APAC Global Market Sales & Trading Disclaimers
For Institutional Investor Use Only
This information is provided to you solely for informational purposes by BofA Securities and is designed to serve as a general summary of the trading services and products that BofA Securities may offer from time-to-time. This information is not research and it was not prepared or reviewed by employees within the BofA Global Research. This information is not intended to constitute advertising or advice of any kind, and it should not be viewed as an offer or a solicitation to buy or sell securities or any other financial instrument or product. BofA Securities makes no representation, warranty or guarantee, express or implied, concerning this information and its contents, including whether the information (which may include information and statistics obtained from third party sources) is accurate, complete or current. The information herein is provided “as is,” is subject to change at any time, and BofA Securities has no duty to provide you with notice of such changes.
BofA Securities will not be responsible or liable for any losses, whether direct, indirect or consequential, including loss of profits, damages, costs, claims or expenses, relating to or arising from your reliance upon any part of this information. Before determining to use any service or product offered by BofA Securities, you should consult with your independent advisors to review and consider any associated risks and consequences. This information has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. BofA Securities does not render any opinion regarding legal, accounting, regulatory or tax matters.
This information is confidential, for your private use only, and may not be shared with others. This information, including all trademarks and service marks relating to BofA Securities, remains the intellectual property of BofA Securities. For other important legal terms governing the use of this information please see: Global Markets Disclaimers
“Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, derivatives, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc., which is a registered broker-dealer and Member of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is a registered futures commission merchant with the CFTC and a member of the NFA.
© 2023 Bank of America Corporation. All rights reserved.
Indicative Pricing and Valuations
Estimated values provided in the material are "as of" the date indicated and do not represent actual bids or offers by BofA Securities. Even though the material is based upon publicly available information and news sources that are generally believed to be reliable, there can be no assurance that actual trades could be completed at such value(s). Because these estimated valuations are based on underlying valuations obtained from third party sources we cannot make any representation as to the accuracy or completeness of the valuations. The material is not intended to be a comprehensive summary of all material news, information, events and risks relating to the companies or securities mentioned. BofA Securities does not make any representation or warranty as to the accuracy or completeness of this material, and, by accepting the material, you agree that BofA Securities shall not be responsible for any error or omission. References to past prices or quotes do not in any way imply that such prices or quotes will again be available or actionable. These estimates may not be representative of any theoretical or actual internal valuations employed by us for our own purposes, may vary during the course of any particular day and may vary significantly from the estimates or quotations that would be given by another dealer.
BofA Securities Instinct X®
BofA Securities, Inc. (“BofA Securities”) operates Instinct X®, an NMS Stock Alternative Trading System (“NMS Stock ATS”) in the US, and in other geographies. BofA Securities seeks to operate Instinct X in accordance with applicable regulations, and in accordance with reasonable expectations of fairness. However, potential execution counterparties in Instinct X may have trading objectives and/or expectations that may be adverse to your own, and so execution outcomes may vary. BofA Securities makes no guarantee as to the performance that can be achieved through the use of Instinct X.
Within Instinct X, BofA Securities may offer a variety of crossing services that support various order types/attributes and counterparty selection criteria to enhance Client choice regarding the nature of potential counterparties with whom they may execute. Where it does so, BofA Securities will use reasonable efforts to adhere to your expressed preferences regarding the use of different crossing services, to assign Clients to the appropriate segment and to maintain those assignments, and to adhere to your expressed preferences regarding interaction with participants in such segments. While BofA Securities will use reasonable efforts in this context, it makes no guarantee as to accuracy or consistency of the composition of any segmentation assignment, which may be based in part on BofA Securities’ understanding of information supplied by others.
BofA Securities Routing and Order Handling
In the absence of instructions to the contrary, or depending upon your expressed preferences, the particular BofA Securities routing strategy or algorithm that you may elect to employ, or that is employed on your behalf, and as part of BofA Securities’ services seeking the most efficient and effective experience for Client orders, your orders may be given an opportunity to interact with any non-displayed orders and conditional placements in BofA Securities' own NMS Stock ATS, which may include BofA Securities principal trading interest, prior to being exposed to external venues. External venues may include but not be limited to public exchange markets, multi-lateral trading facilities, other ATSs, or broker dealers, (such routing appropriate to each BofA Securities region) consistent with your instructions or BofA Securities' routing logic as applicable. While BofA Securities maintains relationships and connectivity to a variety of such venues as part of its routing processes, BofA Securities does not represent that it has access to all such venues that potentially may be available at any given point in time. To the extent that this information references performance times, such information is indicative and attempts to illustrate the performance speed and latency generally associated with certain systems, order/message paths, and linkages. Actual performance may be different and, in some cases, materially slower than indicated.
Instinct® and Instinct X® are trademarks of Bank of America Corporation.
Conflicts of Interest
BofA Securities or its affiliates or agents may engage in activities (including financial or other business transactions) that may result in conflicts of interests between BofA Securities and its affiliates and agents’ financial interests on the one hand and your interests on the other hand. In the ordinary course of business activities, BofA Securities or its affiliates or agents may make or hold a broad array of investments and actively trade debt or equity securities (or related derivative securities) and financial instruments (including bank loans) for its account or for the account of its customers. BofA Securities or its affiliates may also publish or express independent research views in respect of a debt or equity security (or related derivative securities), strategy, index or other financial asset or market measure (collectively, “financial products”).
In addition, BofA Securities may engage in trading activities (including hedging activities) and business activities related to financial products or other instruments or derivative products for its proprietary accounts, or in facilitating transactions, including block trades, for its account or for the other accounts under its management. These trading activities may present a conflict of interest between you and BofA Securities or its affiliates, as applicable. These trading activities, if they influence the price/value of the financial products or secondary trading (if any) of financial products, could be adverse to your interests. BofA Securities may also act as underwriter in connection with future offerings of debt or equity securities or other securities or may act as a financial advisor to certain companies or in a commercial banking capacity for companies. Such activities could present certain conflicts of interest, could influence the prices of such securities, and could be adverse to your interests.
In connection with its business activities, BofA Securities may enter into hedging transactions or adjust or close out existing hedging transactions with affiliates or agents to hedge market risks associated with its business activities. BofA Securities will price these hedging transactions with the intent to realize a profit, considering the risks inherent in these hedging activities, however, these hedging activities may result in a profit that is more or less than initially expected, or could result in a loss.
PRICING DISCLAIMER FOR MORTGAGE BACKED SECURITIES IN ASIA PACIFIC REGION
“BofA Securities” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. This document is for informational purposes only, and any prices reflected herein are indicative only, non-executable, and subject to change without notice. For executable prices, contact your local sales representative while the trading markets in Asia are open. Under no circumstances should this document be used or considered an offer to sell or a solicitation of any offer to buy securities or financial products mentioned in it. The information contained herein has been obtained or derived from sources believed by us to be reliable, but we do not represent that it is accurate or complete and it should not be relied upon as such. BofA Securities may be providing or may have provided advisory, investment banking, banking or other services to issuers or entities mentioned herein. BofA Securities and/or its officers and employees may from time to time acquire, hold or sell a position in the securities of financial products mentioned herein or in related futures or options. If BofA Securities is used in connection with the purchase or sale of any security or financial product mentioned herein, BofA Securities may act as principal for its own account or as agent for both the buyer and the seller. BofA Securities may have managed or co-managed a public offering of the securities mentioned in this document in the last three years. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation including, in the United States, BofA Securities, Inc. which is a registered broker-dealer and a Member of SIPC, and, in Japan, BofA Securities Japan Co., Ltd. which is a registered Financial Instrument Business Operator, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is a registered futures commission merchant with the CFTC and is a member of the NFA.