IMPORTANT INFORMATION AND DISCLOSURES – MARKETING COMMUNICATIONS
© 2023 Northern Trust Corporation. Head Office: 50 South La Salle Street,
Chicago, Illinois 60603 U.S.A. Incorporated with limited liability in the U.S. Products
and services provided by subsidiaries of Northern Trust Corporation may vary in different
markets and are offered in accordance with local regulation.
Northern Trust Capital Markets is comprised of a number of Northern Trust entities
that provide trading and execution services on behalf of institutional clients, including
foreign exchange, institutional brokerage, securities finance and transition management
services. Foreign exchange, securities finance and transition management services
are provided by The Northern Trust Company (TNTC) globally, and Northern Trust
Global Services SE (NTGS SE) in the European Economic Area (EEA). Institutional Brokerage
services including ITS are provided by NTGS SE in the EEA, Northern Trust Securities
LLP (NTS LLP) in the rest of EMEA, Northern Trust Securities Australia Pty Ltd (NTSA)
in APAC and Northern Trust Securities, Inc. (NTSI) in the United States. For
legal and regulatory information about our offices and legal entities, visit northerntrust.com/disclosures.
This communication is issued and approved for distribution in Australia and New
Zealand by NTSA, in the United Kingdom by NTS LLP and in the EEA by NTGS SE. Please
see below for regulatory status disclosures for Northern Trust’s legal entities.
This communication is provided on a confidential basis for the sole benefit of
clients and prospective clients of NTSA, NTS LLP or NTGS SE and may not be reproduced,
redistributed or transmitted, in whole or in part, without the prior written consent
of NTSA, NTS LLP or NTGS SE. Any unauthorised use is strictly prohibited. This communication
is directed to clients and prospective clients that are categorised as (i) ‘wholesale
clients’ in Australia and/or New Zealand and (ii) as eligible counterparties
or professional clients within the meaning of Directive 2014/65/EU on markets in financial
instruments (MiFID II), or in the UK, as amended by the Markets in Financial Instruments
(Amendment) (EU Exit) Regulations 2018. For Asia-Pacific markets, it is directed
to expert, institutional, professional and wholesale clients or investors only. NTSA,
NTS LLP and NTGS SE do not provide investment services to retail clients.
This communication is a marketing communication prepared by a member of the NTSA,
NTS LLP or NTGS SE Sales or Trading department and is not investment research. The
content of this communication has not been prepared by a financial analyst or similar;
it has not been prepared in accordance with the legal requirements designed to promote
the independence of investment research and it is not subject to any prohibition on
dealing ahead of the dissemination of investment research.
This communication is not an offer to engage in transactions in specific financial
instruments; does not constitute investment advice, does not constitute a personal
recommendation and has been prepared without regard to the individual financial circumstances,
needs or objectives of individual investors. NTSA and NTS LLP do not engage in proprietary
trading, and NTSA, NTS LLP and NTGS SE do not engage in market making in securities
or corporate advisory activities. NTSA, NTS LLP and NTGS SE do not hold a proprietary
position in any of the financial instruments or issuers referred to in this communication,
unless otherwise disclosed.
This communication may contain investment recommendations within the meaning of
Regulation (EU) No 596/2014 on market abuse (MAR), and in the UK, as amended by the
Market Abuse (Amendment) (EU Exit) Regulations 2019. For more information about NTS
LLP and NTGS SE’s investment recommendations please refer to the author’s
MAR link provided in this communication, where applicable.
CONFIDENTIALITY NOTICE: This communication is confidential, may
be privileged and is meant only for the intended recipient. If you are not the intended
recipient, please notify the sender ASAP and delete this message from your system.
PRIVACY NOTICE: Please read our privacy notice at northerntrust.com/privacy-policy
to learn about how we use the personal information you may provide and the
rights you have in relation to it.
ABOUT NTS LLP: NTS LLP is registered in England & Wales under
number OC324323; registered office: 50 Bank Street, Canary Wharf, London E14 5NT;
authorised and regulated by the Financial Conduct Authority; member of the London
Stock Exchange.
NTS LLP, Sydney branch is registered as a foreign company in Australia (ARBN 165
830 937) under the Corporations Act 2001. Northern Trust Securities LLP is relying
on the Australian Securities and Investment Commission (ASIC) Corporations (Repeal
and Transitional) Instrument 2016/396 exemption for UK Financial Conduct Authority
(FCA) regulated firms as amended which exempts it from the requirement to hold an
Australian financial services license under the Corporations Act 2001.
The laws of the UK are different to Australia.
ABOUT NTSA: NTSA is registered in Australia (ABN 79 648 476
055); registered address: Level 12, 120 Collins Street, Melbourne, VIC 3000,
Australia; place of business address: Level 40, 225 George Street, Sydney, NSW
2000, Australia. NTSA holds an Australian Financial Services License (No.
529894) and is authorised and regulated by the Australian Securities & Investments Commission.
ABOUT NTGS SE: NTGS SE is registered in Luxembourg under number
B232281. Registered office: 10, rue du Château d’Eau, L-3364 Leudelange,
Grand-Duchy of Luxembourg. Northern Trust Global Services SE is an authorised credit
institution in Luxembourg under Chapter 1 of Part 1 of the Luxembourg law of 5 April
1993 on the financial sector. It is authorised by the European Central Bank (ECB)
and subject to the prudential supervision of the ECB and the Luxembourg Commission
de Surveillance du Secteur Financier (CSSF).
NTGS SE, UK Branch: UK office is at 50 Bank Street, Canary Wharf, London E14 5NT.
Authorised and regulated by the European Central Bank and Luxembourg Commission de
Surveillance du Secteur Financier. Authorised by the Prudential Regulation Authority
and with deemed variation of permission. Subject to regulation by the Financial Conduct
Authority and limited regulation by the Prudential Regulation Authority. The nature
and extent of consumer protections may differ from those for firms based in the UK.
Details of the Temporary Permissions Regime, which allows EEA-based firms to operate
in the UK for a limited period while seeking full authorisation, are available on
the Financial Conduct Authority’s website.
NOTICE TO U.S. INVESTORS: NTS LLP and NTGS SE are not U.S. registered
brokers or dealers, and they are not registered with the Securities and Exchange Commission
or members of FINRA. This communication is intended only for “major U.S. institutional
investors” and is not intended for individual or noninstitutional investors
and should not be distributed to any such individuals or entities. Interested "major
U.S. institutional investors" should contact Northern Trust Securities, Inc. (NTSI),
our U.S. registered broker-dealer affiliate, or another U.S.-registered broker-dealer,
to effect transactions in any securities discussed herein. Northern Trust Securities,
Inc. (NTSI), Member FINRA, SIPC and a subsidiary of Northern Trust Corporation. Products
and services offered through NTSI are not FDIC insured, not guaranteed by any bank,
and are subject to investment risk including loss of principal amount invested. NTSI
does not accept time sensitive, action-oriented messages or securities transaction
orders, including purchase and/or sell instructions, via e-mail. Additional disclosures
are included in the link, see northerntrust.com/ntsidisclosure.
© 2023 Northern Trust Corporation. All rights reserved.
© 2023 Northern Trust Corporation. Head Office: 50 South La Salle Street,
Chicago, Illinois 60603 U.S.A. Incorporated with limited liability as an Illinois
corporation under number 0014019. Products and services provided by subsidiaries of
Northern Trust Corporation may vary in different markets and are offered in accordance
with local regulation. This material is directed to professional clients only
and is not intended for retail clients. For Asia-Pacific markets, it is directed to
expert, institutional, professional and wholesale clients or investors only and should
not be relied upon by retail clients or investors. For legal and
regulatory information about our offices and legal entities, visit northerntrust.com/disclosures.
The views, thoughts, and opinions expressed in the text belong solely to
the author, and not necessarily to the author's employer, organization, committee
or other group or individual. The following information is provided to comply with
local disclosure requirements: The Northern Trust Company, London Branch, Northern
Trust Global Investments Limited, Northern Trust Securities LLP and Northern Trust
Investor Services Limited, 50 Bank Street, London E14 5NT. Northern Trust Global Services
SE, 10 rue du Château d’Eau, L-3364 Leudelange, Grand-Duché de
Luxembourg, incorporated with limited liability in Luxembourg at the RCS under number
B232281; authorised by the ECB and subject to the prudential supervision of the ECB
and the CSSF; Northern Trust Global Services SE UK Branch, UK establishment number
BR023423 and UK office at 50 Bank Street, London E14 5NT; Northern Trust Global Services
SE Sweden Bankfilial, Ingmar Bergmans gata 4, 1st Floor, 114 34 Stockholm, Sweden,
registered with the Swedish Companies Registration Office (Sw. Bolagsverket) with
registration number 516405-3786 and the Swedish Financial Supervisory Authority (Sw.
Finansinspektionen) with institution number 11654; Northern Trust Global Services
SE Netherlands Branch, Viñoly 7th floor, Claude Debussylaan 18 A, 1082 MD Amsterdam;
Northern Trust Global Services SE Abu Dhabi Branch, registration Number 000000519
licenced by ADGM under FSRA #160018; Northern Trust Global Services SE Norway Branch,
org. no. 925 952 567 (Foretaksregisteret) [VAT if applicable], address Third Floor,
Haakon VIIs gate 6 0161 Oslo, is a Norwegian branch of Northern Trust Global Services
SE supervised by Finanstilsynet. Northern Trust Global Services SE Leudelange, Luxembourg,
Zweigniederlassung Basel is a branch of Northern Trust Global Services SE. The Branch
has its registered office at Grosspeter Tower, Grosspeteranlage 29, 4052 Basel, Switzerland,
and is authorised and regulated by the Swiss Financial Market Supervisory Authority
FINMA. The Northern Trust Company Saudi Arabia, PO Box 7508, Level 20, Kingdom Tower,
Al Urubah Road, Olaya District, Riyadh, Kingdom of Saudi Arabia 11214-9597, a Saudi
Joint Stock Company – capital 52 million SAR. Regulated and Authorised by the
Capital Market Authority License #12163-26 CR 1010366439. Northern Trust (Guernsey)
Limited (2651)/Northern Trust Fiduciary Services (Guernsey) Limited (29806)/Northern
Trust International Fund Administration Services (Guernsey) Limited (15532) are licensed
by the Guernsey Financial Services Commission. Registered Office: Trafalgar Court,
Les Banques, St Peter Port, Guernsey GY1 3DA. Northern Trust International Fund Administration
Services (Ireland) Limited (160579)/Northern Trust Fiduciary Services (Ireland) Limited
(161386), Registered Office: Georges Court, 54-62 Townsend Street, Dublin 2,
D02 R156, Ireland.