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Disclaimer and Confidentiality Note (Sales & Trading)

This information is a marketing communication for the purpose of the European Markets in Financial Instruments Directive (MiFID) and FCA’s Rules. It has not been prepared in accordance with the legal requirements designed to promote the independence or objectivity of investment research,neither should this document be considered a Research Report under FINRA rules.

This material (being trade ideas, sales information, market commentary, market data and or observations or the like) has been prepared by individual sales and/or trading personnel employed by SBG Securities ("SBGS") and not by the SBGS Research or the Equities Research department of SBG Sec. It is not investment research or a research recommendation nor should it be regarded as such. This material is provided for information purposes, is intended for your use only and does not constitute an invitation or an offer to subscribe for or purchase any of the products or services mentioned. The information provided is by no means intended to provide a sufficient basis on which to make an investment decision. It is intended only to provide observations and views of the said individual sales and/or trading personnel, which may be different from, or inconsistent with, the observations and views of the SBGS Research and or SBG Security analysts or other SBG Security sales and/or trading personnel, or the proprietary positions of SBG Security and/or Standard Bank. Observations and views of the said salesperson or trader may change at any time without notice. Information and opinions presented in this material have been obtained or derived from sources believed by SBGS to be reliable, but SBGS makes no representation as to their accuracy or completeness thereof. SBGS accepts no liability for loss arising from the use of this material. This material is directed exclusively at SBGS and/or Standard Bank’s institutional investors. It is not intended for private individuals/customers and such persons should not rely on this material. It may not be forwarded to non-institutional clients. Moreover, any investment or service to which this material may relate will not be made available by Standard Bank or SBGS to such private individuals/customers. All valuations are SBGS valuation terms. Information provided on trades executed with SBGS and/or Standard Bank will not constitute an official confirmation of the trade details. Read more…

Standard Bank and its affiliates may have positions (long or short), effect transactions or make markets in securities or financial instruments mentioned herein (or options with respect thereto), or provide advice or loans to or participate in the underwriting or restructuring of the obligations of, issuers mentioned herein.

Transactions involved in securities and financial instruments mentioned herein (including futures and options) may not be suitable for all investors. Where an investment is denominated in a currency other than the investors` currency, changes in rates of exchange may have an adverse effect on the value, price of, or income derived from the investment.

The use or attempted use of the information and investment services provided by SBGS to residents of the United States of America, Canada, the United Kingdom, Australia, Singapore or Hong Kong , Australia, Japan, Bangladesh , India, Philippines , Korea, Singapore or Taiwan or in any other jurisdiction where to do so would be unlawful may be subject to requirements of registration and licensing of the distributor and, where the distributor does not meet these requirements, the information and investment services are not intended to be directed or available to the residents of the said countries. For published research reports, including disclosures and other information relating to such reports, please visit 

MiFID II Disclaimer:

By providing you with this sales and trading commentary, SBG Securities / Standard Bank Global Markets does not intend to influence your investment firm's behaviour in any way that may be detrimental to the interests of your client.
The information in this sales and trading commentary has not been reviewed or approved by or in conjunction with our Research Department and is not a substitute for the economic or fundamental research produced by SBG Securities Research / Standard Bank Research, and may not be treated as such. At SBG Securities / Standard Bank Global Markets, we considered this sales and trading commentary to be a minor non-monetary benefit, provided to you, as it:

  • is intended to enhance the quality of service provided to you by us;
  • is generic in nature;
  • consists of short term market commentary on the latest economic statistics and/or company results and/or information on upcoming releases or events;
  • contains a brief summary of the author’s own opinion on such information;
  • is not substantiated nor does it include any substantive analysis; 
  • reiterates the SBG Securities’ / Standard Bank Global Markets’ view on an existing recommendation or substantive research material; and/or
  • is unlikely to impair your investment firm's compliance duty to act in the best interest of the client.

Although SBG Securities / Standard Bank Global Markets does not believe that the information provided to you qualifies as research under the relevant inducement rules (as set out above), European Regulation prohibits you from receiving any service from us, including the provision of research, which may be construed as an inducement. You are under an obligation to independently assess and categorise the content of this sales and trading commentary as either a minor non-monetary benefit or as research.

Should you, based on your own internal criteria and assessment, consider this sales and trading commentary to be substantive research and you no longer wish to receive it, kindly contact the Global Markets Compliance Department here [email protected]

Should you, based on your own internal criteria and assessment, consider this sales and trading commentary to be substantive research and you wish to enter into the necessary payment arrangements in order to continue receiving it, kindly contact the Research Compliance Department [email protected] or [email protected] 

Should we not receive any such requests from you, we will assume that you agree that this sales and trading commentary does not fall within the ambit of the relevant inducement rules and we will continue providing same