Full Year Results Year to 31 March May 2017

Transcription

1 Full Year Results Year to 31 March May 2017

2 NEX at the centre of global financial markets Deep pools of liquidity Strong franchise in fixed income and FX Unique connectivity and networks NEX Markets NEX Optimisation NEX Opportunities Innovative solutions that meet client needs Support clients across the transaction lifecycle Access to exclusive data Robust and reliable technology The network effect Balanced exposure to mature markets and disruptive technology 2

3 A transformational year a financial technology company We are focused on Expanding market share > BrokerTec UST s market share - 80% up from 70% a year ago > NDF and CNH market share continues to grow > TriOptima vendor of choice for more clearing houses Expanding the product suite > triresolve Margin supporting margin calculation requirements > Abide MiFID II regulatory reporting solutions > CFETS selected to deliver services in China Expanding the client base > triresolve number of subscribers increased by more than 13% to 1,900 > EBS Direct accessing the corporate and buyside community > ENSO alpha-generating analytics for the buyside Creating shareholder value > ICAP Global Broking business: sold for 1.3 billion > Moving to a progressive dividend policy A unique network supporting more than 15,000 cross-asset trading relationships NEX is at the helm of shaping financial market technology 3

4 Stuart Bridges Group CFO

5 Group financial performance Revenue ( m) Trading Operating Profit ( m) Trading basic EPS (p) 2016/ / / / / / Continuing Discontinued 9 mths Discontinued 3 mths 543m 18% growth 145m 4% growth 42.9p Like-for-like 22% growth ICAP Global Broking business: sold for 1.3 billion Full year dividend 38.5p per share 5

6 Achievements and aspirations ACHIEVEMENTS 2016/17 GROUP ASPIRATIONS BY 2019/20 Completion of the TP Transaction > ICAP Global Broking business - sold for 1.3 billion > Launch of NEX Group, a focused financial technology company Financial Aspirations > Group revenue CAGR 7-10% > Limit Group cost revenue growth CAGR to inflation 7-10% over the period, Limit cost excl. growth acquisitions to inflation and special over projects the period, excl. acquisitions and > Divisional special projects operating profit margins 40%+ by Divisional 2019/20operating profit margins 40%+ by 2019/20 Operational Performance > trireduce - $191 trillion terminated (2015/16: $168 trillion) > triresolve margin launched with more than 70 clients > EBS ADV: NDFs up 24%, CNH up 11% Group KPIs > Increase subscription revenue > Increase non-bank revenue > Increase number of clients using multiple products Acquisitions > ENSO provides alpha-generating analytics for fund managers > Abide Financial helping clients meet regulatory requirements > e-mid facilitates expansion into Italian debt markets NEX Transformation Programme > Simplify organisational and operational structure > Focus on operational efficiencies > Identified c. 25m annual cost savings 6

7 Income statement m 2016/ /16 % change Revenue % Operating Expenses (398) (321) (24%) Trading operating profit % Finance costs (31) (29) (7%) Trading profit before tax % Tax (28) (23) (22%) Trading profit after tax (1%) Trading profit after tax from discontinued EBITDA % Operating profit margin 27% 30% (3ppt) > Group revenue up 8% on constant currency basis; up 18% on a reported basis > Costs up 6% on a like-for-like constant currency basis, excluding CFETS, new acquisitions and the cost of consolidating US offices ( 5m) > Trading operating profit up 4%; excluding hedging impacts up 12% > Reduction in operating profit margin reflects ongoing investments for growth and hedging losses > Trading profit from discontinued operations for the nine month period ended 31 December 2016 was 66% higher at 73m (2015/16: 44m) 7

8 Income statement by segment m NEX Markets NEX Optimisation NEX Group & Other FX Hedging 2016/17 Total NEX Markets NEX Optimisation NEX Group & Other FX Hedging 2015/16 Total Revenue (17) (6) 460 Operating Expenses (197) (171) (30) - (398) (169) (124) (28) - (321) Trading operating profit Trading operating profit from discontinued Operating profit margin (23) (17) (17) (6) % 29% N/A N/A 27% 35% 36% N/A N/A 30% * NEX Markets includes: BrokerTec, EBS and CFETS contract * NEX Optimisation includes: Traiana, TriOptima, Reset, NEX Data, ENSO, Abide and NEX Opportunities * NEX Group & Other includes: NEX Exchange, Shipping, BSN and corporate costs 8

9 NEX Markets financial performance HEADLINE RESULTS REVENUE BY BUSINESS ( m) 2016/17 m 2015/16 m* % change 350 Revenue % Expenses (197) (169) (17%) Trading operating profit Trading operating profit margin % 37% 35% 2ppt % 145 MARGIN MOVEMENT IN 2016/ % 40% 30% 35% 2% 37% % % 10% 0 FY16 FY17 0% 2015/16 Revenue growth 2016/17 BrokerTec EBS CFETS * Restated hedging impact and NEX Exchange are now reported separately 9

10 NEX Optimisation financial performance HEADLINE RESULTS REVENUE BY BUSINESS ( m) 2016/17 m 2015/16 m % change 300 Revenue % Expenses (171) (124) (38%) Trading operating profit Trading operating profit margin 50% (1%) 29% 36% (7ppt) MARGIN MOVEMENT IN 2016/ % 8% x 40% 30% 36% 4% 3% 29% % 86 20% 10% Op loss: 5m 0 FY16 FY17 0% 2015/16 Enso/Abide Investment 2016/17 TriOptima Traiana Reset NEX Data ENSO Abide 10

11 Group financial performance m 2016/ /16 Trading operating profit Finance costs (31) (29) Trading profit before tax Tax (28) (23) Trading profit after tax Acquisition and disposal costs, net of tax 7 (58) Exceptional items, net of tax 5 (7) Profit for the year from continuing operations Profit for the year from discontinued operations INCOME STATEMENT , Profit for the year 1, > 2017/18 net finance costs expected to be 25-26m > 2017/18 effective tax rate expected to be 24-26% > 1,213m profit from discontinued operations includes 1,162m gain on disposal, reflecting fair value of proceeds in the form of 56% shares in TP ICAP less net assets transferred 11

12 NEX Transformation programme Process > Review of corporate functions to ensure appropriate size and structure (underway) > Detailed review of IT infrastructure, including rationalisation of: > Data centres > Networks > Move to single location by geography to drive efficiencies > Review of business unit processes Resulting in > c. 25m of annual cost savings already identified, to be realised over the next three years > Cost to achieve identified savings c. 10m > Further work on IT infrastructure and business unit processes is likely to lead to additional cost savings > Limit cost growth to inflation over the medium term (excluding acquisitions and special projects) Transforming NEX into the right size, the right structure 12

13 Roadmap to financial aspirations 2016/ /20 Revenue Markets 313m Optimisation 240m CAGR >5% CAGR >10% CAGR 7-10% Other 7m Identified savings Acquisitions/ special projects Incremental inv. for growth Inflation Markets 197m c. 5m p.a. e.g. CFETS, emid e.g. platform enhancements RPI Operating margin >40% Cost Base Optimisation 171m Other 30m c. 15m p.a. c. 5m p.a. e.g. ENSO, Abide n/a e.g. new services n/a RPI RPI Operating margin >40% Limit cost growth to inflation, excl. acquisitions and special projects 13

14 Technology Expenditure > NEX Group - 154m (2015/16: 145m) > Expected to peak in 2017/18 > NEX Markets * - 105m (2015/16: 107m) > 2017/18 includes MiFID II preparation and BrokerTec Direct development > Expected to continue to decrease over the medium term > NEX Optimisation - 49m (2015/16: 38m) > Increase from product development in TriOptima and the initial investment in NEX Infinity > NEX Infinity investment is an essential component of future revenue growth and cost savings, and is expected to peak in 2017/18 > Capex - 62m (2015/16: 49m) > Income statement - 92m (2015/16: 96m) > Capex and amortisation are expected to converge by 2019/20 * Includes central infrastructure 14

15 Balance sheet analysis Balance Sheet As at 31 March 2017 m As at 31 March 2016 (restated) m Intangible assets arising on consolidation 1, Intangible assets arising from development expenditure Investments in JV & Associates Other Non-Current assets 1,296 1, m 250m COMMITTED MATURITY PROFILE Trade and other receivables Cash and cash equivalents Restricted Funds Held for sale assets 1 3,111 Current assets 599 3,488 Total assets 1,895 4,521 Trade and other payables (197) (197) Short-term borrowings & overdrafts (72) (64) Other (39) (49) Held for sale liabilities - (2,579) Current liabilities (308) (2,889) Long-term borrowings (435) (519) Deferred tax liabilities (96) (67) Other (77) (28) Non-Current liabilities (608) (614) Total liabilities (916) (3,503) Net assets 979 1, Mar 17 Mar 17 Mar 18 Mar 18 Mar m - 3.2% bond (Mar 19) 15m - 5.2% note (May 23) 125m - 5.5% bond (Jul 18) RCF (Mar 19) > Gross debt: 507m > Net debt: 186m > Matched principal business: accounting change from trade date to settlement date 12 15

16 Conversion of trading profit to free cash flow FREE CASH FLOW CONVERSION 2016/17 118% 2015/16 107% > Includes continuing and discontinued > Short-term benefit from temporary working capital movements > Over the medium term free cash flow conversion is expected to be % of post tax trading profit DIVIDENDS 2015/ / / million 22.0p per share (restated: 38.5p per share) 142 million* 38.5p per share (post share consolidation) Progressive dividend policy Initial base: 40%-50% of profit** * Increase due to reduction in number of shares held in trust ** NEX post tax trading profit 16

17 Seth Johnson CEO, NEX Markets

18 NEX Markets Enable any client to reliably and conveniently trade financial instruments with any other willing counterparty they choose, in the way they want to trade. CENTRAL LIMIT ORDER BOOKS Anonymous RELATIONSHIP BASED PLATFORMS Disclosed EXECUTION MANAGEMENT SYSTEM Disclosed Global Banks Regional Banks Professional Trading Firms Hedge Funds Central Banks Primary Dealers Global Banks Regional Banks Professional Trading Firms Hedge Funds Asset Managers EBS Institutional Spot FX, Forwards, NDFs Market data from EBS Market and BrokerTec BrokerTec USTs, US Repo, EGBs, EU Repo, Gilts EBS Market Spot, NDFs, Precious Metals EBS Hedge Spot FX EBS Direct Spot, Forwards, NDFs, Precious Metals, Options EBS Select Spot FX, NDFs, Precious Metals BrokerTec Direct UST Actives CASH AND FX LIQUIDITY MANAGEMENT CENTRE Disclosed Treasurers NEX Treasury MMF Spot FX, Forwards Access Methods: API, Manual Workstations, Aggregators API: Application Programming Interface 18

19 NEX Markets Highlights Expanding market share > Growth in Asian NDFs, CNH, EU and US Repo > e-mid acquisition offers a strong footprint in the Italian debt markets Expanding the product suite > Continued growth of EBS Direct > Leveraging the growth of non-bank liquidity providers on EBS Select > Launch of FX forwards > On target to deliver platforms and underlying technology to CFETS Expanding the client base > Focus on institutional money segment including asset managers and hedge funds > Target corporates with integrated cash and FX trading platform Creating shareholder value > Aspire to double digit profit growth > Long-term sustainable growth model Leverage and monetise the investment of the past three years into scalable and profitable growth Increased commercialisation of existing products 19

20 Drivers of profit growth > EBS: > Improvements to underlying technology > Expansion of NDF offering in Asia and Latin America > Growth of efix Matching Service > Rollout of EBS Institutional focus on asset managers and hedge funds > Rollout of NEX Treasury focus on corporates > BrokerTec: > Short-term growth limited due to current market share and dependent on market volatility > Medium to long-term growth from BrokerTec Direct Costs to remain flat for the next three years (like-for-like) Expected revenue growth of more than 5% CAGR in the medium term 20

21 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Fixed Income: BrokerTec ADV $bn 240 UST Market share 100% > Continue to be the reference point in US Treasury Actives % > Double-digit % revenue growth in EU Repo, benefiting from market share and volatility % > Expected rise in interest rates should increase market activity and volumes % > Enhancements to the central limit order book will continue to benefit clients and help retain market share UST Volume Est. market share > The acquisition of emid facilitates expansion into the Italian debt markets, subject to approval from the Italian Treasury 21

22 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Mar-17 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Mar-17 Foreign Exchange: EBS ADV $bn 12 9 CNH 8 6 ADV $bn NDFs CNH: > ADV increased by 11% to $6.5 billion > Market share increased from 60% to 75% 6 4 Asian NDFs > ADV increased by 25% to $6 billion > Non-banks began trading one-month tenors in Oct and now comprise 12% of Off-SEF volume > Targeting LatAm NDF growth in 2017/18 EBS Direct EBS Direct Spot EBS Direct Forwards > Spot FX ADV increased 21% to $21 billion > Record day $36 billion (US presidential election) > Expanding client base and technology enhancements will support future growth more than 150 new clients on-boarded > EBS Select: leveraging the growth of non-bank liquidity providers > Forwards: continued growth in ADV and number of trading counterparties Select Direct exc Select 22

23 FX central limit order book investing in technology Enhancements to the central limit order book have supported the growth of services operating on the platform s underlying infrastructure and technology EBS Live Ultra: new FX market data product > Intelligent pricing improves market transparency and encourages market making on EBS Market > Lead indicators looking positive, including tightening of spreads > EBS Live Ultra is expected to result in an uptick in market share. This will be magnified if market conditions are volatile. Client growth > Launching local matching and data service > Continued investment in a new trading interface as a distribution channel > Roll out of direct trading connectivity methods using market standard protocol Transitioning market share to electronic markets from voice brokers > e-fix Matching Service: a leading solution for electronic fix order execution > ADV increased by 54% to $1.6 billion > New benchmarks in pipeline 23

24 Diversifying the client base provides growth opportunities 2016 Spot $bn, % of $1.7 trillion USD market What is NEX s approach 18% Banks Asset Managers Global Banks > Increase share of wallet through functionality upgrades to EBS Market infrastructure, including EBS Live Ultra and e-fix, and continued product expansion e.g. LatAm NDF s, FX forwards 58% 12% 7% 5% Hedge Funds & HFTs Other Corporates 2016 FX Total $bn, % of $5.1 trillion USD market Banks Regional Banks Professional Trading Firms > Expanded range of simplified connectivity to attract regional banks as liquidity consumers on EBS Direct > Help regional banks create unique sources of liquidity in their local markets and currencies > Improved user interface and workflow tools > Enhancements made to EBS Market have been well received amongst a client base that wants cutting edge technology from vendors > EBS Select allows professional trading firms to become liquidity providers leveraging EBS s wide distribution footprint 64% 16% 8% 5% 7% Asset Managers Hedge Funds & HFTs Other Corporates Institutional & Hedge Funds Corporates > Introduce asset managers to the unique workflow solutions of EBS Institutional to help differentiate the service from incumbent vendors > Increase penetration with the introduction of direct trading connectivity methods > Leveraging strength of NEX Treasury as a leading platform for corporate treasurers investing in money markets to cross-sell products > Strong pipeline of liquidity providers looking for access to new clients and cost-effective delivery > Product diversification on roadmap for later this year Source: BIS Triannual Survey and company filings/websites 24

25 Why we will win Sustainable Business Model > Established client footprint and market share which we are leveraging to drive growth Breadth of Offering > Unparalleled breadth of products and execution options New Platforms and Services > Investments in new platforms is beginning to pay off New Client Segments > We are growing our client footprint into new segments and this will continue at an accelerated pace Industry Leading Team > A world class product, sales and engineering team that ensure we stay at the forefront of our industry 25

26 Jenny Knott CEO, NEX Optimisation

27 Highlights 2016 /17 Revenue Performance Expanding the client base > 13% growth in triresolve subscribers with trireduce benefiting from inflation swaps and FX forwards compression cycles > NEX Data saw increased demand for market data, currency and lending rate indices > Traiana FX revenue down due to move to multi year fixed contracts partially off set by 24% growth in non-fx services > Reset impacted by low euro interest rate environment but delivered returns in USD markets > triresolve Margin signed up 70 clients for variation margin service > Initial margin service launched with AcadiaSoft achieving full market adoption > Growth in Buy-side: ENSO acquisition adding over 100 clients, Traiana recorded double digit client growth > Growth in Regional Banks: Abide acquisition adding over 90 clients for trade and transaction reporting Expanding the product suite > triresolve Margin launched - a web based margin processing solution > NEX Data partnership with Tradition to distribute cross asset OTC market data > NEX Regulatory Reporting: Abide acquisition leveraging Traiana connectivity and NEX Data s pricing distribution > Traiana launched payments and confirmations service for equity swaps (CFDs) 27

28 NEX Optimisation transformation underway 1 DRIVER Significant structural trends intensifying for clients 5 OUTCOME Offering holistic services and accelerating delivery Transforming ourselves and transforming the market 2 OUR RESPONSE Restructuring to reflect how our clients consume services 4 ENABLE GROWTH New platform seamlessly connects clients, data and services 3 UNLOCK COST SYNERGIES Unification of our data and our resources 28

29 DRIVER: Significant structural trends intensifying for clients Challenges Fragmented data & barriers to growth Complex legacy systems & processes Mass of reconciliations & regulations Proliferation of vendors High risk and capital costs Our Mission Critical Principles Restructuring our world class assets to deliver a range of market services that solve our clients fundamental problems To meet our clients needs we are: 1. Bringing trust to data 2. Bundling services in one place where Clients choose what they need 3. Unifying our internal data architecture to ensure service interoperability 4. Delivering our Software As A Service (SaaS) via Cloud hosted open and layered architecture 29

30 Legal Entities OUR RESPONSE: Restructuring to reflect how our clients consume services 2016/17 revenue ~ 97m ~ 7m ~ 4m ~ 84m ~ 48m Services mapped to Trade & Portfolio Management Analytics Regulatory Reporting Financial Resource Optimisation Data Insights Opportunities TriOptima Portfolio reconciliation & margin Counterparty credit risk analytics trireduce compression Traiana Messaging & matching Pre-trade credit monitoring Venue connectivity Reset Basis risk mitigation NEX Data Approved publication arrangement Market data & indices ENSO Treasury & portfolio finance management Margin replication Return on asset optimisation Securities lending rates Abide Financial Regulatory reporting 30

31 UNLOCK COST SYNERGIES: NEX Infinity is the delivery mechanism for us and for our clients TriOptima BEFORE Traiana NEX Data Reset ENSO Abide TODAY NEX Optimisation Divisional Services All Services & Connections will be interoperable Powered by TriOptima, Traiana, NEX Data, Reset, ENSO and Abide Infrastructure Support Services Client onboarding Centralised shared activities Client on-boarding & data ingestion Standardisation, Transformation and Normalisation Micro-services User Interface HOW WHY OUTCOME NEX Optimisation Unify data, services and infrastructure to transform the ecosystem Eliminate duplication and facilitate agility Build once and use multiple times Connect once and access multiple services Clients Facilitate interoperability across the ecosystem Same SaaS Platform solves ours and our Clients challenges Connect once and access multiple services Save money and trust their data 31

32 ENABLE GROWTH: NEX Infinity a cloud-hosted, SaaS platform, transforming the delivery of services to our clients Clients submit data through one single ingestion point Clients can access variety of services via single Marketplace and user interface Clients consume the enriched data output and with permissioned distribution to 3 rd parties Data In > Trade data > Portfolio data > Reference data > Risk data NEX services NEX Marketplace User interface 3 rd party services Data Out Client CCPs Reporting venues Cryptographically secure NEX Infinity platform Regulators Key benefits Simpler onboarding with single master service agreement Perpetual enriched trusted data supporting new services Facilitates clients ease of adopting incremental NEX services Network effect attracting new participants Deeper client relationships with end to end solutions 32

33 OUTCOME: Offering holistic services and accelerating delivery Illustrative not exhaustive Growth drivers New solutions & clients Trade & Portfolio Management > Buy-side operational efficiencies > New margin rules > Efficient treasury cash management > Settlement netting hub > Bundled margin services > Point-Click-Execute Cash Service Analytics > Basel IV Fundamental Review of the Trading Book > Optimising client credit lines > FRTB calculation service > Credit valuation adjustment analysis > Dynamic credit rebalancing Regulatory Reporting > MiFID II > EMIR > SFTR and other reporting requirements > Validation, reconciliation and determination > Trade and transaction reporting > MiFID II APA, ARM and EMIR TR Financial Resource Optimisation > Basel III and IV e.g. leverage ratios > Liquidity and collateral pressures > Initial margin optimisation > New instruments, currencies and inventory Data Insights > Community data needs e.g. trustworthy alternatives to existing benchmarks > Pricing and valuation transparency > New indices based on observable traded data > Transaction cost analysis > Best execution tools 33

34 Why we will win Unique Network > 6,500 client connections across global and regional banks, hedge funds, asset managers, professional trading firms and corporates Trusted Partner > Making the trade and portfolio data set trusted Track record of innovation > Heritage of anticipating client needs and solve for their problems with the latest technology now NEX Infinity > Creates efficiency and scale for us and for our clients 34

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36 Introduction MISSION, MANDATE & CRITERIA COMPLETED IN 2016/17 Mission Mandate > NEX is building an investment portfolio of fintech firms, focussed on market structure transformation > Build an ecosystem of products and platforms for NEX clients > Deliver a strong economic return on capital Apr 2016 Apr 2016 Oct 2016 Criteria > Strong domain, business and technology expertise > Transformational business and technology models > Industry support, substantial global initiatives Dec 2016 Feb 2017 Status > Consolidated Entities (ENSO and Abide) progressing well > Strategic portfolio of eight leading fintech companies > Six transactions closed in 2016/2017 financial year Feb 2017 Forward > Portfolio performing in line with business plans > Strong global pipeline of opportunity > Increasing collaboration between NEX and portfolio companies 36

37 Strategic Portfolio MARKET DRIVERS MiFID II Research Unbundling PORTFOLIO COMPANY Example Commercial Opportunities SOLUTION End-to-end margin processing COLLABORATION PARTNERS Capital Optimisation MiFID II broker evaluation Transformational Technology NEX Infinity Cash and collateral optimisation Data Architecture NEX Regulatory Reporting Client Engagement ENSO Control > 35m invested in a portfolio of eight fintech companies 37

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39 Group FX exposures Hedging policy > A minimum of 75% of the forecast exposures are hedged for the first six months, 50% for the following six months and 25% for the next six months > The majority of these exposures relate to dollar sales arising in pound sterling functional currency companies > Translational exposures are not hedged (i.e. reporting of dollar functional currency companies into sterling) Transactional FX hedging exposure Half year to 30 September 2017 Half year to 31 March 2018 Half year to 30 September 2018 Currency pair Hedged amount Transaction rate Fair value m Hedged Amount Transaction rate Fair value m Hedged amount Transaction rate Fair value m NEX Markets Sell USD, buy GBP USD 68m 1.38 (5) USD 60m 1.31 (1) USD 24m 1.27 Buy ILS, sell GBP ILS 46m ILS 31m ILS 15m 4.63 Other currency pairs GBP 9m Various GBP 5m Various GBP 3m Various NEX Optimisation Other currency pairs GBP 31m Various GBP 20m Various GBP 9m Various Total (4) Translational FX sensitivity analysis Impact on the Group s 2016/17 results of a 10 cent appreciation Dollar m Euro m Total m Group trading operating profit Key points > If the exchange rates remain at the 31 st March 2017 level the estimated hedging loss for 2017/18 would be c. 4m > 10 cents appreciation gives the Group an estimated 15m favourable impact on trading operating profit 39

40 Alex Dee +44 (0) nex.com All information contained herein ( Information ) is for informational purposes only, is confidential and is the intellectual property of NEX Group plc and/or one of its group companies ( NEX ). The Information is directed to Eligible Counterparties and Professional Customers only and is not intended for Retail Clients (as each term is defined by the rules of the Financial Conduct Authority ("FCA")) or equivalent in a relevant jurisdiction. This Information is not, and should not be construed as, an offer or solicitation to sell or buy any product, investment, security or any other financial instrument or to participate in any particular trading strategy. The Information is not to be relied upon and is not warranted, either expressly or by implication, as to completeness, timeliness, accuracy, merchantability or fitness for any particular purpose. All representations and warranties are expressly disclaimed. Access to the Information by anyone other than the intended recipient is unauthorised and any disclosure, copying or redistribution is prohibited without NEX s prior written approval. If you receive this information in error, please immediately delete all copies of it and notify the sender. In no circumstances will NEX be liable for any indirect or direct loss, or consequential loss or damages including without limitation, loss of business or profits arising from the use of, any inability to use, or any inaccuracy in the Information. NEX and the NEX logo are trademarks of the NEX group. Certain NEX group companies are regulated by regulatory authorities. For further regulatory information, please see NEX Group plc 2017