MAR disclosures


MAR disclosures

This page contains certain information relating to investment recommendations produced by persons within NatWest Markets Plc ("NatWest Markets"), including details of historical investment recommendations, as required by Article 20(1) of the Market Abuse Regulation (Regulation (EU) No 596/2014) (MAR) and as further detailed in Article 4(1) and 4(2) of Commission Delegated Regulation (EU) of 9 March 2016 supplementing MAR. Article 20(1) requires producers of investment recommendations to ensure objective presentation of investment recommendations or other information recommending or suggesting investment strategies and there is a specific requirement to list and give certain details regarding all investment recommendations on any financial instrument or issuer that were disseminated during the preceding 12 month period.

A list of historical investment recommendations that are marketing communications can be accessed here:

Please contact your NatWest Markets relationship manager or sales team to obtain the password.

Currencies Disclosures

Credit Disclosures

Futures Disclosures

Rates Disclosures

Financing and Risk Solutions Disclosures

 

This list is updated on a daily basis with investment recommendations disseminated on the previous working day.

Where no standard industry taxonomy exists to identify a particular instrument or product, a description is provided.

The information in this list is provided on a confidential basis, is for the information of intended recipients only and the contents may not be reproduced, redistributed or copied in whole or in part for any purpose without the prior express consent of the producer.

All investment recommendations and information stated in the list are based on the producer’s opinion of the relevant market conditions as at the date and time the investment recommendation was disseminated and all investment recommendations may change at any time without prior notice. Investment recommendations produced by one producer may be different or contradictory to those produced by another producer or even by the same producer at different times. The investment recommendations are provided for information purposes only and do not constitute an offer to sell or a solicitation to buy any security or other financial instrument. The investment recommendations may not be suitable for the specific investment objectives, financial situation or individual needs of any recipient and should not be relied upon in substitution for the exercise of your independent judgement. NatWest Markets acts neither as an adviser to, nor owes any fiduciary duty to, any recipient and investment recommendations produced by NatWest Markets are not intended to be and must not be relied upon as investment advice.

You should make your own independent evaluation of the relevance and adequacy of any investment recommendation and make such other investigations as you deem necessary, including by obtaining any independent financial, legal, tax, accounting or other advice, before participating in any transaction in respect of any financial instrument, asset class, market or sector referred to in any investment recommendation listed. You should contact your NatWest Markets sales person if you have any questions or would like to discuss any investment recommendation. NatWest Markets accepts no liability for any direct, indirect or consequential losses (in contract, tort or otherwise) arising from the use of this information or in reliance on the information contained herein. However this shall not restrict, exclude or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not lawfully be disclaimed.

NatWest Markets acts solely in an arms-length principal capacity and any investment recommendations should be considered within this context. NatWest Markets and its affiliates, connected companies, employees or clients may have an interest in financial instruments of the type referred to in any of the listed investment recommendation and/or in related financial instruments giving rise to potential conflicts of interest which may impact the performance of such financial instruments. Such interests may include, but are not limited to, (a) dealing in, trading, holding or acting as market-maker or liquidity provider in such financial instruments and any reference obligations; (b) entering into hedging strategies on behalf of issuer clients and their affiliates, investor clients or for itself or its affiliates and connected companies; and (c) providing banking, credit and other financial services to any company or issuer of securities or financial instruments referred to therein. NatWest Markets and its affiliates, connected companies, employees or clients may at any time acquire, hold or dispose of long or short positions (including hedging and trading positions) which may impact the performance of a financial instrument.

 

How we manage our conflict of Interest

 

 

Definitions of NatWest Markets Recommendations

 

Recommendation                     

                                            Definition

Long / Buy

We recommend investors to purchase the financial instrument, as we expect the value of the financial instrument to increase.

Short / Sell

We recommend investors to sell the financial instrument, as we expect the value of the financial instrument to decrease.

Neutral / Hold

We recommend investors to not go long or short at current prices.

Positive

We expect the value of the financial instrument to increase.

Negative

We expect the value of the financial instrument to decrease.

Pay

We recommend investors to pay a fixed rate on the interest rate swap, as we expect the interest rate will increase.

Receive

We recommend investors to receive a fixed rate on the interest rate swap, as we expect the interest rate will decrease.

 

 

MAR Mandatory Quarterly Disclosure of Investment Recommendations (Buy, Sell, Hold)

 

The Quarterly Disclosure states the proportion/percentage of buy, sell, hold categories over the previous 12 months and the proportion/percentage of issuers in each recommendation category that we have provided MIFID investment/ancillary services to. It can be found here.

Please contact your NatWest Markets relationship manager or sales team to obtain the password.

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