Legal Notice

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The content shown is made available to you purely for information purposes and may not be reproduced, in part or as a whole, passed on to other persons, or published. Commerzbank AG controls and maintains this web site from Germany and makes no representation that the information provided on or via this web site is appropriate or available for use in other locations. Customers who use this web site from other locations are responsible for compliance with applicable local laws. Content is provided exclusively for information purposes; this applies especially to product information, studies or other publications, or to assessments of securities.

Content provided shall not represent an individual investment recommendation, nor an invitation to subscribe or an offer to purchase or sell securities or other financial instruments. It is merely designed to facilitate the customer’s own independent investment decision and does not replace advice provided to specific investors or regarding specific investments. Please contact your investment advisor for this type of advice. The only legally binding documents for new issues and investment funds shall be the relevant sales prospectuses.

Although Commerzbank AG procures and prepares the informational content provided with all due care, we do not assume any liability with respect to the correctness, completeness, relevance, accuracy or availability of the exchange data and economic information, exchange rates, prices, indices, general market data, valuations, assessments or any other content that may be accessed and displayed on screen. This also applies to content provided by third parties. Assessments and valuations reflect the opinions of the relevant author at the time of creation. Such assessments or valuations may be outdated, or otherwise inadequate as a result of current developments without changes being made to the assessments, valuations, studies and information provided. Where content is provided by third parties, or reproduces the opinions of third parties, these may not agree with or may even contradict opinions held by Commerzbank AG. In particular the facts connected with product information only serve as illustrations and shall not represent statements on future profits or losses. Any terms and conditions stated are to be understood as non-binding indications and are dependent on market activity on the date of closing.

Cookie Policy

We use cookies on this site to provide a more robust and functional experience on our website. Cookies are small files saved on your computer that are used by websites for purposes such as; recording your site settings, preferences and anonymous usage. Some cookies are essential to the operation of this site and have already been set. They cannot be used to identify you personally.

The types of cookies used on this website are:

Necessary Cookies - these enable you to navigate our websites and access content.

Performance Cookies- Cookies used by the Google Analytics plugin. These cookies are used to carry out statistical analysis of page use, interactions and user paths. We use this to understand how the site is being used and improve the user experience. User data is anonymous.

Functionality Cookies - These cookies allow our websites to remember customisations that you make and provide features such as price updates.

The information these cookies collect is anonymous and cannot be used to track your browsing activity on other websites.

These cookies do not gather information about you for profiling or targeted marketing purposes. Further information about cookies is available at the external website

Links to third party websites

The hyperlinks within the Site may take you to third party websites which are not within our control. We have not reviewed these websites and are not responsible for their availability, accuracy or content or for any loss or damage that may arise out of your use of them. Access to third party websites is entirely at your own risk. You should read any terms and conditions applying to the use of any third party website that you visit and address any complaints or queries relating to such websites to the operator of that website. The inclusion of a link in the Site does not imply that we endorse, recommend or approve any material on the linked page or accessible from it. You may not use any part of the Site on any other website or link any other website to the Site without our prior written permission.


Unless otherwise stated, the copyright and all other intellectual property rights in all material on the Site (including, without limitation, all content, text, graphics, logos, names, artwork, photographs and videos) are owned by us or our licensors. All rights reserved. All copying is forbidden other than in accordance with these limited permissions. You are permitted to view the contents of the Site on screen. You are also permitted to print one copy of reasonable extracts from the Site for your personal use or private study and to save one copy of such reasonable extracts to your local hard disk for your personal use or private study. All other copying or distribution of any of the contents of the Site is strictly forbidden. You must not modify any copies of any materials printed or downloaded from the Site and you must not use any illustrations, photographs, graphics, audio or video separately from any accompanying text. Our status (and that of any identified contributors) as the authors of material on the Site must always be acknowledged. Other than as necessary for the purposes of viewing the Site, it is strictly forbidden to copy any material on the Site for commercial use in the course of a business or to store any or all of the contents of the Site on a proxy server, cache or other similar form of storage. If you wish to do so, you must contact us in order to obtain an appropriate licence from us or our licensors. ‘Commerzbank’ and our logo (without limitation) are trade marks owned by Commerzbank AG. You may not use these names or logos without our express written consent.

Secondary Market

Commerzbank is the only market maker in the Commerzbank listed products. Secondary market risk is the risk that investors may not be able to open or close a listed position at the desired price. Under normal market conditions Commerzbank will endavour to provide a market-making service. Such arrangements may be temporarily or indefinitely ceased asa result of technical problems within Commerzbank or the relevant Exchange or data vendors or telecommunication carriers, or in the event of pending announcements by or difficulties in procuring information on underlying companies.

Retail Clients

Investment services and products described on this website are not intended for retail clients in certain jurisdictions such as the UK and the US. Retail clients should refer directly to their private banker, broker or financial advisor. We will not provide any products or services described herein to any person if the provision of such products or services would be in violation of the law of such person’s home country jurisdiction or any other related jurisdiction. You are required to acquaint yourself with any local laws and restrictions on the usage of the Site and the availability of any services described on the Site. Not all products are available in all jurisdictions due to local laws and regulations.

The Commerzbank Group and/or its executive bodies, executives and staff may currently hold or have held shares or interests in securities or financial products that are the subject matter of the content provided, especially with regard to opinions, assessments or valuations. In addition Commerzbank AG may also have assumed market-maker functions for such securities. Commerzbank AG may also perform banking services or other advisory services for the issuers of such securities.

Details of Commerzbank AG:
D-60311 Frankfurt Am Main

Canada: The information contained herein is not, and under no circumstances is to be construed as, a prospectus, an advertisement, a public offering, an offer to sell securities described herein, solicitation of an offer to buy securities described herein, in Canada or any province or territory thereof. Any offer or sale of the securities described herein in Canada will be made only under an exemption from the requirements to file a prospectus with the relevant Canadian securities regulators and only by a dealer properly registered under applicable securities laws or, alternatively, pursuant to an exemption from the dealer registration requirement in the relevant province or territory of Canada in which such offer or sale is made. Under no circumstances is the information contained herein to be construed as investment advice in any province or territory of Canada and is not tailored to the needs of the recipient. In Canada, the information contained herein is intended solely for distribution to Permitted Clients (as such term is defined in National Instrument 31-103) with whom Commerz Markets LLC deals pursuant to the international dealer exemption. To the extent that the information contained herein references securities of an issuer incorporated, formed or created under the laws of Canada or a province or territory of Canada, any trades in such securities may not be conducted through Commerz Markets LLC. No securities commission or similar regulatory authority in Canada has reviewed or in any way passed upon these materials, the information contained herein or the merits of the securities described herein and any representation to the contrary is an offence.

People’s Republic of China (PRC): This document is furnished by Commerzbank AG and is only intended for institutions that are eligible for financial transactions. No-one else may rely on any information contained within this document. Any derivative transactions by PRC persons may only be entered into by PRC financial institutions which are permitted to conduct derivatives business in the PRC and have obtained all necessary regulatory approvals in the PRC.

Dubai: This document has been approved for distribution in or from the DIFC, Dubai, United Arab Emirates (the U.A.E) under the applicable Regulatory Law 2004 and the DFSA Rules by Commerzbank AG Dubai Branch. This document may only be received in or from the DIFC, Dubai U.A.E by Market Counterparties and Professional Clients as defined in the DFSA Rulebook Conduct of Business Module Section 2.3. Commerzbank AG Dubai Branch is regulated by The Dubai Financial Services Authority (The ‘DFSA’). Commerzbank Corporates & Markets, Commerzbank AG Dubai Branch, Suite 11-15, Gate Village 05, 4th Floor, Dubai International Financial Centre, PO Box 506596, Dubai, United Arab Emirates, Tel.: +971 4 428 4999

Hong Kong: This document is furnished in Hong Kong by Commerzbank AG, Hong Kong Branch, and may only be received in Hong Kong by ‘professional investors’ within the meaning of the Securities and Futures Ordinance (Cap.571) of Hong Kong and any rules made there under, and persons whose ordinary business is to buy or sell shares or debentures.

Italy:You should contact Commerzbank AG, London Branch if you wish to use our services to effect a transaction in any of the financial or other instruments mentioned in this communication.

Japan: This information and its distribution do not constitute and should not be construed as a "solicitation" under the Financial Instrument Exchange Act (FIEA). This information may be distributed from Commerzbank international branches outside Japan solely to "professional investors" as defined in Section 2(31) of the FIEA and Section 23 of the Cabinet Ordinance Regarding Definition of Section 2 of the FIEA. Please note that Commerzbank AG, Tokyo Branch has not participated in its preparation. Not all financial or other instruments referred to in this information are available within Japan. You should contact Corporates & Markets division of Commerzbank AG for inquiries on availability of such instruments.

Singapore: This document is furnished in Singapore by Commerzbank AG, Singapore branch. It may only be received in Singapore by an institutional investor or an accredited investor as respectively defined in section 4A of the Securities and Futures Act, Chapter 289 of Singapore (“SFA”) pursuant to section 274 or section 275 (as applicable) of the SFA. Nothing in this document constitutes accounting, legal, regulatory, tax, financial or other advice and/or recommendations to the recipient of this communication. Further, the communication/information provided herein does not constitute a “financial advisory service” within the meaning of the Financial Advisers Act, Chapter 110 of Singapore (“FAA”) and therefore, the regulatory requirements and duties that may be owed to a client pursuant to or in connection with the FAA are not applicable to the recipient in connection with this communication. Recipients are advised to seek independent advice from their own professional advisers about the information contained discussed herein.

US: General and product specific risk disclosures in over-the-counter derivative transactions may have been provided to you during the account opening process of becoming a customer of Commerzbank. Please review the ISDA General Disclosure Statement for Transactions for a description of generic risks as well as specific material risks, conflicts of interest and material incentives related to entering into a transaction. Product specific risk disclosures can be found in the ISDA disclosure annex materials. If you would like another copy of these disclosures, please request them of your Commerzbank contact. Some products may be unavailable in the United States. Banking services in the U.S. will be provided by Commerzbank AG, New York Branch or Commerzbank AG, Grand Cayman Branch. Securities activities in the US are conducted through Commerz Markets LLC, a wholly owned broker dealer of Commerzbank AG, and member of FINRA and SIPC. Commerzbank AG is not a member of SIPC and is a provisionally registered swap dealer with the CFTC. US. Banking services in the U.S. will be provided by Commerzbank AG, New York Branch. Securities activities in the US are conducted through Commerz Markets LLC, a wholly owned broker-dealer of Commerzbank AG, and member of FINRA and SIPC, and swap transaction with Commerzbank AG. Commerzbank AG is not a member of SIPC and is a provisionally registered swap dealer with the CFTC. Some products may be unavailable in the United States. Any derivatives transaction with US persons must be effected in accordance with the provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act.


FrankfurtCommerzbank AG, DLZ Gebäude 2, Händlerhaus, Mainzer Landstraße 153, 60327 Frankfurt am Main, Tel.: +49 69 136 44440

London Commerzbank AG, London Branch, 30 Gresham Street, London, EC2V 7PG, Tel.: +44 20 7623 8000

New York Commerzbank AG New York Branch, 225 Liberty Street, New York, NY 10281, Tel.: +1 212 7034 000