eTrading Disclaimers


These materials do not constitute an offer or a solicitation of an offer to buy or sell investment products or securities, nor do they constitute a prospectus for any securities, nor do they otherwise constitute an agreement to provide investment services. These materials are provided for information purposes only and do not contain all of the information that is material to an investor.

By reading these materials, you agree as follows: These materials and any associated oral presentation or discussion (together the "materials") are strictly confidential and have been provided to you by CSI/CSSEL/CSEB and/or its affiliates (together, "Credit Suisse", "we" or "us") and may not be used or relied upon unless expressly agreed in writing with us.

These materials and the information contained herein are intended solely for your information and may not be disclosed or distributed to any other person, or otherwise replicated in any form without the prior written consent of Credit Suisse. These materials are not for distribution to Retail Clients, as defined by the FCA Rules and Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFID II) transposition into Spanish Law.  Any investment or services to which these materials may relate will not be made available to Retail Clients.

Credit Suisse is acting solely as an arm's length contractual counterparty and not as a financial adviser (or in any other advisory capacity including tax, legal, accounting or otherwise) or in a fiduciary capacity. Any information provided does not constitute advice or a recommendation to enter into or conclude any transaction.

Before entering into any transaction with us, you should ensure that you fully understand the potential risks and rewards and independently determine that it is appropriate for you given your objectives, experience, financial and operational resources, and other relevant circumstances. You should consult with such independent advisers (including, without limitation, tax advisers, legal advisers and accountants) as you deem necessary.

This material has been prepared by us based on assumptions and parameters determined by us in good faith. The assumptions and parameters used are not the only ones that might reasonably have been selected and therefore no guarantee is given as to the accuracy, completeness or reasonableness of any such quotations, disclosure or analyses.

A variety of other or additional assumptions or parameters, or other market factors and other considerations, could result in different contemporaneous good faith analyses or assessment of the transaction described above.

Past performance should not be taken as an indication or guarantee of future performance, and no representation or warranty, express or implied, is made regarding future performance.  We assume no responsibility for independent verification of such information and have relied on such information being complete and accurate in all material respects.

Any commentary in these materials constitutes our preliminary judgment at, and is based solely on the information received by us before, the date hereof and is subject to change without notice. We make no representation as to the completeness or accuracy of the information. We do not accept any liability for any direct, indirect or consequential loss or damage arising from reliance on this information. The price and value of investments mentioned and any income that might accrue may fluctuate and may fall or rise.

If an investment is denominated in a currency other than your base currency, changes in the rate of exchange may have an adverse effect on value, price or income. All projections, valuations and analyses are provided to assist you in the evaluation of the matters described herein and (i) may be based on subjective assessments and assumptions, (ii) may use one among alternative methodologies that produce different results and (iii) to the extent they are based on historical information, should not be relied upon as an accurate prediction of future performance.

Certain analysis is presented herein and is intended solely for purposes of indicating a range of outcomes that may result from changes in market parameters.  It is not intended to suggest any outcome is more likely than another, and it does not include all possible outcomes or the range of possible outcomes, one of which may be that the investment value declines to zero. All projections and forecasts in these materials are therefore illustrative only. Back-tested, hypothetical or simulated performance results have inherent limitations.

Simulated results are achieved by the retroactive application of a back-tested model itself designed with the benefit of hindsight. The back-testing of performance differs from the actual account performance because the investment strategy may be adjusted at any time, for any reason and can continue to be changed until desired or better performance results are achieved. Alternative modeling techniques or assumptions might produce significantly different results and prove to be more appropriate.

Past hypothetical back-test results are neither an indicator nor a guarantee of future returns. Actual results will vary from the analysis. To the extent that the products are structured securities or other forms of structured products, such instruments are complex instruments, typically involving a high degree of risk and are intended for sale only to sophisticated investors who are capable of understanding and assuming the risks involved.

The market value of any structured security or structured product may be affected by changes in economic, financial and political factors (including, but not limited to, spot and forward interest and exchange rates), time to maturity, market conditions and volatility and the credit quality of any issuer or reference issuer. The risk of loss in trading FX, commodities, rates and derivatives can be substantial. You should, therefore, carefully consider whether such trading is suitable for you in light of your circumstances and financial resources.

Any investor interested in purchasing a structured product should conduct its own investigation and analysis of the product and consult with its own professional advisers as to the risks involved in making such a purchase.

These materials were designed for use by specific persons familiar with the business and the affairs of your company and we assume no obligation to update or otherwise revise these materials. These materials have been prepared by Credit Suisse for use by Credit Suisse.

Accordingly, any information reflected or incorporated herein, or in related materials or in ensuing transactions, may be shared in good faith by Credit Suisse with employees and agents of Credit Suisse, in any location. Credit Suisse or its employees may have a position or holding, or other material interest, or effect transactions in, any securities mentioned or options thereon, or other investments related thereto.

We may provide (or have already provided) significant advice or investment services in relation to the investment concerned or a related investment to any company or issuer mentioned.  Some investments referred to in this information will be offered by a single entity and, in the case of some investments, solely by us, or one of our affiliates.  We have no obligation to use any information obtained from another source for the purposes of any the activities contemplated herein or to furnish such information to you or your affiliates.

Credit Suisse has adopted policies and guidelines designed to preserve the independence of its research analysts.  Credit Suisse's policies prohibit employees from directly or indirectly offering a favorable research rating or specific price target, or offering to change a research rating or price target, as consideration for or an inducement to obtain business or other compensation. Credit Suisse's policies prohibit research analysts from being compensated for their involvement in investment banking transactions.

This document does not constitute investment research or a research recommendation.

This document is provided to you by one of the following entities:

Credit Suisse International (“CSI”) or Credit Suisse Securities (Europe) Limited (“CSSEL”) which are authorised by the Prudential Regulation Authority (“PRA”) and regulated by the Financial Conduct Authority (“FCA”) and the PRA. The registered address of CSI and CSSEL is One Cabot Square, London E14 4QJ, United Kingdom. CSI and CSSEL are registered in England under Company Registration Number 02500199 and 00891554 respectively. These materials are not for distribution to Retail Clients, as defined by the FCA Rules. Any investment or services to which these materials may relate will not be made available to Retail Clients.

Credit Suisse Bank (Europe), S.A. (“CSEB“)  which is authorised as a credit institution by the European Central Bank and supervised and regulated by the Bank of Spain with reference number 0243 and, where applicable, regulated by the Comisión Nacional del Mercado de Valores, (the “CNMV”), for the provision of investment services and activities  and is acting either through its headquarter in Madrid or through the appropriate branch located in Amsterdam, Italy, Paris or Stockholm. CSEB is a sole shareholder company (sociedad unipersonal) incorporated in Spain, registered with the Commercial Registry of Madrid with tax identification number A-79192258, under volume 4194, section 8, sheet M-69786, page 198, whose registered office is at calle Ayala 42, 3 Planta-B, Madrid, 28001, Spain.

To the extent you conduct business with CSEB through a branch that is outside the EU Member State in which you are located, Spanish conduct of business rules will apply. These materials are not for distribution to Retail Clients, as defined by the Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments (MiFID II) transposition into Spanish Law. Any investment or services to which these materials may relate will not be made available to Retail Clients.

Where distribution of this material is subject to the rules of the U.S. Commodity Futures Trading Commission ("CFTC"), it is a "solicitation" of derivatives business generally only as that term is used within CFTC Rule 1.71 and 23.605 promulgated under the U.S. Commodity Exchange Act (the "CFTC Rules"). This material is issued and distributed in the U.S. by Credit Suisse Securities (USA) LLC (CSSU), a member of NYSE, FINRA, SIPC and the NFA, and CSSU accepts responsibility for its contents.

Clients should contact sales coverage and execute transactions through a Credit Suisse subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. This material is for informational purposes only and does not constitute an offer to invest in or subscribe to any products referenced in this material. Additional information is available from us upon request.

Copyright ©2023 CREDIT SUISSE GROUP AG and/or its affiliates. All rights reserved.

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