Non-independent research disclaimer

This material does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument., a trading name of StoneX Financial Ltd (, accepts no responsibility for any use that may be made of this material or for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this material. Consequently, any person acting on it does so entirely at their own risk. This material does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it.

This material has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although is not specifically constrained from dealing ahead of its recommendations, it does not seek to take advantage of them before they are provided to clients. aims to establish and maintain and operate effective organisational and administrative arrangements with a view to taking all reasonable steps to prevent conflicts of interest from constituting or giving rise to a material risk of damage to the interests of clients. operates a policy of independence which requires its employees to act in clients’ best interests and to disregard any conflicts of interests in providing its services. Furthermore, does not seek to disclose the relevant information to any issuer discussed prior to dissemination. The organisational and administrative controls mentioned herein are set out in's Conflicts Policy, a summary of which (Summary Conflicts Policy) is available on's website.