Disclaimer

This website can be accessed worldwide; however, the information on the website is related to clients or potential clients of Saxo’s parent company, Saxo Bank A/S, and its UAE, Czech Republic, French, Belgian, and Dutch branches, excluding deposits from certain financial companies such as financial institutions, insurance companies, and pension funds. Clients of Saxo’s subsidiaries in Switzerland, Italy, the UK, Australia, Japan, and Singapore should visit their local Saxo websites for country-specific information: select the globe icon drop-down menu from the top right (under the main menu on mobile) and choose your country.

Any fact, assessment, analysis, forecast, opinion, or other information (collectively “information”) released by:

• Saxo Bank A/S
• Any owner, subsidiary, affiliate, or branch office of Saxo Bank A/S
• Any director, officer, employee, or representative of Saxo Bank A/S

(Collectively the “Saxo Bank Group”)

whether provided on the Saxo Bank Group’s websites, on third party websites, in marketing materials, in newsletters, in individual emails and letters, in lectures, in individual conversations, or in any other form of written or verbal communication (collectively “publications”) are provided for informational and/or marketing purposes only.

Unless specifically stated, no publications of the Saxo Bank Group should be construed as an offer (or solicitation of an offer) to:

• Buy or sell any currency, product, or financial instrument
• Make any investment
• Participate in any particular trading strategy

(Collectively “offers”)

Notwithstanding anything to the contrary (not even if specifically stated), no publications of the Saxo Bank Group should be construed as offers in any jurisdiction in which such an offer would be illegal. Any such perceived offer will not be honoured by the Saxo Bank Group.

No representation, no warranty

The Saxo Bank Group uses reasonable efforts to obtain information from reliable sources, but all publications are provided on an "as-is" basis without representation or warranty of any kind (neither express nor implied) and the Saxo Bank Group disclaims liability for any publication not being complete, accurate, suitable, or relevant for the recipient. Specifically, the Saxo Bank Group disclaims liability towards any subscriber, client, partner, supplier, counterparty, or other recipient for:

• The accuracy of any market quotations
• Any delay, inaccuracy, error, interruption, or omission in providing market quotations
• Any discontinuance of market quotations

The publications of the Saxo Bank Group are not updated after their release and may due to changing circumstances become inaccurate and possibly misleading after a period of time which may vary from seconds and minutes to days, weeks, months, or years depending on the information. The Saxo Bank Group gives no guarantee against, and assumes no liability towards any recipient for, a Publication being outdated.

If a publication becomes outdated, the Saxo Bank Group shall be under no obligation to:

• Update the publication
• Inform the recipients of a publication
• Perform any other action

Any publication may be personal to the author and may not reflect the opinion of the Saxo Bank Group. The Saxo Bank Group reserves the right at its sole discretion to withdraw or amend any publication or information provided at any time without notice (prior or subsequent).

No recommendations

The Saxo Bank Group does not in any of its publications take into account any particular recipient’s investment objectives, special investment goals, financial situation, or specific needs and demands. Therefore, all publications of the Saxo Bank Group are, unless otherwise specifically stated, intended for informational and/or marketing purposes only and should not be construed as:

• Business, financial, investment, hedging, legal, regulatory, tax, or accounting advice
• A recommendation or trading idea
• Any other type of encouragement to act, invest, or divest in a particular manner

(Collectively “recommendations”)

The Saxo Bank Group shall not be responsible for any loss arising from any investment based on perceived recommendations.

Notwithstanding anything to the contrary (not even if specifically stated), no publication (including possible recommendations) shall be construed as a representation or warranty (neither express nor implied) that the recipient will profit from trading in accordance with a trading strategy set forth in a publication or that the recipient will not sustain losses from trading in accordance with a trading strategy set forth in a publication.

The Saxo Bank Group shall only be liable (in accordance with the “Limitation of Liability” section below) if a possible recommendation is not of a good professional standard.

Risk warning

Trading in the products and services of the Saxo Bank Group may, even if made in accordance with a recommendation, result in losses as well as profits. In particular, trading in leveraged products, including but not limited to foreign exchange, derivatives, and commodities, can be very speculative and losses and profits may fluctuate both violently and rapidly.

Speculative trading is not suitable for all investors

Any mention in a publication of the risks pertaining to a particular product or service may not and should not be construed as a comprehensive disclosure nor full description of all risks pertaining to such a product or service and the Saxo Bank Group strongly encourages any recipient considering trading in its products and services to employ and continuously consult suitable financial advisors prior to the conclusion of any investment or transaction.

Local regulatory restrictions

The Saxo Bank Group’s publications may be accessed worldwide. The information provided in such publications is, however, only intended for use by recipients located in countries where such use does not constitute a violation of applicable legislation or regulations. None of the products and services referred to in the publications of the Saxo Bank Group are available to recipients residing in countries where the provision of such products and services would constitute a violation of mandatory applicable legislation or regulations.

It is the sole responsibility of any recipient employing or requesting a product or service of the Saxo Bank Group to comply with all applicable legislation or regulation.

Use of the website

Any use of the Saxo Bank Group’s websites is subject to Saxo Bank Group’s Terms of use, as amended from time to time, and the Copyright provisions, , as amended from time to time, both of which shall be construed as constituting an integrated part of this disclaimer.

The Saxo Bank Group shall not be liable for any damage or injury arising out of any person’s or entity’s access to, or inability to access, any website of the Saxo Bank Group. This limitation includes, but is not limited to, any damage to computer equipment and computer systems caused by virus, malware, and any other harmful computer coding.

Consulting a website of the Saxo Bank Group does not constitute a customer relationship and the Saxo Bank Group shall not have any duty nor incur any liability or responsibility towards any person or entity as a result of such person or entity consulting a website of the Saxo Bank Group.

Any market data displayed on Saxo’s website or trading platform may only be used for your own internal business purposes and only in connection with this specific service. Distribution of any market data to anyone else is prohibited.

Translation discrepancies

The Saxo Bank Group offers its publications in a wide range of languages for the recipient’s comfort of use. In case of discrepancy between the original English text and any translation, the original English text shall prevail.

All recipients are advised to carefully examine the original English text before acting upon a translation thereof. Any user who does not fully understand the original English text is strongly encouraged to contact the Saxo Bank Group by email at servicecenter@saxobank.com or by telephone at +45 39 77 40 00.

The Saxo Bank Group shall not be bound by or liable to any recipient for an incomplete or inaccurate translation of an original English text to another language.

Client relationship

When applying for an account with any entity within the Saxo Bank Group, each applicant will be subject to the relevant set of business terms. All applicants and clients are deemed to have read and understood the business terms and related policies applicable to them and their relationship with the relevant entity of the Saxo Bank Group.

Consulting a website or receiving a publication of the Saxo Bank Group does not constitute a customer relationship, and the Saxo Bank Group shall not have any duty or incur any liability or responsibility towards any person or entity as a result thereof.

Third-party services

Persons or entities not belonging to the Saxo Bank Group may advertise on the Saxo Bank Group’s websites through links, banners, or otherwise. The Saxo Bank Group shall not be held responsible or liable for the offerings, information, or acts of any such third party. If a user of the Saxo Bank Group’s websites decides to act upon any such advertising, such users do so entirely at their own risk.

If a client opts to use third-party authentication credentials (such as social media logins like Google and Apple) to access Saxo’s trading platform, they are informed that the terms and conditions of the respective authentication service provider (e.g., Google, Apple) will apply. The client acknowledges and accepts that they have reviewed the terms and conditions, security measures, data protection, and confidentiality policies of the authentication service provider and agree to them. Accessing the trading platform using third-party authentication credentials is at the client's own risk, and Saxo Bank disclaims any associated liability.

In accordance with applicable laws, Saxo Bank applies strong authentication of the client when the client carries out a transaction via the means of remote communication that may involve a risk of fraud or other fraudulent use. Strong authentication is performed by confirming a message contained in the relevant Saxo app on the mobile phone previously assigned to the user (e.g., via TAN confirmation). In the case of a transaction validated by strong authentication, Saxo Bank may refuse to reimburse the client if the client has acted with gross negligence, has wilfully failed to comply with his obligations to protect the personalised security details of his account, or has committed fraud. In addition, a transaction is deemed to have been confirmed by the client as soon as it has been initiated by strong authentication, unless the client provides proof to the contrary.

Limitation of liability

If the Saxo Bank Group, at any time and for any reason, should become liable for the loss of any person and/or entity, including, without limitation, if any provision of this disclaimer is, or at any time becomes, to any extent or in any circumstances, invalid, illegal, or unenforceable for any reason, the liability of the Saxo Bank Group shall be limited to such person’s and/or entity’s duly documented direct loss. For the avoidance of doubt, and without limitation, this shall not include damages for any incidental and consequential losses, damages for lost opportunity, damages for lost profit, statutory damages, nominal damages, punitive damages, restitutionary or disgorgement damages, damages for costs (including legal costs), or damages for any other indirect loss.

Conflict of interest

In order to prevent conflicts of interest, the Saxo Bank Group has established appropriate business procedures, including procedures applicable to research and analysis to ensure objective research reports. The Saxo Bank Group's research reports are never disclosed to nor discussed with any of the subjects of the analysis, e.g., issuers of securities or others.

The Saxo Bank Group may hold, take, transfer, or alienate positions in securities, foreign exchange, or other financial instruments covered by a research report.

The Saxo Bank Group may act as market maker in all products and services not traded on an exchange (i.e., OTC products such as foreign exchange and CFDs) and may therefore be the counterparty in any trade conducted by customers in these products.

The Saxo Bank Group does not engage in corporate finance activities. Accordingly, none of the Saxo Bank Group's directors, officers, employees, or representatives, namely people in charge of analysis reports, receive remuneration in connection with the release of any analysis.

Privacy and use of personal data

When signing up for a demo or live account with any entity of the Saxo Bank Group, this entity will, for administrative, commercial, and/or legal purposes, require and store information about the user, including, but not limited to, name and address. Furthermore, the Saxo Bank Group may require some financial information for credit assessment purposes, as well as users’ email addresses to be able to send the login information. Users’ email addresses will not be passed on to third parties but may be used by any entity of the Saxo Bank Group for the promotion of its products and services.

The Saxo Bank Group is obliged by law to treat personal data as confidential and may not pass on or use any personal data without valid legal grounds.

All personal data benefits from this full protection and will only be disclosed to third parties such as administrative or judicial authorities if the Saxo Bank Group is compelled to do so pursuant to the applicable law, or if the registered user has given written consent to such disclosure. The registered user may revoke such consent or modify its extent at any time.

Without prejudice to the above, the Saxo Bank Group can disclose the following information:

• General customer data, such as name, address, and personal registration number, to companies carrying out administrative tasks for the Saxo Bank Group.

• General customer data about corporate customers to financial institutions subject to professional secrecy, for the purpose of marketing and advisory services.

In accordance with the provisions of the Danish Act on Processing of Personal Data, any Saxo Bank Group customer has a right to be informed about the data that the Saxo Bank Group holds about them. The Saxo Bank Group may charge a fee for providing such information in writing to the registered user, according to rates fixed by the Danish Ministry of Justice.

If the data held about a registered user of the Saxo Bank Group proves inaccurate or outdated, the Saxo Bank Group will correct the registered data immediately upon the request of the registered user. The registered user may also choose to modify its data on its own initiative by contacting the Saxo Bank Group directly. Questions and concerns can be directed to the Saxo Bank Group by visiting our contact details page.

Supervision

The Saxo Bank Group is under the supervision of the Danish Financial Supervisory Authority (in Danish: "Finanstilsynet") and is subject to the Danish Executive Order on Good Business Practice for Financial Undertakings.

Disputes

This disclaimer and any dispute arising from or in relation thereto, including disputes regarding its legality, validity, binding effect (including adoption), and enforceability, shall be settled by the district court of Lyngby, Denmark in accordance with and subject exclusively to the laws of Denmark. However, the Saxo Bank Group reserves the right to start legal proceedings wherever it deems fit, namely, but not exclusively, in places where the defendant possesses assets.

Non-independent investment research

Any information which could be construed as investment research has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Further it is not subject to any prohibition on dealing ahead of the dissemination of investment research. Saxo Bank A/S and its owners, subsidiaries, affiliates, or employees of the same (collectively “Saxo Bank Group”), may perform services for, solicit business from, hold long or short positions in, or otherwise be interested in the investments (including derivatives) of any issuer mentioned herein.

Forward-looking statements

Where there are statements contained in this website which are not historical facts, such statements could be data obtained as a result of simulated past performance or future performance based on current expectations, estimates, projections, opinions, and beliefs of members of the Saxo Bank Group. Such statements involve known and unknown risks, uncertainties, and other factors, and undue reliance should not be placed thereon. Additionally, this website may contain “forward-looking statements”. Actual events or results or actual performance may differ materially from those reflected or contemplated in such forward-looking statements. None of the opinions that may be inferred from the contents of this website are intended to be relied upon as advice or recommendation of any action. They are intended merely as articulations of personal musings and are speculations factually.

This material is confidential and should not be copied, distributed, published, or reproduced in whole or in part or disclosed by recipients to any other person.

UK Residents

If you are resident in the UK, please note that Saxo Bank A/S is deemed authorised and regulated by the Financial Conduct Authority. The nature and extent of consumer protections may differ from those for firms based in the UK. Details of the Financial Services Contracts Regime, which allows EEA-based firms to operate in the UK for a limited period to carry on activities which are necessary for the performance of pre-existing contracts, are available on the Financial Conduct Authority’s website.