research.db.com
Open in
urlscan Pro
209.234.225.52
Public Scan
URL:
https://research.db.com/research/Register
Submission: On November 18 via api from UA — Scanned from PL
Submission: On November 18 via api from UA — Scanned from PL
Form analysis 3 forms found in the DOM
<form id="form-email-submit" autocomplete="off">
<div class="panel m-b-0">
<div class="panel-body p-x-1">
<label class="m-r-1" for="input-email">Email Address</label>
<input id="input-email" class="m-r-1 form-input" type="email">
<button type="submit" class="btn btn-primary btn-sm m-y-1 " data-webtrekk-name="Registration Page/Email Submit">Submit</button>
</div>
</div>
<div class="row">
<div class="col-sm-12">
<div class="form-group submit-error hide">
<div id="" class="alert alert-danger " role="alert">
<p>An error has occurred. Please try again.</p>
</div>
</div>
</div>
</div>
</form><form id="form-verification-code-submit" autocomplete="off">
<div class="row">
<div class="col-sm-8">
<p>If your email address is linked to a valid account, you will receive an email containing your verification code. Either copy the code into the input below, or use the 'Verify Device' button in the email to skip this step. Your code will
expire in 30 minutes.</p>
<p> If you have used the 'Verify Device' button in the email, you will skip to step 3 automatically after a few seconds. To avoid waiting, use <a id="check-code-status" href="javascript:void(0);">this link</a>. </p>
</div>
</div>
<div class="m-y-1">
<div class="panel panel-sg m-b-0">
<div class="panel-body p-x-1">
<label class="m-r-1" for="input-verification-code">Verification Code</label>
<input id="input-verification-code" class="m-r-1 form-input" type="text">
<button type="submit" class="btn btn-primary btn-sm m-t-1 m-b-2" data-webtrekk-name="Registration Page/Verification Code Submit">Submit</button>
<div class="form-group form-group-public-device m-y-0 p-t-2">
<input class="checkbox" type="checkbox" id="checkbox-public-device">
<label class="label-checkbox" for="checkbox-public-device">This is a public computer</label>
</div>
</div>
</div>
<div class="form-group submit-error hide">
<div id="" class="alert alert-danger " role="alert">
<p>An error has occurred. Please try again.</p>
</div>
</div>
</div>
<div class="row">
<div class="col-sm-8">
<br>
<div class="form-group">
<div>If you do not receive the email within a few minutes of submitting your email address: <ul class="reset">
<li>Check the email address used for your DB Research account</li>
<li>Check your spam folder and filters for messages from DoNotReply@markit.esp.db.com</li>
</ul>
</div>
</div>
<div class="form-group m-b-0">
<a class="link-resend-email" href="javascript:void(0);">Resend Email</a>
</div>
</div>
</div>
</form>POST /research/Register/Authentication
<form id="form-authenticate" action="/research/Register/Authentication" method="POST">
<input type="hidden" id="form-authenticate-redirect-url" name="redirectUrl" value="">
</form>Text Content
DEUTSCHE BANK RESEARCH
Toggle Navigation
Deutsche Bank
Research
LOG IN HERE
Please enter your email address. If you are registered with Deutsche Bank
Research, you will receive your verification code and will be back online in no
time.
Not registered for Research access? Contact your Deutsche Bank Salesperson. If
you have forgotten your registered email address or encounter any technical
difficulties, please contact our Support Team
View instructions in Japanese
* STEP 1 - ENTER EMAIL
Email successfully submitted
Email Address Submit
An error has occurred. Please try again.
* STEP 2 - ENTER VERIFICATION CODE
Verification code successfully submitted
If your email address is linked to a valid account, you will receive an email
containing your verification code. Either copy the code into the input below, or
use the 'Verify Device' button in the email to skip this step. Your code will
expire in 30 minutes.
If you have used the 'Verify Device' button in the email, you will skip to step
3 automatically after a few seconds. To avoid waiting, use this link.
Verification Code Submit
This is a public computer
An error has occurred. Please try again.
If you do not receive the email within a few minutes of submitting your email
address:
* Check the email address used for your DB Research account
* Check your spam folder and filters for messages from
DoNotReply@markit.esp.db.com
Resend Email
* STEP 3 - ACCEPT TERMS & CONDITIONS
This Website is provided by Deutsche Bank AG, acting through its London Branch
or its Frankfurt Head office (as further described in Clause 13) on its own
behalf and on behalf of any members of the Deutsche Bank Group of Companies from
time to time (together "Deutsche Bank") which may be responsible for the
Website's content and any of the goods and services (including financial
instruments) provided through it (together "the Website").
Where you ("User") use this Website on behalf of your employer or an
organisation ("Client"), you represent and warrant that you are authorised by
such employer or organisation to access and use the website and to agree to the
following terms and conditions ("Website Terms") on their behalf. In such
circumstances except where expressly provided to the contrary "Client" shall
refer to User and Client jointly and severally.
If you have not been authorised to use this Website you must exit immediately.
ACCESS AND USE OBLIGATIONS
1. The Website is password protected and User will be assigned user
verification data which may include user names, passwords, smartcards,
secure ID tokens, tokens, security slips and cryptographic keys ("User
Verification Data") to permit access to and use of the Website.
2. User agrees and will procure that User Verification Data will be kept
strictly confidential.
3. Client (excluding User) will develop and/or maintain adequate security
procedures to (i) ensure that User Verification Data will not be disclosed
to any persons (including, without limitation, those involved in the
provision of aggregation services) other than such of its authorised
representatives who have been authorised by Deutsche Bank to use the
Website and (ii) prevent access to the Website by all other persons.
4. Client will not interrupt or attempt to interrupt or impair the operation
of the Website in any way.
5. Access to the Website from any location or jurisdiction other than the
locations and jurisdictions (if any) designated at the time of assignment
of the relevant User Verification Data or as otherwise agreed with Deutsche
Bank from time to time is prohibited.
6. Client is responsible for all uses of User Verification Data and for any
acts or omissions during such use (including, without limitation, the entry
into any transactions) and Deutsche Bank shall be entitled to treat any
access to or use of the Website (including without limitation the entry
into any transactions) as having been duly authorised by Client regardless
of whether or not it was effected on its behalf by an authorised
representative.
7. Client will promptly notify Deutsche Bank: (i) of any loss or theft of User
Verification Data; (ii) if it believes the confidentiality of any User
Verification Data has been compromised; and (iii) of any actual or
threatened unauthorised use of User Verification Data or the Website.
8. Client will comply with any security procedures specified by Deutsche Bank
and, if access to the Website is through a third party server, any security
procedures specified by that third party.
9. Client shall be solely responsible for providing and maintaining any
equipment and software and for making all appropriate arrangements with any
telecommunications suppliers or, where access to the Website is provided
through a third party server, any such third party, necessary in order to
obtain access to the Website. Deutsche Bank makes no representation or
warranty as to the suitability or otherwise of any such equipment, software
or arrangements.
10. Client will not use, or allow the use of, the Website (i) in contravention
of any laws, regulations or rules of any regulatory authorities to which
Client is subject; (ii) in any way (including without limitation posting
information on the Website where this facility is available) which is
defamatory, obscene, abusive, indecent or menacing or which infringes any
intellectual property rights or breaches obligations of confidence or which
is otherwise illegal or unlawful; (iii) to introduce a software virus or
other disruptive program or do any act which would cause the Website to
become unavailable for use by others; (iv) to solicit or encourage other
Internet websites to frame or hypertext link direct to the Website without
the prior written consent of Deutsche Bank; or (v) in any way which is not
authorised by Deutsche Bank or in breach of the Website Terms or other
agreement with Deutsche Bank.
11. Client shall not extract, reutilise, use, exploit, redistribute,
re-disseminate, copy or store the Research Services or the Website for any
purpose not expressly permitted by these Website Terms without Deutsche
Bank’s prior written consent.
12. Client shall not scrape, extract, download, upload, sell or offer for sale
any of the material on the Website and Client agrees not to use, or cause
to be used, any computerized or other manual or automated program or
mechanism, tool, or process, including any scraper or spider robot, to
access, extract, download, scrape, data mine, display, transmit, or
publish, any of the material on the Website;
13. User acknowledges that the Website is provided for use only by User on
terms that Client is a commercial/trade organisation and User warrants and
represents that User is not acting as a consumer. Deutsche Bank and, by
accepting the Website Terms, User each agrees to opt-out of the following
sections of the UK Electronic Commerce Regulations 2002: Article 9 (1), 9
(2), 9 (3) and 11.
14. Times and dates shown on Deutsche Bank’s Research Website are governed by
the time zone preferences set in the My Profile section of the website. To
amend these, please access https://research.db.com/Research/Profile, after
you have logged into the website.
15. Research is intended only for Wholesale clients in Australia within the
meaning of the Australian Corporations Act and New Zealand Financial
Advisors Act.
16. Research is intended only for the specified classes of investors
(Accredited, Institutional or Expert Investor) in Singapore as defined
under Section 4A of Singapore’s Securities Futures Act.
GRANT OF RIGHTS AND ACCESS TO WEBSITE
1. Deutsche Bank grants Client a revocable, non-exclusive, non-transferable,
limited right to access, use and display the Website in accordance with
these Website Terms.
2. Deutsche Bank may revoke or vary such licence and/or change, suspend,
terminate, restrict or discontinue the Website (or any part) or any goods,
services, information, features or functions accessible by means of the
Website at any time without notice or liability.
3. Client acknowledges that the Website may contain audit software.
INTELLECTUAL PROPERTY RIGHTS
1. The Website may incorporate third party data, text, images, software,
multi-media materials and other content ("Third Party Content") and
references to the term "Website" shall be taken to include all materials,
content and services made available from time to time on the Website whether
viewed on screen or downloaded to another computer including without
limitation Third Party Content.
2. The Website is protected by copyright, database rights and other
intellectual property rights. Client acknowledges that Deutsche Bank and/or
third parties retain all right, title and interest in and to the Website.
Our provision of Research Services and their use in accordance with these
terms does not infringe, misappropriate or otherwise violate any
intellectual property right of any third party. Use of the Website does not
confer any ownership rights in the Website. The permissions contained in
these Website Terms do not necessarily apply to Third Party Content. For
permitted use of Third Party Content apply to the relevant content owner.
3. All data, text, images, software, multi-media materials and other content
provided by Client to Deutsche Bank via the Website ("Contributions") shall
become the property of Deutsche Bank. Client assigns with full title
guarantee all rights, title and interest (including copyright, database and
other intellectual property rights) in and to the Contributions to Deutsche
Bank and agrees to do all acts necessary to perfect and maintain Deutsche
Bank's title in Contributions. Except where expressly provided to the
contrary or as otherwise required by law Deutsche Bank shall not be subject
to any obligations of confidentiality regarding Contributions.
4. Except as otherwise specifically agreed in writing or to the extent
necessary for Client to view the Website in accordance with these Website
Terms, Client shall not: (i) copy the Website in whole or in part (except to
make backup copies solely for disaster recovery purposes); (ii) display,
reproduce, create derivative works from, transmit, sell, distribute, rent,
lease, sublicense, time-share, lend or transfer or in any way exploit the
Website in whole or in part; (iii) embed the Website into other products;
(iv) use the Website in any timesharing arrangement; (v) create function
calls or other embedded links from any software program to the Website; (vi)
remove or obscure any copyright notice of Deutsche Bank or any of its
suppliers; (vii) use any trademarks, service marks, domain names, logos, or
other identifiers of Deutsche Bank or any of its third party suppliers; or
(viii) save to the extent permitted under by law, reverse engineer,
decompile, disassemble, or access the source code of the Website.
5. Use of the Website may require the distribution of cryptographic technology
which is subject to export controls or restrictions. Client will not
re-distribute or re-export such cryptographic technology without: (i) the
prior written consent of Deutsche Bank; (ii) Client's compliance with all
applicable export laws; and (iii) Client's compliance with the laws of the
country of destination or use.
NO ADVICE OR RECOMMENDATIONS
1. The information provided herein is not directed at any investor or category
of investors and is provided solely as general information and to otherwise
provide general investment education. No information contained herein should
be regarded as a suggestion to engage in or refrain from any
investment-related course of action as Deutsche Bank is not undertaking to
provide impartial investment advice, act as an impartial adviser, or give
advice in a fiduciary capacity with respect to the materials presented
herein. If you are an individual retirement investor, contact your financial
advisor or other non- Deutsche Bank fiduciary about whether any given
investment idea, strategy, product or service described herein may be
appropriate for your circumstances.
2. Except as otherwise specifically agreed in writing or as provided in any
other terms and conditions applicable to transactions conducted between
Client and Deutsche Bank through the Website nothing on this Website is an
offer which can be accepted by Client so as to create contractual
obligations without further action by Deutsche Bank;
3. Opinions, estimates and projections in any research report accessed via the
Website constitute the current judgment of the author as of the date of the
report. They do not necessarily reflect the opinions of Deutsche Bank and
are subject to change without notice.
4. Deutsche Bank has no obligation to update, modify or amend reports accessed
via the Website or to otherwise notify Client thereof in the event that any
matter stated in such reports, or any opinion, projection, forecast or
estimate set forth in such reports, change or subsequently becomes
inaccurate, or if research on the subject company is withdrawn.
5. Prices and availability of financial instruments also are subject to change
without notice. The Website (including all research reports accessed via it)
is provided for informational purposes only. It is not to be construed as an
offer to buy or sell or a solicitation of an offer to buy or sell any
financial instruments or to participate in any particular trading strategy
in any jurisdiction. Any financial instruments discussed may not be suitable
for all investors and Client must make their own investment decisions using
their own independent advisors as they believe necessary and based upon
their specific financial situations and investment objectives.
6. If a financial instrument is denominated in a currency other than a Client’s
currency, a change in exchange rates may adversely affect the price or value
of, or the income derived from, the financial instrument, and Client
effectively assumes currency risk.
7. Income from an investment may fluctuate and the price or value of financial
instruments described in this report, either directly or indirectly, may
rise or fall. Past performance is not necessarily indicative of future
results.
8. Unless governing law provides otherwise, all transactions should be executed
through the Deutsche Bank entity in the investor’s home jurisdiction.
9. Additional information relative to any financial instruments, issuers or
companies discussed in any research reports accessed via the Website is
available from Deutsche Bank upon request.
HYPOTHETICAL FORECASTS
Some of the materials presented in the Website may allow Clients to perform
calculations and carry out analysis on the basis of hypothetical results,
figures and indices. Hypothetical performance results have many inherent
limitations. There are frequently sharp differences between hypothetical
performance results and actual results subsequently achieved by any particular
trading program. Client should recognise that hypothetical trading does not
involve financial risk, and no hypothetical trading record can completely
account of the impact of financial risk in actual trading, for example, the
ability to withstand losses or to adhere to a particular trading program in
spite of losses are material points which also can adversely affect actual
trading results. There are numerous other factors related to the markets in
general or to the implementation of any specific trading program which cannot be
fully accounted for in the preparation of hypothetical performance results and
all of which can adversely affect actual trading results.
DISCLOSURE OF POTENTIAL CONFLICTS
1. Deutsche Bank and its respective officers and employees may from time to
time deal in, be represented on the board of, hold significant long or short
positions, or act as market-makers, advisors, brokers, commercial and/or
investment bankers in relation to any institutions, financial instruments or
derivatives thereof which may be discussed in the Website, including in a
manner which may be inconsistent with the content of any research reports
accessed via the Website. In addition, the disclosure of potential conflicts
deemed relevant by certain regulators is accessible at
https://research.db.com/Research/Disclosures/Disclaimer.
2. Any research analyst involved in the preparation of any research reports
accessed via the Website receives compensation that is based upon, among
other factors, Deutsche Bank's overall investment banking revenues.
3. The level and types of services provided by Deutsche Bank research analysts
to Clients may vary depending on various factors such as the Client's
individual preferences as to the frequency and manner of receiving
communications from research analysts, the Client's risk profile and
investment focus and perspective (e.g., market-wide, sector specific,
long-term, short-term, etc.), the size and scope of the overall Client
relationship with Deutsche Bank and legal and regulatory constraints.
PRIVACY
1. The data controller for the purposes of data protection legislation is
Deutsche Bank AG London. Any queries about the use of personal data by
Deutsche Bank should be referred to Deutsche Bank AG, London Branch at 21
Moorfields London EC2Y 9DB or alternatively Deutsche Bank, London Branch can
be contacted by phone on +44 (207) 545-8000, or by e-mail to:
deutsche.bank@db.com.
2. Deutsche Bank AG processes personal data in compliance with Data Privacy
Laws and as further described in our Data Privacy Statement (as updated from
time to time), available here (or on such other website as notified to
Client from time to time).
3. User is notified that, subject to any legal requirements for further notice
or consent, Deutsche Bank AG may use cookies or similar technologies on the
Website: (i) where strictly necessary to provide the Website service, or
(ii) to personalise the Website service to the User and to track and
facilitate browsing through the Website. A cookie is a small data file
stored on User’s device which, in essence, enables the Website to recognise
that device. User can set their browser to reject cookies but this may
affect the functionality of the Website.
4. To the extent that you access the Website from within Australia, or that you
disclose information to Deutsche Bank AG (ABN 13 064 164 162) and its
subsidiaries, including Deutsche Australia Limited (collectively, “DB
Australia”), DB Australia is bound by the Privacy Act 1988 (Cth). By
accessing and using the Website, you acknowledge and agree that the Website
will be hosted and operated by a third party vendors of DB Australia,
including Markit On Demand Inc. and Dell Marketing L.P, both which are
companies registered and operating from the United States. DB Australia may
disclose your personal data or personal information to entities that are
located outside of Australia including our own related bodies corporate,
third party service providers and business associates. This may include
offshore territories including (without limitation) the United States,
Germany, Hong Kong, the Philippines, Singapore and the United Kingdom. There
are certain safeguards which must be met before we are allowed to transfer
your personal information outside Australia, which are set out in the
Privacy Act. By accessing the Website you consent to such overseas
disclosure. Should any matters arise regarding the handling of your personal
information by overseas recipients these should be directed to DB Australia.
DISCLAIMER OF WARRANTIES
1. The Website is provided "as is" and Deutsche Bank makes no representations
or warranties of any kind whatsoever regarding: (1) the currency, accuracy
or completeness of the website; (2) the results to be obtained by Client or
anyone else from the use of the Website; and (3) any Third Party Content
accessible on or through the Website.
2. Deutsche Bank is not under any obligation to update any content or opinions
contained in any research or other report or continue to offer such reports
regarding any company or financial instrument. Quotes, news, corporate
actions and other market information data shown on the Website is provided
as specified and may be current as at close of business the previous day,
real time or delayed. Where such material is delayed it shall be delayed by
at least 15 minutes.
3. Except to the extent required by law Deutsche Bank, including its directors,
agents, employees or sub-contractors: (1) disclaims any and all express or
implied warranties and conditions including without limitation warranties
and conditions as to quality and fitness for a particular purpose; and (2)
does not warrant that the website, any content (including any Third Party
Content), goods and services offered therein will be uninterrupted or error
free, that defects will be corrected or that the Website, the servers from
which it is made available or any connected website is free of viruses,
Trojan horses, worms, software bombs or similar items or processes or other
harmful components.
LIMITATION OF LIABILITY
1. Use of the Website is at Client's own risk and Client assumes full
responsibility and risk of loss resulting from use of or access to the
website.
2. Except in the case of wilful misconduct, fraud or negligence resulting in
death or personal injury Deutsche Bank, including its directors, agents,
employees or sub-contractors, shall not be liable for any loss or damage or
claim of any kind whatsoever arising directly or indirectly as a result of
(1) content, accuracy, completeness or otherwise of materials, opinions or
information contained on the Website, including links and Third Party
Content; (2) any errors in or omissions from the Website; (3) use of or
access to the website; (4) Client's inability to access or use the Website
for any reason; (5) any failure by the Website to transmit, or any delay in
the transmission or the receipt by Deutsche Bank of any instructions, any
rejection or non-execution of any instructions or any failure of the Website
to transmit, or any delay in the transmission or the receipt by the Client
of any notification that any instructions have or have not been executed;
(6) any breach of its contractual obligations arising under or in connection
with these Website Terms; or (7) any representations, statement or tortious
act or omission including negligence or any breach of statutory duty arising
under or in connection with the Website Terms.
3. To the full extent permitted by law, Deutsche Bank shall not be liable for
any (1) loss of profits or revenue or savings or other economic loss, (2)
loss of business or goodwill, (3) loss of or damage to data, (4) incidental
or special loss, (5) wasted or lost management time, or (6) indirect or
consequential loss arising from Client's use of or access to the website,
even if advised of the possibility of any such loss or damage or if such
loss or damage was foreseeable.
4. Deutsche Bank's total liability arising out of or in connection with the
Website or otherwise under these Website Terms shall be limited to the sum
of £10000 (ten thousand pounds sterling).
5. Nothing in these Website Terms excludes or limits Deutsche Bank's liability
for fraud or for personal injury or death caused by Deutsche Bank's
negligence.
6. Deutsche Bank will not be liable for any failure to perform any obligation
under these Website Terms or from any delay in the performance thereof, due
to causes beyond its reasonable control, including industrial disputes of
any nature, acts of god, acts of a public enemy, acts of government, failure
of telecommunications, sabotage, pestilence, terrorism, lightning or
electro-magnetic disturbances, earthquake, flood, fire or other casualty.
INDEMNIFICATION
Client will indemnify and keep indemnified Deutsche Bank, and its respective
directors, officers, employees and agents, fully and effectively (to the fullest
extent permitted by law) from and against any and all claims, actions, demands,
proceedings, losses, liabilities, damages, costs and expenses (including legal
fees, costs and expenses on a full indemnity basis) suffered or incurred by
Deutsche Bank arising out of or relating to (directly or indirectly): (i)
Client's actions that are inconsistent with or in breach of these Website Terms
and the foregoing shall include (but not limited to) any claim of defamation,
libel, slander, obscenity, invasion of privacy or any allegation thereof or
infringement or alleged infringement of copyright, trade mark, moral right,
database rights or patent or of obligations of confidence or any other claims
anywhere in the world brought by third parties or any failure by Client to meet
any third party obligations; (ii) Client's violation of any applicable national
or international law, rule or regulation in connection with its use of the
Website; and (iii) any third party claims arising out of or in connection with
Client's use of or inability to use the Website.
LINKS
The Website may contain links to other websites which are not controlled by
Deutsche Bank and contain material produced by independent third parties. The
owners of any such linked websites do not necessarily have any relationship,
commercial or otherwise, with Deutsche Bank. The existence of a link from the
Website to any third party website does not constitute a recommendation or other
approval by Deutsche Bank of such website its content or any provider thereof.
Any opinions or recommendations expressed on third party websites are those of
the relevant provider and are not the opinions or recommendations of Deutsche
Bank. Deutsche Bank accepts no responsibility for content provided on any
website that may be accessed through links on the Website.
TERMINATION
1. These Website Terms may be terminated by Deutsche Bank or Client for any
reason at any time.
2. Following termination of these Website Terms Client shall, on request,
promptly return to Deutsche Bank or destroy any content (including Third
Party Content) or other materials provided by Deutsche Bank or made
available on the Website. At Deutsche Bank's request Client will certify in
writing the return or destruction of all such materials.
3. Unless otherwise expressly provided: (i) on termination of these Website
Terms Client's permission to access the Website ceases immediately; (ii)
termination of these Website Terms shall have no effect on any transactions
previously executed through the Website which shall continue to be governed
by these Website Terms and shall not negate any action required by any party
to complete or implement any transaction which is entered into prior to such
termination.
4. Without prejudice to clause 12.3 above, any access of the Website by Client
following the termination of these Website Terms shall again be deemed to be
subject to these Website Terms.
5. Clauses 1.10, 3.2, 3.3, 7, 8, 9, 10, 12 and 13 to 21 (inclusive) of these
Website Terms shall survive the termination of these Website Terms for any
reason.
REGULATORY, CORPORATE AND CONTACT DETAILS
1. The Website is provided by Deutsche Bank AG London, a branch of Deutsche
Bank AG, whose branch registration number in England and Wales is BR000005
and whose branch address is 21 Moorfields London EC2Y 9DB. Deutsche Bank AG
London can be contacted by phone on +44 (207) 545-8000, or by e-mail to
deutsche.bank@db.com. The VAT registration number for Deutsche Bank AG
London is GB 243 6097 61. With respect to Clients who are transacting with
Deutsche Bank’s Frankfurt Head office, this website is provided by Deutsche
Bank AG, Frankfurt whose registered address is at Taunusanlage 12, 60325
Frankfurt am Main, Germany. Deutsche Bank AG is registered in the Commercial
Register of the District Court of Frankfurt am Main under registration
number HRB 30 000. Deutsche Bank AG, Frankfurt may be contacted by phone on
+49-69-910-21330 and by email to deutsche.bank@db.com.
2. Deutsche Bank AG is a joint stock corporation incorporated with limited
liability in the Federal Republic of Germany. It is registered in the
Commercial Register of the District Court, Frankfurt am Main under number
HRB 30 000. Deutsche Bank AG is authorized and regulated by the European
Central Bank and the German Federal Financial Supervisory Authority (BaFin).
With respect to activities undertaken in the UK, Deutsche Bank AG is
authorised by the Prudential Regulation Authority with deemed variation of
permission. It is subject to regulation by the Financial Conduct Authority
and limited regulation by the Prudential Regulation Authority. Details about
the Temporary Permissions Regime, which allows EEA-based firms to operate in
the UK for a limited period while seeking full authorisation, are available
on the Financial Conduct Authority’s website. Deutsche Bank AG is a member
of the London Stock Exchange and is a stock corporation domiciled in
Frankfurt am Main HRB No. 30 000District of Court Frankfurt am Main.
3. All research reports accessed via the Website are approved and/or
distributed in the United States of America by Deutsche Bank Securities
Inc., a member of the NYSE, the NASD, NFA and SIPC.
4. All research reports accessed via the Website are distributed in Hong Kong
by Deutsche Bank AG, Hong Kong Branch, in Singapore by Deutsche Bank AG,
Singapore Branch, and in Japan by Deutsche Securities Inc.
SECURITY
Client acknowledges and accepts that any services provided through this Website
involve transmissions over the Internet and that such transmissions are
therefore subject to the Internet's inherent risks. Whilst Deutsche Bank
acknowledges its responsibility to take reasonable security precautions, Client
also acknowledges and accepts that, as with any network, Client may also be
exposed to unauthorised invasions of privacy during, or as a result of, using
the Website, system-threatening viruses and other unauthorised and invasive
programs transmitted by third parties, eavesdropping and electronic trespassing,
fraud and forgery and/or the failure of information and data to reach their
intended destinations and/or erroneous receipt or misdirection of such
information. Although Deutsche Bank and its suppliers' privacy and security
features are designed to reduce these risks, Deutsche Bank cannot guarantee
their elimination. Client therefore acknowledges that no transmission via the
Website shall be deemed confidential and that Deutsche Bank shall not be liable
for any breach of confidence arising as a result of such event.
ASSIGNMENT, SUBCONTRACTING AND DELEGATION
These Website Terms are for the benefit of Deutsche Bank AG and the members of
the Deutsche Bank AG Group of companies, their successors and assigns. Deutsche
Bank may assign or transfer any of its rights under these Website Terms.
Deutsche Bank may delegate or subcontract the performance of any obligation
under these Website Terms.
AMENDMENTS
Deutsche Bank may vary or amend these Website Terms at any time. Any amendments
to these Website Terms will be displayed on the Website or otherwise
communicated to Client and Client will be deemed to have accepted such amendment
if it continues to access or use the Website.
OTHER AGREEMENTS
In the event of any inconsistency between these Website Terms and any master or
other specific agreement between Client and Deutsche Bank relating to the
particular product or services traded or offered through the Website that other
agreement shall prevail.
NO WAIVER
No failure or delay on the part of Deutsche Bank in exercising any right or
remedy under these Website Terms shall operate as a waiver of, or impair, any
such right or remedy. No single or partial exercise of any right or remedy shall
preclude any other or further exercise thereof or the exercise of any other
rights or remedies. No waiver of any right or remedy shall be deemed a waiver or
modification of any other right or remedy under these Website Terms.
PARTIAL VALIDITY
If at any time any provision of these Website Terms is or becomes illegal,
invalid or unenforceable, that shall not affect or impair the legality, validity
or enforceability of any other provision of the Website Terms.
CONTRACTS RIGHTS OF THIRD PARTIES
Subject to the benefits of Deutsche Bank Group companies and employees,
directors, agents and sub-contractors of Deutsche Bank expressly reserved in
these Website Terms, a person who is not a party to this agreement has no right
(including under the Contracts (Rights of Third Parties) Act 1999) to enforce
any term of the Website Terms, but this does not affect any right or remedy of a
third party which exists or is available apart from that Act.
GOVERNING LAW AND JURISDICTION
These Website Terms and any non-contractual rights arising under or in
connection herewith are governed by and shall be construed in accordance with
English law. Each of the parties (i) irrevocably submits to the exclusive
jurisdiction of the English courts with respect to any dispute, controversy or
claim arising out of, relating to, or in connection with these Website Terms,
including any question regarding its existence, validity, interpretation, breach
or termination and any dispute relating to any non-contractual obligations
arising out of or in connection herewith (“Proceedings”); and (ii) waives any
objection which it may have at any time to the laying of venue of any
Proceedings brought in any such court, waives any claim that such Proceedings
have been brought in an inconvenient forum and further waives the right to
object, with respect to such Proceedings, that such court does not have any
jurisdiction over such party.
ADDENDUM FOR CLIENTS UNBUNDLING RESEARCH PAYMENTS AND RECEIVING US ORIGINATED
RESEARCH SERVICES
If the Website includes research that is communicated or prepared by Deutsche
Bank Securities Inc. (“DBSI”) (“U.S.-Originated Research”), Client represents,
warrants, acknowledges and agree that:
1. U.S.-Originated Research does not include information from, or access to,
DBSI’s sales personnel, traders or sales-traders; such information and
access has been and will continue to be delivered as part of the execution
services provided by DBSI in its broker-dealer capacity and not as an
investment adviser for a separate fee;
2. You may receive U.S.-Originated Research only in connection with your role
as investment adviser and portfolio manager for other investors and
investment funds that are Clients of yours (“Manager Clients”).;
3. Any Manager Client for whom you use U.S.-Originated Research (a) is not a
pension or employee benefit plan subject to the U.S. Employee Retirement
Income Security Act (“ERISA”), nor a person or entity subject to the
retirement plan provisions of the U.S. Internal Revenue Code (the “Code”)
nor an entity whose underlying assets are subject to such laws, and (b) is
not a governmental, church or non-U.S. plan that is subject to any law that
is substantially similar to the "prohibited transaction" rules of ERISA or
the Code;
4. You are required under Directive 2014/65/EU of the European Parliament and
of the Council of 15 May 2014 on markets in financial instruments and
amending Directive 2002/92/EC and Directive 2011/61/EU, as implemented by
the European Union member states (including, where applicable, any
implementation of such regulation into the laws of the United Kingdom as
from 1st January 2021) ("MiFID II”) , either directly or by contractual
obligation, to pay for U.S.-Originated Research from your own money, from a
separate research payment account funded with your clients’ money or a
combination of the two; and
5. Neither DBSI nor Deutsche Bank are not acting as investment advisers to you
or the Manager Clients in connection with the U.S.-Originated Research.
HONG KONG LICENSING RESTRICTIONS ON FUTURES
Research reports on futures contracts are not intended for access by persons who
are located, incorporated, constituted or resident of Hong Kong.
Additional information available at
https://research.db.com/Research/Disclosures/Disclaimer.
Please select your primary Geography of Residence.
* United States
* United Kingdom
* Japan
* Germany
* Hong Kong SAR
* Singapore
* _______________________
* Angola
* Argentina
* Australia
* Austria
* Azerbaijan
* Bahrain
* Belgium
* Bermuda
* Brazil
* British Virgin Islands
* Bulgaria
* Canada
* Cayman Islands
* Chile
* China
* Colombia
* Croatia (local name: Hrvatska)
* Cyprus
* Czech Republic
* Denmark
* Dominican Republic
* Ecuador
* Egypt
* Finland
* France
* Ghana
* Greece
* Guatemala
* Guernsey
* Hungary
* Iceland
* India
* Indonesia
* Iraq
* Ireland
* Israel
* Italy
* Ivory Coast
* Jersey
* Jordan
* Kazakhstan
* Kenya
* Kosovo
* Kuwait
* Latvia
* Lebanon
* Liechtenstein
* Luxembourg
* North Macedonia
* Malaysia
* Malta
* Mauritius
* Mexico
* Morocco
* Netherlands
* New Zealand
* Nigeria
* Norway
* Oman
* Pakistan
* Panama, Republic of
* Peru
* Philippines
* Poland
* Portugal
* Qatar
* Romania
* Saudi Arabia
* Serbia
* South Africa
* South Korea
* Spain
* Sri Lanka
* Sweden
* Switzerland
* Taiwan
* Thailand
* Togo
* Trinidad and Tobago
* Tunisia
* Turkiye
* Turkmenistan
* Ukraine
* United Arab Emirates
* Uruguay
* Uzbekistan
* Vietnam
I cannot find it
* Aland Islands
* Albania
* Algeria
* American Samoa
* Andorra
* Anguilla
* Antarctica
* Antigua and Barbuda
* Armenia
* Aruba
* Bahamas
* Bangladesh
* Barbados
* Belize
* Benin
* Bhutan
* Bolivia
* Bosnia and Herzegovina
* Botswana
* Bouvet Island
* British Indian Ocean Territory
* Brunei Darussalam
* Burkina Faso
* Burundi
* Cambodia
* Cameroon
* Cape Verde
* Central African Republic
* Chad
* Macao
* Christmas Island
* Cocos (Keeling) Islands
* Comoros
* Congo (Brazzaville)
* Congo, Democratic Republic of the
* Cook Islands
* Costa Rica
* Côte d'Ivoire
* Djibouti
* Dominica
* El Salvador
* Equatorial Guinea
* Eritrea
* Estonia
* Eswatini
* Ethiopia
* Falkland Islands (Islas Malvinas)
* Faroe Islands
* Fiji
* French Guiana
* French Polynesia
* French Southern Territories
* Gabon
* Gambia
* Georgia
* Gibraltar
* Greenland
* Grenada
* Guadeloupe
* Guam
* Guinea
* Guinea-Bissau
* Guyana
* Haiti
* Heard Island and McDonald Islands
* Holy See (Vatican City State)
* Honduras
* Isle of Man
* Jamaica
* Kiribati
* Kyrgyzstan
* Lao PDR
* Lesotho
* Liberia
* Libya
* Lithuania
* Madagascar
* Malawi
* Maldives
* Mali
* Marshall Islands
* Martinique
* Mauritania
* Mayotte
* Micronesia, Federated States of
* Moldova
* Monaco
* Mongolia
* Montenegro
* Montserrat
* Mozambique
* Namibia
* Nauru
* Nepal
* Netherlands Antilles
* New Caledonia
* Nicaragua
* Niger
* Niue
* Norfolk Island
* Northern Mariana Islands
* Palau
* Palestinian Territory, Occupied
* Papua New Guinea
* Paraguay
* Pitcairn
* Puerto Rico
* Réunion
* Rwanda
* Saint-Barthélemy
* Saint Helena
* Saint Kitts and Nevis
* Saint Lucia
* Saint-Martin
* Saint Pierre and Miquelon
* Saint Vincent and Grenadines
* Samoa
* San Marino
* Sao Tome and Principe
* Senegal
* Seychelles
* Sierra Leone
* Slovakia
* Slovenia
* Solomon Islands
* Somalia
* South Georgia, South Sandwich Islands
* South Sudan
* Sudan
* Suriname
* Svalbard and Jan Mayen Islands
* Tajikistan
* Tanzania, United Republic of
* Timor-Leste
* Tokelau
* Tonga
* Turks and Caicos Islands
* Tuvalu
* Uganda
* United States Minor Outlying Islands
* Vanuatu
* Virgin Islands, US
* Wallis and Futuna Islands
* Western Sahara
* Yemen
* Zambia
* Zimbabwe
Are you bound by MiFID II Research Unbundling rules?
Yes
No
I have read the Terms & Conditions
Accept
By clicking 'Accept' you agree that you are able to consume Deutsche Bank
Research because you (a) are not bound by MiFID II Research Unbundling rules
('rules') or (b) have appropriate arrangements in place to comply with the
rules. You also represent you will not access research reports on futures
contracts if you are located, incorporated or constituted in, or a resident of,
Hong Kong.
An error has occurred. Please try again.
PERIOD OF INACTIVITY
Are you experiencing a problem with your Device Registration?
No Yes
;
If your email address is linked to a valid account, another verification code
has been sent.
Unable to retrieve your account data. Please try again.
* Support
* Terms & Conditions
Last Update: 2021 June 03
Copyright © 2024 Deutsche Bank AG, Frankfurt am Main