Analysis disclaimer

Risk warning

Saxo Bank A/S shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Saxo Bank that clients will profit from the strategies herein or that losses in connection therewith can or will be limited.
 
Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.

Sources of information

Saxo Bank utilises financial information providers and information from such providers may form the basis for an analysis. Saxo Bank accepts no responsibility for the accuracy or completeness of any information herein contained.
 

Basis of valuation or methodology used to evaluate financial instruments or issuers

Any recommendations and other comments in Saxo Bank's analysis derive from objective fundamental macro economic and company specific calculations, statistical and technical analysis, and subjective general market assessment.

Recommendation types

If an analysis contains recommendations to buy or sell a specific financial instrument, such recommendations should be seen as Saxo Bank's opinion that the specific instrument will respectively outperform the relevant market or underperform compared to the market. Saxo Bank's recommendations should statistically correspond to an even distribution between buy and sell recommendations.

Expiration and update of recommendations

The recommendations may expire promptly due to market volatility. In general, Saxo Bank does not anticipate its foreign exchange recommendations to be valid for more than one to three days and its equity and futures recommendations to be valid for more than one to five days. An analysis will be updated if and only if a market development or other issues relevant to the analysis render a new analysis on the same topic relevant. Saxo Bank's analysis does not cover any specific financial product over time but only products which Saxo Bank's strategy team finds it important to cover at any given point in time.
 
Any assumptions on which the recommendations are based may be subject to uncertainty and a breach of any of these assumptions may result in the expiry of the individual recommendation.

Conflict of interest

In order to prevent conflicts of interest, Saxo Bank has established appropriate business procedures, including procedures applicable to research and analysis to ensure objective research reports. Saxo Bank's research reports have not been discussed with the parties, e.g. issuers of securities, mentioned in the analysis.
 
Saxo Bank, its employees and related legal persons may have, establish, change or cease to have positions in securities, foreign exchange or other financial instruments covered by a recommendation.
 
Saxo Bank may act as market maker in all products not traded on an exchange (i.e. OTC products such as foreign exchange and CFDs) and may therefore be on the other side of any trades conducted by clients in these products.

Supervision

Saxo Bank is under supervision by the Danish Financial Supervisory Authority ("Finanstilsynet") and is subject to the Danish Executive order on Good Business Practice for Financial Undertakings.

Corporate Finance Activities

Saxo Bank does not engage in corporate finance activities and accordingly, Saxo Bank's employees, including the persons responsible for an analysis, do not receive remuneration associated with investment banking transactions.
 
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