Cube

Terms & Conditions

Important Notice

This website is maintained by CET Capital Limited which is a limited company registered in England. Its registered offices are at 55 Bryanston Street, London, W1H 7LZ. CET is authorised and regulated by the Financial Conduct Authority no. 446267.

This website is provided for your general information only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any investment.

Nothing on this website is advice on the merits of any product or investment, nothing constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

This website shall not constitute an underwriting commitment, an offer of financing, an offer to sell, or the solicitation of an offer to buy any securities described herein, which shall be subject to CET internal approvals. No transaction or service related thereto is contemplated without CET subsequent formal agreement.

This website contains indicative summaries of the terms and conditions of the securities/transactions described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the transaction and any related security will be set out in full in the applicable transaction confirmation, offering document(s), pricing supplement or binding transaction document(s).

CET does not guarantee the accuracy or completeness of information which is contained in this website and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. Any data on past performance, modelling, scenario analysis or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any modelling, scenario analysis or back-testing. All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may fluctuate as a result of market changes. The information in this website is not intended to predict actual results and no assurances are given with respect thereto.

This website complies with the regulatory requirements of the United Kingdom. There may be laws in your country of nationality or residence or in the country from which you access this website which restrict the extent to which the website may be made available to you.

Parts of this website are being made available in the UK to persons who are investment professionals as defined in Article 19 of the FSMA 2000 {Financial Promotion Order) 2005. Any investments to which the contents of these parts relates to will be entered into only with such persons. Clients should contract and execute transactions through a broker in their home jurisdiction unless local regulations permit otherwise. The materials contained in these parts of website are not for distribution to retail customers.

CET does not provide, and has not provided, any investment advice or recommendation to you in relation to the transaction and/or any related securities described herein. You may not rely on any communication (written or oral) from CET as investment advice or as a recommendation to enter into any transaction. Accordingly CET is under no obligation to, and shall not, determine the suitability for you of the transaction described herein. You must determine, on your own behalf or through independent professional advice, the merits, terms and conditions and risks of the transaction described herein. You must also satisfy yourself that you are capable of assuming, and assume, the risks of any such transaction. CET accepts no liability whatsoever for any losses arising from the use of this website or its content or reliance on the information contained herein, even if CET knew of the possibility of those losses.

Retail Investors

Structured products are “complex instruments” this means that they will only be appropriate for you if you have sufficient knowledge and experience. In order to access the site you need to be able to agree to all of the following statements

Exclusion of Liability

Certain documents made available on the website have been prepared and issued by persons other than ***. This includes any Prospectus. *** is not responsible in any way for the content of any such document. Except in those cases, the information on the website has been given in good faith and every effort has been made to ensure its accuracy. Nevertheless, *** shall not be responsible for loss occasioned as a result of reliance placed on any part of the website and it makes any warranty as to the accuracy of any information or content on the website. The description of any ETP Security referred to in this website is a general one. The terms and conditions applicable to investors will be set out in the Prospectus, available on the website and should be read prior to making any investment.

Risk Warnings

You should always bear in mind that;

  • You already hold other retail investments like funds, investment trusts or structured products
  • You would consider yourself to be a knowledgeable and informed investor
  • You understand the way that the investment return, the maturity value and any income are calculated by reference to the performance of underlying assets
  • You realize that you are not investing in the underlying assets but instead into a products whose performance is linked to these assets
  • You are prepared to invest into products where your capital is at risk
  • You have sufficient financial resources to be able to accept a loss on investments you make
  • You understand that the investment return and any coupon that you receive from structured products will depend on the performance of the underlying assets, and so you may not receive any investment return or income
  • The return of the capital may also be linked to the performance of the underlying assets. You understand how this is calculated, and appreciate that the amount that you receive back when a product matures may be less than you paid for it
  • The defined value of each product will only be realised if the product is held to the maturity date. You understand that if you sell a product before the maturity date you will not get the defined value, and the amount that you receive may be less than the amount that you invested.
  • You understand that if the issuer is unable to meet their obligations to pay the amount due when the product matures, that you will not receive the defined value and will loose some or all of the money you have invested
  • You understand that there are charges built into structured products.
  • You understand the personal tax implications associated with investing in structured products

United States Persons

The information provided on this site is not directed to any United States person or any person in the United States, any state thereof, or any of its territories or possessions.

Persons accessing this website in the European Economic Area.

Exclusion of Liability

Certain documents made available on the website have been prepared and issued by persons other than CET Capital Limited. This includes any Prospectus. CET Capital Limited is not responsible in any way for the content of any such document. Except in those cases, the information on the website has been given in good faith and every effort has been made to ensure its accuracy. Nevertheless, CET Capital Limited shall not be responsible for loss occasioned as a result of reliance placed on any part of the website and it makes any warranty as to the accuracy of any information or content on the website. The description of any Security referred to in this website is a general one. The terms and conditions applicable to investors will be set out in the Prospectus, available on request and should be read prior to making any investment.

Risk Warnings

Investments of the type described therein may involve a high degree of risk, and the value of such instruments may be highly volatile. Such risks may include, without limitation, risk of adverse or unanticipated market developments, risk of counterparty or issuer default and risk of liquidity. Accordingly you must independently determine, with your own advisors, the appropriateness for you of the securities/transaction before investing or transacting. You should always bear in mind that;

  • The investment performance of any security referred to on this website can be volatile and can go up or down and you can lose your entire investment.
  • Past performance is not an indication of future performance.
  • Rates of exchange may affect the value of investments.
  • Applications to invest in securities referred to on this website must only be made on the basis of the relevant Prospectus.

Cookies

CET Capital Limited may collect data about your computer, including, where available, your IP address, operating system and browser type, for system administration and other similar purposes. These are statistical data about users' browsing actions and patterns, and they do not identify any individual user of the website. This is achieved by the use of cookies. A cookie is a small file of letters and numbers that is put on your computer if you agree to accept it. By clicking 'I agree' below you are consenting to the use of cookies as described here. These cookies allow you to be distinguished from other users of the website, which helps CET Capital Limited provide you with a better experience when you browse the website and also allows the website to be improved from time to time. Please note that you can adjust your browser settings to delete or block cookies, but you may not be able to access parts of our website without them.

In the event that you on-sell any investment described herein, you agree to disclose, to the full extent required by any regulations applicable to such sale, any fees or inducements received by you from CET in connection with such investment. CET, its affiliates and the individuals associated therewith may (in various capacities) have positions or deal in transactions or securities (or related derivatives) identical or similar to those described herein.

NO ACTION HAS BEEN TAKEN OR WILL BE TAKEN THAT WOULD PERMIT A PUBLIC OFFERING OF THE SECURITIES DESCRIBED HEREIN IN ANY JURISDICTION IN WHICH ACTION FOR THAT PURPOSE IS REQUIRED. NO OFFERS, SALES, RESALES OR DELIVERY OF THE SECURITIES DESCRIBED HEREIN OR DISTRIBUTION OF ANY OFFERING MATERIAL RELATING TO SUCH SECURITIES MAY BE MADE IN OR FROM ANY JURISDICTION EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND WHICH WILL NOT IMPOSE ANY OBLIGATION ON CET OR ANY OF ITS AFFILIATES. THIS WEBSITE DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES/TRANSACTION. PRIOR TO TRANSACTING, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE SECURITIES/TRANSACTION AND ANY APPLICABLE RISKS. THIS WEBSITE IS NOT A PROSPECTUS FOR ANY SECURITIES DESCRIBED HEREIN. INVESTORS SHOULD ONLY SUBSCRIBE FOR ANY TRANSFERABLE SECURITIES DESCRIBED HEREIN ON THE BASIS OF INFORMATION IN THE RELEVANT PROSPECTUS (WHICH HAS BEEN OR WILL BE PUBLISHED AND MAY BE OBTAINED FROM CET), AND NOT ON THE BASIS OF ANY INFORMATION PROVIDED HEREIN.

CET Investing is a trading division of CET Capital Ltd, Registered in England No. 04986900. CET Capital Ltd is regulated by the Financial Conduct Authority No. 446267. This website is confidential, and no part of it may be reproduced, distributed or transmitted without the prior written permission of CET.

(1) I HAVE READ UNDERSTOOD AND ACCEPT THIS DISCLAIMER AND

(2) I CONFIRM THAT I AM NOT A RESIDENT OF THE UNITED STATES AND UNDERSTAND (A) THAT THE INFORMATION THAT FOLLOWS IS ONLY BEING OFFERED TO AND IS ONLY INTENDED TO BE AVAILABLE TO PERSONS WHO ARE NOT RESIDENTS OF THE UNITED STATES AND (B) THAT CET AND ITS AFFILIATES WILL RELY ON THE ACCURACY OF THIS INFORMATION

Please read and agree to the following statements

Structured products are “complex instruments” this means that they will only be appropriate for you if you have sufficient knowledge and experience. In order to access the site you need to be able to agree to all of the following statements

  • I already hold other retail investments like funds, investment trusts or structured products
  • I consider myself to be a knowledgeable and informed investor
  • I understand the way that the investment return, the maturity value and any income are calculated by reference to the performance of underlying assets
  • I realize that I am not investing in the underlying assets but instead into a products whose performance is linked to these assets
  • I am prepared to invest into products where my capital is at risk
  • I have sufficient financial resources to be able to accept a loss on investments I make
  • I understand that the investment return and any coupon that I receive from structured products will depend on the performance of the underlying assets, and so I may not receive any investment return or income
  • The return of the capital may also be linked to the performance of the underlying assets.
  • I understand how this is calculated, and appreciate that the amount that you receive back when a product matures may be less than I paid for it
  • The defined value of each product will only be realised if the product is held to the maturity date. I understand that if I sell a product before the maturity date I will not get the defined value, and the amount that I receive may be less than the amount that I invested.
  • I understand that if the issuer is unable to meet their obligations to pay the amount due when the product matures, that I will not receive the defined value and will lose some or all of the money I have invested
  • I understand that there are charges built into structured products.
Individual Investor »
Professional Investor »
« Back
Agree »

Research & Analysis

Pre-Strike Multi-Index Autocall NotesJanuary 13, 2015 - 14:48

The following is a list of multi-index linked autocallable notes currently available pre-strike in the market (12 January 2015).  All the products below have a maturity of six years and are linked to two of the following:

  • FTSE 100
  • Euro Stoxx 50
  • S&P 500

The table and the charts below show the risk/return ratings of the products by Future Value Consulting (FVC) and Investment Product Research (IPR). Both firms use proprietary models and metrics to evaluate the products; descriptions of these models and metrics are available on their respective websites:

www.investmentproductresearch.com

www.futurevc.com


 

  

 

 

CUBE RESEARCH

The IPR data reported above are based on research on the performance of the investment products listed, commissioned by CUBE from an independent company, Investment Product Research Ltd (‘IPR’). If you require access to more detailed research, or want a full description of IPR’s calculations, please visit www.investmentproductresearch.com. You will be required to register to access IPR uses its proprietary methodology to create approximately five million simulations of how the investment product may perform in the future; each simulation is based on a different re-ordering of the historical daily price movements of the underlying index (or indices) since the start of 1993. The time span 1993-2014 includes periods of both positive and negative performance of stock markets, so we consider it a useful data series on which to base simulations of market performance.

The tabulations and charts below provide indications, based on these simulations, of the likelihood that the products will generate different levels of return. We also indicate for comparison the likelihood that the products will generate a given return based on a simple ‘historical back-test’, a customary measure of possible future performance based on the assumption that the future will replicate a period of past performance (again, the historical period used to generate the historical back-tests is the period since 1993). The IPR simulations are a more comprehensive test than the historical back-test: the great majority of the five million IPR simulations are not simple repetitions of a period of past performance. The general effect of the IPR simulations is to produce more conservative indications than the historical back-test of the return you may achieve on your investment.

However past performance of markets is not a reliable indicator of future performance, and should not be relied upon to make investment decisions. Additionally, neither the IPR analysis nor the historic back test take into account the possibility that the issuer may default; if the Issuer defaults you will lose some or all of your money regardless of the future performance of markets.

FUTURE VALUE CONSULTANTS RESEARCH

The FVC data reported above is based on analysis carried out by FVC on the structured products listed above.  CUBE and FVC are not affiliated with each other.  FVC uses a proprietary model to evaluate investment products.  For FVC’s disclosures and the terms and conditions of using their analysis, as well as an explanation of their methodology, please visit their website www.futurevc.co.uk

DISCLAIMER

This document is neither an offer to sell, purchase or subscribe for any investment nor a solicitation of such an offer. It neither covers all products available in the market nor is it intended to provide advice on the investment suitability or otherwise of any of the ones reported.

This document is intended for financial advisers and qualified investors only.  It includes research produced by IPR and FVC to help evaluate the product.  It is the responsibility of the reader to determine whether they are suitably qualified and have the correct regulatory permissions to act in regard to any product mentioned in this document. Private individuals who are not qualified investors should seek the advice of a financial adviser and read the separate product brochure before making a decision to invest. This document should not be distributed to private individuals who are not qualified investors. IPR and FVC provides research service for structured investments available to UK investors. Full details of the service offered, together with the Terms and Conditions of the service, please visit the firms websites www.investmentproductresearch.com and www.futurevc.co.uk. Users may have to register to obtain full access to this website. IPR and FVC reserve the right to alter or discontinue this service at any time. The research included in this document is based on information from sources that IPR and FVC deem reliable, but IPR, FVC and CUBE make no guarantee that the information is complete or accurate and it should not be relied upon as such. Information included in this document is correct as of the date of this document, however is subject to change. No liability whatsoever is accepted for any losses incurred from using the research included in this document. All prices shown are indicative only and do not imply an offer of any kind.

None of the research included in this document can be reproduced without the prior written consent of CUBE.

 


« Back
David Stuff
  • Author

    David Stuff

David has been involved in equity derivatives, equity structuring and the structured product market for over 25 years. Before setting up CUBE in 2013 David worked at J.P. Morgan, Barclays and RBS. David has worked with and for retail product providers, discretionary managers and institutional investors.