Daiwa Capital Markets Deutschland GmbH ("DCMD") is part of the Daiwa Securities Group Inc, which is an independent full-service securities group providing an extensive range of financial services centred on retail, wholesale and investment banking business and asset management business. Daiwa Capital Markets Europe Limited ("DCME"), parent company of DCMD (holding 100% of its ownership), is responsible for providing institutional clients with sales & trading and investment banking services.

We continue to recognise that in the normal course of our business, circumstances may arise that could result in our interests conflicting with the interest of, or with the duties we owe to, our clients. These could include conflicts between the interests of DCMD, or other group companies and our clients, or between the interests of different clients.

DCMD has always sought to ensure that conflicts are identified and managed at an appropriate level. Procedures have therefore been established to protect the interests of our clients and ensure that all parties are treated fairly and reasonably. In particular, arrangements exist to control the flow and use of non-public, price sensitive information, the execution of client orders, staff’s personal account dealing and their receipt of gifts or other inducements from clients or suppliers.

Where necessary, we segregate the activities of staff working in areas where conflicts of interest may arise. Where we feel that our procedures in themselves may be insufficient to manage the risk we will look to disclose the potential conflict to our client and obtain their agreement to precede. Ultimately we will decline to act where we feel the risks cannot be managed or mitigated. DCMD may share information regarding investment banking relationships with other group companies. The list of group companies can be viewed here (under ‘Company Structure’): http://www.uk.daiwacm.com/about-us/overview.

The risks and associated controls relating to conflicts of interest have been documented internally in the Conflicts of Interest Map. This map details the potential conflicts of interest in each department and the controls in place to mitigate these risks. The Conflicts of Interest Map is subject to regular review.