Problems logging in? click here.

Compliance and Legal  

By logging in to access Research Online you agree that you have read and understood this legal disclaimer and attached compliance notices.

This publication contains material that has been prepared by Nomura Code Securities Limited (“Nomura Code”).  This material is: (i) for your private information, and we are not soliciting any action based upon it; (ii) not to be construed as an offer to sell or a solicitation of an offer to buy any security in any jurisdiction where such offer or solicitation would be illegal; and (iii) is based upon information that we consider reliable, but we do not represent that it is accurate or complete, and it should not be relied upon as such.

Investors should consider the content of any research material on this website as only a single factor in making their investment decision and, as such, the research material should not be viewed as identifying or suggesting all risks, direct or indirect, that may be associated with any investment decision.

Any research material on this website has been approved for distribution in the United Kingdom and European Union by Nomura Code, which is authorised and regulated by the Financial Services Authority (FSA) and is a member of the London Stock Exchange. It is intended only for investors who are professional clients and eligible counterparties as defined by FSA, and may not, therefore, be redistributed to other classes of investors.

No part of this material may be (i) copied, photocopied, or duplicated in any form, by any means, or (ii) redistributed without the prior written consent of Nomura Code.

Opinions expressed are current opinions as of the original publication date appearing on this material only and the information, including the opinions contained herein, are subject to change without notice. Nomura Code and / or other members of the Nomura Group may from time to time perform investment banking or other services for, or solicit investment banking or other business from, companies mentioned herein. Further, Nomura Code and / or other members of the Nomura Group, and/or its officers, directors and employees, may, from time to time, have long or short positions in, and buy or sell, the securities, or derivatives (including options) thereof, of companies mentioned herein, or related securities or derivatives. In addition, Nomura Code and / or other members of the Nomura Group may act as a market maker and principal, willing to buy and sell certain of the securities of companies mentioned herein. Further, Nomura Code and / or other members of the Nomura Group may buy and sell certain of the securities of companies mentioned herein, as agent for its clients.