuss this report or effect transactions in any security discussed herein may do so with or through SG Americas Securities, LLC, [245 Park Avenue, New York, New York 10167] / [630 Fifth Avenue, Suite 500, New York, New York 10111] (646) 557-9000.   SG Americas Securities, LLC is a U.S. Broker-Dealer and Futures Commission Merchant, and a member of FINRA and SIPC (although SIPC only pertains to securities-related transactions and positions). SG Americas Securities, LLC does not guarantee the settlement of any trade executed pursuant to SEC Rule 15a-6.

THE DISTRIBUTION OF THIS REPORT IN CERTAIN JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW AND PERSONS WITH ACCESS TO THIS REPORT MUST OBSERVE ANY SUCH PROHIBITIONS AND RESTRICTIONS. BY ACCEPTING THIS REPORT YOU AGREE TO BE BOUND BY THE FOREGOING.

Société Générale is primarily regulated in France by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”).  Newedge Group SA and its branches are lead regulated by the ACPR. Newedge Group SA is also regulated by the Autorité des Marchés Financiers in France.  Societe Generale Newedge UK Limited is authorized and regulated by the Financial Conduct Authority (FCA).  Newedge Group (Zurich and Dubai branches) and Societe Generale Newedge UK Limited do not deal with, or for, Retail Clients (as defined under MiFID, FCA rules and Dubai Financial Services Authority). Only Société Générale Capital Canada Inc. is a member of the Canadian Investor Protection Fund.  Société Générale, Societe Generale Newedge UK Limited and SG Americas Securities, LLC are Swap Dealers registered with the CFTC and NFA. Not all products or services are available from all SG Group organizations or personnel.  If necessary, please consult our local office for details.  


Global Promotional Material Disclaimer

This document is for information purposes only, subject to change without notice and is not to be construed as an offer to buy or sell any financial instruments or securities.  If this material is generated by or on behalf of SG Americas Securities, LLC and includes an analysis of the price or market for any derivatives, it should be construed as a solicitation for the purpose of the relevant CFTC Rules.

All information, prices or projections are subject to change without notice.  Société Générale (together with its branches and subsidiaries worldwide, including Newedge Group S.A. and its branches and subsidiaries, “SG”) makes no representation or warranty that the information contained herein is accurate, complete, fair or correct or that any transaction is appropriate for any person and it should not be relied on as such. The opinions, views and forecasts expressed herein reflect the personal views of the author(s) and do not necessarily reflect the views of SG.  Some financial products and investments are subject to fluctuations in price and or value and investors may get back less than originally invested.  Certain high-volatility investments can be subject to sudden and large declines in value that could equal or exceed the amount invested.  Futures and options, as well as certain other financial instruments, are speculative products and the risk of loss can be substantial.  Consequently only risk capital should be used to trade futures and options and other speculative products.  Investors should fully understand the risks and potential losses and seek their own independent investment and trading advice having regard to their objectives, financial situation and needs.  This information is not intended to be construed as investment advice.  SG does not accept any liability or loss or damage arising from any inaccuracy or omission in or the use of or reliance on the information in this document.

Due to international regulations not all financial instruments/services may be available to all clients.  You should be aware of and observe any such restrictions when considering a potential investment decision.

THE DISTRIBUTION OF THIS DOCUMENT IN OTHER JURISDICTIONS MAY BE PROHIBITED OR RESTRICTED BY LAW, AND PERSONS INTO WHOSE POSSESSION THIS REPORT COMES SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY SUCH PROHIBITION OR RESTRICTIONS. BY ACCEPTING THIS REPORT YOU AGREE TO BE BOUND BY THE FOREGOING.

Société Générale is primarily regulated in France by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”).  Newedge Group SA and its branches are lead regulated by the ACPR.  Newedge Group SA is also regulated by the Autorité des Marchés Financiers in France.  Societe Generale Newedge UK Limited is authorized and regulated by the Financial Conduct Authority (FCA).  Newedge Group (Zurich and Dubai branches) and Societe Generale Newedge UK Limited do not deal with, or for, Retail Clients (as defined under MiFID, FCA rules and Dubai Financial Services Authority (DFSA)). If this material is distributed by Newedge Group Dubai Branch it is intended for Professional Clients only (as defined by the DFSA) and no other person should act on it.  Only Société Générale Capital Canada Inc. is a member of the Canadian Investor Protection Fund.  Société Générale, Societe Generale Newedge UK Limited and SG Americas Securities, LLC are Swap Dealers registered with the CFTC and NFA. Not all products or services are available from all SG Group organizations or personnel.  If necessary, please consult our local office for details.

 

Pulse Portal Disclaimer

This Legal Notice governs the use of the Pulse Portal system (“Pulse” or the “system”). Please read it carefully. By accessing this web-based service you acknowledge and agree to the following:

  1. This Legal Notice is in addition to the Terms of Business and/or other agreement(s) (collectively “Terms of Business”) that apply to any account(s) you maintain with Société Générale (together with its branches and subsidiaries worldwide, including Newedge Group S.A. and its branches and subsidiaries, “SG”). In the event of a conflict between this Legal Notice and the Terms of Business, the Terms of Business will prevail.
  2. Certain information on the account(s) you maintain with SG may be available through Pulse. You understand that Pulse does not provide you with a comprehensive catalogue of all information on the account(s) you maintain with SG. No representation or warranty is made as to, and SG accepts no liability for, the validity, timeliness, completeness, suitability, accuracy or reliability of the information appearing on this web-site (“Data”).
  3. SG grants to you for business purposes only, a limited and revocable right to access and use Pulse. You are responsible for obtaining, installing, maintaining, and operating all computer hardware, software and internet access services necessary to use or access any aspect of Pulse. Access to Pulse and the enclosed information is intended only for authorized users. Access to and use of Pulse is at your own risk. Any misuse of the Pulse application and access to the user's information by an unauthorized party will not be SG's responsibility.
  4. You accept the use of the system "as it is" without warranties and representations, express or implied by statute, common law or otherwise including but not limited to the implied warranties of merchantability, satisfactory quality or fitness for a particular purpose other than those warranties which are implied by and incapable of exclusion, restriction or modification under the laws applicable to this Legal Notice. SG does not warrant that the use of this website or any material downloaded from it will not cause damage to any property, including but not limited to loss of data or computer virus infection and SG shall have no liability as a result of any such losses or damages. SG is not responsible for any errors or malfunction or failure of your hardware, software, or any internet access services. SG does not guarantee availability of the system and is not responsible for any losses sustained or liability incurred by your inability to use the system.
  5. This Legal Notice states SG's entire liability and your exclusive remedy as it relates to the use of Pulse. In no event shall Newedge be liable for loss, injury or damages whether direct, indirect, special, incidental, exemplary, or consequential, including lost profits, arising from or related to any access to or use of Pulse or the installation, use or maintenance of your personal computer hardware, equipment, software, or any internet access services.
  6. SG may terminate, suspend or limit your access privileges to Pulse, in whole or in part, in our sole discretion at any time without prior notice. SG reserves the right to change this Legal Notice at any time without notice by updating this posting and your continued access to or use of Pulse will constitute your acceptance of any such changes.
  7. This website contains numerous trademarks belonging to SG. No rights are granted in respect of any of these trademarks. Reproduction in any form of any part of the contents of this website is prohibited except for (i) information on your account(s) at SG only or (ii) after obtaining formal authorization from SG.
  8. SG is not responsible for third parties “hacking” into the system, or “hi-jacking” or manipulating the Data on the system.
  9. You shall indemnify and hold harmless and defend SG, its affiliated companies and its and their respective officers, directors, employees, representatives and agents from and against any and all actions, suits and proceedings at law or in equity and any and all liability, loss or damage including reasonable attorneys’ fees arising out of or in connection with your use of the system including any claim made by any person, corporation or other entity in respect of delays in providing, errors in or omissions from the Data, or the transmission, delivery or accessibility thereof or the termination of or the failure to supply or supply access to any of the Data.

Société Générale is primarily regulated in France by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”).  Newedge Group SA and its branches are lead regulated by the ACPR.  Newedge Group SA is also regulated by the Autorité des Marchés Financiers in France.  Societe Generale Newedge UK Limited is authorized and regulated by the Financial Conduct Authority (FCA).  Newedge Group (Zurich and Dubai branches) and Societe Generale Newedge UK Limited do not deal with, or for, Retail Clients (as defined under MiFID, FCA rules and Dubai Financial Services Authority (DFSA)). If this material is distributed by Newedge Group Dubai Branch it is intended for Professional Clients only (as defined by the DFSA) and no other person should act on it.  Only Société Générale Capital Canada Inc. is a member of the Canadian Investor Protection Fund.  Société Générale, Societe Generale Newedge UK Limited and SG Americas Securities, LLC are Swap Dealers registered with the CFTC and NFA. Not all products or services are available from all SG Group organizations or personnel.  If necessary, please consult our local office for details.

 

Global Disclaimer for Brand Ads

All information, prices or projections are subject to change without notice.  Some financial products and investments are subject to fluctuations in price and or value and investors may get back less than originally invested.  Futures and options, as well as certain other financial instruments, are speculative products and the risk of loss can be substantial.  Consequently, only risk capital should be used to trade futures and options and other speculative products.  Investors should fully understand the risks and potential losses and seek their own independent investment and trading advice having regard to their objectives, financial situation and needs.  This information is not intended to be construed as an offer to purchase or sell any financial product or security or as an official confirmation of any transaction.  If the information is generated by or on behalf of SG Americas Securities, LLC and includes an analysis of the price or market for any derivatives, it should be construed as a solicitation for the purpose of the relevant CFTC Rules.

Société Générale is primarily regulated in France by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”).  Newedge Group SA and its branches are lead regulated by the ACPR.  Newedge Group SA is also regulated by the Autorité des Marchés Financiers in France.  Societe Generale Newedge UK Limited is authorized and regulated by the Financial Conduct Authority (FCA).  Newedge Group (Zurich and Dubai branches) and Societe Generale Newedge UK Limited do not deal with, or for, Retail Clients (as defined under MiFID, FCA rules and Dubai Financial Services Authority (DFSA)). If this material is distributed by Newedge Group Dubai Branch it is intended for Professional Clients only (as defined by the DFSA) and no other person should act on it.  Only Société Générale Capital Canada Inc. is a member of the Canadian Investor Protection Fund.  Société Générale, Societe Generale Newedge UK Limited and SG Americas Securities, LLC are Swap Dealers registered with the CFTC and NFA. Not all products or services are available from all SG Group organizations or personnel.  If necessary, please consult our local office for details.

 

Web-site Terms of Use

You are currently accessing an official internet website (the "Site") of Société Générale (together with its branches and subsidiaries worldwide, including Newedge Group S.A. and its branches and subsidiaries, “SG”). By accessing this Site you acknowledge and agree to the following Terms. These Terms are subject to change without notice and use of the Site by you after such change shall be deemed to constitute acceptance by you.  If you do not agree, please log off this Site immediately.

This information is not intended to be published or made available to any person in any jurisdiction where doing so would result in contravention of any applicable laws or regulations. 

Disclaimer Regarding the Products and Services Presented on the Site

The contents available on this Site are for informational purposes only, subject to change without notice and not to be construed as an offer to buy or sell any financial instruments or securities.  If the content is generated by or on behalf of SG Americas Securities, LLC and includes an analysis of the price or market for any derivatives, it should be construed as a solicitation.  SG makes no representation or warranty that the information contained herein is accurate, complete, fair or correct or that any transaction is appropriate for any person and it should not be relied on as such.  Any financial products described are subject to fluctuations in price and/or value and investors may get back less than originally invested. Certain high volatility investments can be subject to sudden and large declines in value that could equal or exceed the amount invested. Futures and options, as well as certain other financial instruments, are speculative products and the risk of loss can be substantial.  Consequently only risk capital should be used to trade futures and options and other speculative products. Investors should, before acting on any information herein, fully understand the risks and potential losses and seek their own independent investment, trading, legal and tax advice having regard to their objectives, financial situation and needs.  The information herein is not intended to be construed as investment, trading, legal or tax advice.  Any forecasts are for illustrative purposes only and are not to be relied upon as advice nor interpreted as a recommendation. 

Neither SG nor the other providers of data on this Site make any representations or warranties, express or implied as to the accuracy, completeness, or fitness for any purpose or use of the content provided. Further, SG disclaims any implied warranty of merchantability or non-infringement. The contents of this Site are provided on an "as is" or "as available" basis, are subject to continuous change and may not be current.  SG does not warrant that the use of this Site or any material downloaded from it will not cause damage to any property, including but not limited to loss of data or computer virus infection and SG shall have no liability as a result of any such losses or damages. SG is not responsible for any errors or malfunction or failure of your hardware, software, or any internet access services.

You agree to defend, indemnify and hold SG its subsidiaries, affiliates, successors and assigns, and their respective, shareholders, directors, officers, employees and agents harmless from and against any and all claims, damages, costs and expenses, including attorneys' fees, arising from or related to your use of the Site.

YOU ACKNOWLEDGE, BY YOUR USE OF THIS SITE, THAT USE IS AT YOUR SOLE RISK, THAT YOU ASSUME FULL RESPONSIBILITY FOR ALL COSTS ASSOCIATED WITH YOUR USE OF OUR SITE, AND THAT SG SHALL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND RELATED TO YOUR USE OF THIS SITE INCLUDING FOR ANY DIRECT, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES OR LOSS, WHETHER OR NOT SG HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.  SG SHALL NOT BE LIABLE FOR ANY DAMAGES THAT USERS MAY SUFFER ARISING OUT OF OR RELATING TO THE USE OR THE INABILITY TO USE, THE SERVICES OR CONTENT PROVIDED.  THESE LIMITATIONS OF LIABILITY SHALL APPLY REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT OR TORT AND SHALL SURVIVE FAILURE OF AN EXCLUSIVE REMEDY.

Jurisdiction

These Terms shall be governed and construed in accordance with the laws of the State of New York without giving effect to the conflict of laws principles thereof. The courts of the State of New York, county of New York shall have exclusive jurisdiction in respect of any dispute that may arise hereunder.
In the event that any of the Terms of this Site are held to be invalid or unenforceable, the invalid or unenforceable portions shall be severed from the remaining Terms, which shall continue to be enforceable to the fullest extent permitted by applicable law.

Hypertext Links and Viruses

Please be aware that, solely as a convenience to you, this service may provide links to certain internet sites sponsored and maintained by third parties.  SG has no control and makes no representation or warranty regarding the content on such sites and SG shall not be liable for any damages that result, directly or indirectly, from your access to another site.  The fact that this Site has links to these other sites does not in any way constitute an endorsement or recommendation.

Intellectual Property

The name Newedge® as well as all of the logos corresponding to these names are service marks and/or registered service marks of Newedge. You may neither reproduce, delete, re-use nor modify these distinctive marks in any way. Other companies' names or marks appearing on the Site may be protected as trademarks or service marks of their respective owners.  SG does not permit the use of its name in advertising, as an endorsement of any product or service or for any other commercial purpose except where expressly permitted by written agreement between parties.

SG holds copyrights on all of the works appearing on the Site, in particular images, texts, iconographic and photographic representations and documents which may be downloaded from the Site, as well as all of the software integrated on the Site. The reproduction or representation of all or part of this Site, on any medium whatsoever, is strictly forbidden without the prior written consent of SG.

You may view, print, download or store temporarily extracts from this Site solely for your own personal reference and without alteration, addition or deletion. If you download information or software from this Site, you agree that you will not copy or remove or obscure any copyright or other notices or legends contained in any such information. No other use of the information or materials contained on this Site is permitted. All rights reserved.

Société Générale is primarily regulated in France by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”).  Newedge Group SA and its branches are lead regulated by the ACPR.  Newedge Group SA is also regulated by the Autorité des Marchés Financiers in France.  Societe Generale Newedge UK Limited is authorized and regulated by the Financial Conduct Authority (FCA).  Newedge Group (Zurich and Dubai branches) and Societe Generale Newedge UK Limited do not deal with, or for, Retail Clients (as defined under MiFID, FCA rules and Dubai Financial Services Authority (DFSA)). If this material is distributed by Newedge Group Dubai Branch it is intended for Professional Clients only (as defined by the DFSA) and no other person should act on it.  Only Société Générale Capital Canada Inc. is a member of the Canadian Investor Protection Fund.  Société Générale, Societe Generale Newedge UK Limited and SG Americas Securities, LLC are Swap Dealers registered with the CFTC and NFA. Not all products or services are available from all SG Group organizations or personnel.  If necessary, please consult our local office for details.

 

Pulse – Notice to Newedge Employees and Agents

Please note that SG’s employees and/or agents, as well as others who are able to access Pulse, are prohibited from forwarding the analyses or reports available through Pulse, in whole or in part, to any individual or entity.  All reports and analyses on the Pulse Portal are only for institutional customers registered on Pulse.  Any employee found forwarding the analyses or reports may be subject to internal disciplinary actions.  All questions pertaining to this Notice should be directed to the Pulse Administrator.

Disclaimer for Trade Recap or Pre-Confirmation

This report is provided at your request and is for information purpose only.  The content of the report is provided on an "as is" or "as available" basis, and is subject to the confirmation and/or statements which would be provided to you under the terms of your agreement(s) with the relevant Société Générale (together with its branches and subsidiaries worldwide, including Newedge Group S.A. and its branches and subsidiaries, “SG”) entity relating to your account(s) with such relevant Newedge entity.  Newedge makes no representation nor warranty that the information contained in this report is accurate, complete, fair or correct and it should not be relied on as such.  SG accepts no liability for any direct, indirect, incidental or consequential damages or losses arising from the use of the report or its content.  If you have any question relating to this report, please contact our Client Service Department.

Société Générale is primarily regulated in France by the Autorité de Contrôle Prudentiel et de Résolution (“ACPR”).  Newedge Group SA and its branches are lead regulated by the ACPR.  Newedge Group SA is also regulated by the Autorité des Marchés Financiers in France.  Societe Generale Newedge UK Limited is authorized and regulated by the Financial Conduct Authority (FCA).  Newedge Group (Zurich and Dubai branches) and Societe Generale Newedge UK Limited do not deal with, or for, Retail Clients (as defined under MiFID, FCA rules and Dubai Financial Services Authority (DFSA)). If this material is distributed by Newedge Group Dubai Branch it is intended for Professional Clients only (as defined by the DFSA) and no other person should act on it.  Only Société Générale Capital Canada Inc. is a member of the Canadian Investor Protection Fund.  Société Générale, Societe Generale Newedge UK Limited and SG Americas Securities, LLC are Swap Dealers registered with the CFTC and NFA. Not all products or services are available from all SG Group organizations or personnel.  If necessary, please consult our local office for details.