The information in this communication is provided for informational and demonstrational purposes only and is not intended as an offer or solicitation with respect to the purchase or sale of any security nor should it serve as the basis for any investment decisions. In the UK, this communication is directed only at those persons who have professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 or to persons to whom it can be otherwise lawfully distributed. Any other persons should not rely on or act upon it.

The TP ICAP group provides a wholesale broking service only.

Any reference to ‘TP ICAP’ refers to TP ICAP Group plc and/or its subsidiaries and affiliated companies as applicable. Neither TP ICAP, nor any of its subsidiaries and affiliated companies ("Contributors") guarantees the accuracy or completeness of the information or any analysis based thereon. Neither TP ICAP nor Contributors make any warranties, express or implied, with respect to the information (including without limitation any warranties of merchantability or fitness for particular purposes) and neither TP ICAP, nor Contributors shall be liable for economic loss or any indirect, 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.

Publications on this website are produced and distributed in accordance with the FCA Handbook. Recipients should note that all such publications are objective and impartial in their content unless clearly notified otherwise.

The following members of the TP ICAP Group plc group are authorised and regulated by the Financial Conduct Authority:

Company Registered Number
TP ICAP Broking Ltd 154234
TP ICAP E&C Ltd 146880
TP ICAP Markets Limited 124520
ICAP Energy Ltd 161196
TP ICAP MTF Ltd 124341
ICAP Global Derivatives Ltd 191757
iSwap Euro Ltd 544874
ICAP Corporates LLC 549855
ICAP Securities USA LLC 178855
PVM Oil Futures Ltd 164380
PVM Oil Associates Ltd 113928