Cube

Terms & Conditions

Important Notice

This website is maintained by CET Capital Limited which is a limited company registered in England. Its registered offices are at 55 Bryanston Street, London, W1H 7LZ. CET is authorised and regulated by the Financial Conduct Authority no. 446267.

This website is provided for your general information only and does not constitute investment advice or an offer to sell or the solicitation of an offer to buy any investment.

Nothing on this website is advice on the merits of any product or investment, nothing constitutes investment, legal, tax or any other advice nor is it to be relied on in making an investment decision. Prospective investors should obtain independent investment advice and inform themselves as to applicable legal requirements, exchange control regulations and taxes in their jurisdiction.

This website shall not constitute an underwriting commitment, an offer of financing, an offer to sell, or the solicitation of an offer to buy any securities described herein, which shall be subject to CET internal approvals. No transaction or service related thereto is contemplated without CET subsequent formal agreement.

This website contains indicative summaries of the terms and conditions of the securities/transactions described herein and may be amended, superseded or replaced by subsequent summaries. The final terms and conditions of the transaction and any related security will be set out in full in the applicable transaction confirmation, offering document(s), pricing supplement or binding transaction document(s).

CET does not guarantee the accuracy or completeness of information which is contained in this website and which is stated to have been obtained from or is based upon trade and statistical services or other third party sources. Any data on past performance, modelling, scenario analysis or back-testing contained herein is no indication as to future performance. No representation is made as to the reasonableness of the assumptions made within or the accuracy or completeness of any modelling, scenario analysis or back-testing. All opinions and estimates are given as of the date hereof and are subject to change. The value of any investment may fluctuate as a result of market changes. The information in this website is not intended to predict actual results and no assurances are given with respect thereto.

This website complies with the regulatory requirements of the United Kingdom. There may be laws in your country of nationality or residence or in the country from which you access this website which restrict the extent to which the website may be made available to you.

Parts of this website are being made available in the UK to persons who are investment professionals as defined in Article 19 of the FSMA 2000 {Financial Promotion Order) 2005. Any investments to which the contents of these parts relates to will be entered into only with such persons. Clients should contract and execute transactions through a broker in their home jurisdiction unless local regulations permit otherwise. The materials contained in these parts of website are not for distribution to retail customers.

CET does not provide, and has not provided, any investment advice or recommendation to you in relation to the transaction and/or any related securities described herein. You may not rely on any communication (written or oral) from CET as investment advice or as a recommendation to enter into any transaction. Accordingly CET is under no obligation to, and shall not, determine the suitability for you of the transaction described herein. You must determine, on your own behalf or through independent professional advice, the merits, terms and conditions and risks of the transaction described herein. You must also satisfy yourself that you are capable of assuming, and assume, the risks of any such transaction. CET accepts no liability whatsoever for any losses arising from the use of this website or its content or reliance on the information contained herein, even if CET knew of the possibility of those losses.

Retail Investors

Structured products are “complex instruments” this means that they will only be appropriate for you if you have sufficient knowledge and experience. In order to access the site you need to be able to agree to all of the following statements

Exclusion of Liability

Certain documents made available on the website have been prepared and issued by persons other than ***. This includes any Prospectus. *** is not responsible in any way for the content of any such document. Except in those cases, the information on the website has been given in good faith and every effort has been made to ensure its accuracy. Nevertheless, *** shall not be responsible for loss occasioned as a result of reliance placed on any part of the website and it makes any warranty as to the accuracy of any information or content on the website. The description of any ETP Security referred to in this website is a general one. The terms and conditions applicable to investors will be set out in the Prospectus, available on the website and should be read prior to making any investment.

Risk Warnings

You should always bear in mind that;

  • You already hold other retail investments like funds, investment trusts or structured products
  • You would consider yourself to be a knowledgeable and informed investor
  • You understand the way that the investment return, the maturity value and any income are calculated by reference to the performance of underlying assets
  • You realize that you are not investing in the underlying assets but instead into a products whose performance is linked to these assets
  • You are prepared to invest into products where your capital is at risk
  • You have sufficient financial resources to be able to accept a loss on investments you make
  • You understand that the investment return and any coupon that you receive from structured products will depend on the performance of the underlying assets, and so you may not receive any investment return or income
  • The return of the capital may also be linked to the performance of the underlying assets. You understand how this is calculated, and appreciate that the amount that you receive back when a product matures may be less than you paid for it
  • The defined value of each product will only be realised if the product is held to the maturity date. You understand that if you sell a product before the maturity date you will not get the defined value, and the amount that you receive may be less than the amount that you invested.
  • You understand that if the issuer is unable to meet their obligations to pay the amount due when the product matures, that you will not receive the defined value and will loose some or all of the money you have invested
  • You understand that there are charges built into structured products.
  • You understand the personal tax implications associated with investing in structured products

United States Persons

The information provided on this site is not directed to any United States person or any person in the United States, any state thereof, or any of its territories or possessions.

Persons accessing this website in the European Economic Area.

Exclusion of Liability

Certain documents made available on the website have been prepared and issued by persons other than CET Capital Limited. This includes any Prospectus. CET Capital Limited is not responsible in any way for the content of any such document. Except in those cases, the information on the website has been given in good faith and every effort has been made to ensure its accuracy. Nevertheless, CET Capital Limited shall not be responsible for loss occasioned as a result of reliance placed on any part of the website and it makes any warranty as to the accuracy of any information or content on the website. The description of any Security referred to in this website is a general one. The terms and conditions applicable to investors will be set out in the Prospectus, available on request and should be read prior to making any investment.

Risk Warnings

Investments of the type described therein may involve a high degree of risk, and the value of such instruments may be highly volatile. Such risks may include, without limitation, risk of adverse or unanticipated market developments, risk of counterparty or issuer default and risk of liquidity. Accordingly you must independently determine, with your own advisors, the appropriateness for you of the securities/transaction before investing or transacting. You should always bear in mind that;

  • The investment performance of any security referred to on this website can be volatile and can go up or down and you can lose your entire investment.
  • Past performance is not an indication of future performance.
  • Rates of exchange may affect the value of investments.
  • Applications to invest in securities referred to on this website must only be made on the basis of the relevant Prospectus.

Cookies

CET Capital Limited may collect data about your computer, including, where available, your IP address, operating system and browser type, for system administration and other similar purposes. These are statistical data about users' browsing actions and patterns, and they do not identify any individual user of the website. This is achieved by the use of cookies. A cookie is a small file of letters and numbers that is put on your computer if you agree to accept it. By clicking 'I agree' below you are consenting to the use of cookies as described here. These cookies allow you to be distinguished from other users of the website, which helps CET Capital Limited provide you with a better experience when you browse the website and also allows the website to be improved from time to time. Please note that you can adjust your browser settings to delete or block cookies, but you may not be able to access parts of our website without them.

In the event that you on-sell any investment described herein, you agree to disclose, to the full extent required by any regulations applicable to such sale, any fees or inducements received by you from CET in connection with such investment. CET, its affiliates and the individuals associated therewith may (in various capacities) have positions or deal in transactions or securities (or related derivatives) identical or similar to those described herein.

NO ACTION HAS BEEN TAKEN OR WILL BE TAKEN THAT WOULD PERMIT A PUBLIC OFFERING OF THE SECURITIES DESCRIBED HEREIN IN ANY JURISDICTION IN WHICH ACTION FOR THAT PURPOSE IS REQUIRED. NO OFFERS, SALES, RESALES OR DELIVERY OF THE SECURITIES DESCRIBED HEREIN OR DISTRIBUTION OF ANY OFFERING MATERIAL RELATING TO SUCH SECURITIES MAY BE MADE IN OR FROM ANY JURISDICTION EXCEPT IN CIRCUMSTANCES WHICH WILL RESULT IN COMPLIANCE WITH ANY APPLICABLE LAWS AND REGULATIONS AND WHICH WILL NOT IMPOSE ANY OBLIGATION ON CET OR ANY OF ITS AFFILIATES. THIS WEBSITE DOES NOT DISCLOSE ALL THE RISKS AND OTHER SIGNIFICANT ISSUES RELATED TO AN INVESTMENT IN THE SECURITIES/TRANSACTION. PRIOR TO TRANSACTING, POTENTIAL INVESTORS SHOULD ENSURE THAT THEY FULLY UNDERSTAND THE TERMS OF THE SECURITIES/TRANSACTION AND ANY APPLICABLE RISKS. THIS WEBSITE IS NOT A PROSPECTUS FOR ANY SECURITIES DESCRIBED HEREIN. INVESTORS SHOULD ONLY SUBSCRIBE FOR ANY TRANSFERABLE SECURITIES DESCRIBED HEREIN ON THE BASIS OF INFORMATION IN THE RELEVANT PROSPECTUS (WHICH HAS BEEN OR WILL BE PUBLISHED AND MAY BE OBTAINED FROM CET), AND NOT ON THE BASIS OF ANY INFORMATION PROVIDED HEREIN.

CET Investing is a trading division of CET Capital Ltd, Registered in England No. 04986900. CET Capital Ltd is regulated by the Financial Conduct Authority No. 446267. This website is confidential, and no part of it may be reproduced, distributed or transmitted without the prior written permission of CET.

(1) I HAVE READ UNDERSTOOD AND ACCEPT THIS DISCLAIMER AND

(2) I CONFIRM THAT I AM NOT A RESIDENT OF THE UNITED STATES AND UNDERSTAND (A) THAT THE INFORMATION THAT FOLLOWS IS ONLY BEING OFFERED TO AND IS ONLY INTENDED TO BE AVAILABLE TO PERSONS WHO ARE NOT RESIDENTS OF THE UNITED STATES AND (B) THAT CET AND ITS AFFILIATES WILL RELY ON THE ACCURACY OF THIS INFORMATION

Please read and agree to the following statements

Structured products are “complex instruments” this means that they will only be appropriate for you if you have sufficient knowledge and experience. In order to access the site you need to be able to agree to all of the following statements

  • I already hold other retail investments like funds, investment trusts or structured products
  • I consider myself to be a knowledgeable and informed investor
  • I understand the way that the investment return, the maturity value and any income are calculated by reference to the performance of underlying assets
  • I realize that I am not investing in the underlying assets but instead into a products whose performance is linked to these assets
  • I am prepared to invest into products where my capital is at risk
  • I have sufficient financial resources to be able to accept a loss on investments I make
  • I understand that the investment return and any coupon that I receive from structured products will depend on the performance of the underlying assets, and so I may not receive any investment return or income
  • The return of the capital may also be linked to the performance of the underlying assets.
  • I understand how this is calculated, and appreciate that the amount that you receive back when a product matures may be less than I paid for it
  • The defined value of each product will only be realised if the product is held to the maturity date. I understand that if I sell a product before the maturity date I will not get the defined value, and the amount that I receive may be less than the amount that I invested.
  • I understand that if the issuer is unable to meet their obligations to pay the amount due when the product matures, that I will not receive the defined value and will lose some or all of the money I have invested
  • I understand that there are charges built into structured products.
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What we offer

What we offer

There are four main services we offer:

  • We offer quantitative research on structured investments, and investment strategies to investors and product manufacturers.
  • We act as a product manufacturer; in this capacity we work with investment advisers to develop products for individuals or groups of investors.
  • We take responsibility for product design, marketing and distribution.
  • We have developed and distributed a series of managed portfolios that invest in structured products. 

FOR INVESTMENT MANAGERS

For discretionary managers and family offices we can manage and coordinate the issue of new products. We can evaluate different shapes, and compare one issuer with another. Our analysis helps the manager to select the best products, and document the investment process. We offer analysis of the portfolio of current products held and provide portfolio management tools.

FOR PRODUCT MANUFACTURERS

Issuers and product manufacturers that are regulated by the FCA are required to stress-test products as part of the product development process, and not as a post-script. We offer an independent stress test process that allows the product manufacturer to test ideas and to show which idea best meets the needs of the target market.

FOR INVESTMENT ADVISERS

We offer whole of market research and analysis of all retail structured products in the UK. We work with investment advisers to create approved products lists. For advisers that want to offer a bespoke product, we can be a product manufacturer, and take on the regulatory responsibilities of being responsible for the development, stress testing and distribution of retail and institutional structured products.

MANAGED PORTFOLIOS

Our research is the basis of the Managed Portfolio Service that we launched in December 2015. This Managed Portfolio Service offers three portfolios of structured products that are managed by James Brearley and Sons.

HOW DO WE GET PAID?

Where we are responsible for the issue of a new product we can receive a fee from the issuer that is included in the product terms. We can also invoice the investor, issuer or product manufacturer for our services.

RESEARCH AND ANALYSIS

All of our services are based on the quantitative research and analysis we provide. We aim to provide answers to three simple but important questions:

  • What return might I get from each investment?
  • What risks do I face?
  • What is the investment worth?

In order to answer the first two questions we have developed a stress-testing process that can be used to evaluate new ideas, current offers and products in the secondary market.  

The stress testing process we have developed and the way we calculate the risk of a product originated from a paper from CESR (the European Regulator at the time). We developed their original ideas and created a facility that allows us to offer stress testing systematically, and regularly on large numbers of products, and on new product ideas. Our revised process has recently (December 2015) been largely adopted as the process that is being prescribed to calculate the risk of structured products under the new PRIPS regulation.

REGULATORY REQUIREMENTS

Our service has been developed in a direct response to the FCA requirements. The FCA requires that whoever is responsible for the design and development of a new product stress tests the product as part of the product development process. The FCA has not been prescriptive about what is required, but have stated that the stress test is meant to show the range of returns an investor may face, and the risks that investors face. The product manufacturer needs to ensure that this is consistent with the needs of the target market. The stress test needs to be part of the product development process, and not a post-script after issue.

Product manufacturers can upload new product ideas into the stress testing service we offer to check the products risk profile, and the range of returns that an investor may receive.

The Europeans have taken a more prescriptive approach, and have required that from 2017 all retail products have a risk rating as part of the suite of marketing material. They are consulting about how this should be done. Our analysis is already compliant with the European requirement.

In the current regulatory requirement the analysis allows a product manufacturer to evidence why they have issued the product. The analysis can demonstrate that the product is suitable for the target market, and can be used as part of the manufacturers communication with investment advisers and investors.

The on-going analysis allows the manufacturer to comply with their regulatory requirement monitor products, to ensure that products remain appropriate for the target client base.

SUPPORTING INVESTMENT DECISIONS

The analysis we offer provides the information that will help fund managers and investment advisers manage portfolios. The analysis can help to maximize the returns that investors receive, and minimise the risks that they face.

A reliable, robust quantitative screening process will help investors with their investment process. The analysis can help by generating a short list of secondary products that meet the investors requirements, or by helping the investor choose between a number of slightly different product shapes or issuers for a new issue. For many experienced investors quantitative analysis will reinforce and supplement the intuitive judgment that they will have formed about a product, but in some cases the analysis will offer an unexpected result. In any case the analysis will help investors demonstrate why they have made the investment decisions that they have made.

CONSISTENT ANALYSIS ACROSS DIFFERENT ISSUERS

One of the main benefits of the analysis for investment managers is that is provides a consistent analysis across different issuers. The analysis uses the same inputs and methodology across all products, and generates the same outputs. This allows a true apples-with-apples comparison of one product with another.

If investors rely on analysis offered by the issuers the results can be very difficult to compare:-

  • Different issuers will use different inputs to their stress test
  • The levels of volatility and expected return will be calculated in different ways, so even with the same output from the stress test these values can be very different from one issuer to another.

MONITORING PRODUCTS

The analysis is updated every week for every product. This helps investors identify new investment opportunities in the secondary market, and to monitor products that are held in the portfolio already.

With over 1,200 products uploaded in our analysis investors can easily identify attractive secondary market opportunities. Investors can filter products to generate a short list of products that may be considered, and then rank the short list to identify the most attractive products.

Investors and advisers can use the analysis to ensure that products held in the portfolio remain attractive and appropriate:-

  • Is there an event coming up that needs the investor to take some action?
  • Is the risk profile of the product still suitable and appropriate?
  • What is the expected return?
  • Is the price of the product close to the fair value?