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All Information contained herein and any opinions expressed in it, have been derived from sources believed to be reliable and in good faith they are not to be relied upon as authoritative or taken in substitution for the exercise of your own commercial judgment. 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")). This information has no regard to specific investment objectives. Any opinions expressed in it are subject to change without notice and may differ from opinions expressed by other areas of the Tankard Parties and/or the ICAP group. This Information is not, and should not be construed as, an offer or solicitation to bid, sell or buy any product, investment, security or any other financial instrument. The Tankard Parties do not make any representation or warranty, express or implied, as to the accuracy, completeness or correctness of this information. The Tankard Parties do not accept any liability for any loss or damage, howsoever caused, arising from any reliance on any information or views contained in the Information.