Barclays Bank PLC Announces Accomodation for T+2 Settlement on Early Redemption Orders
August 31 2017 - 5:33PM
Business Wire
Barclays announced today that effective Thursday, August 31,
2017, T+2 settlement will be accommodated on early redemption
orders by holders of exchange traded notes (“ETNs”) issued by
Barclays Bank PLC.
The change is being made in light of the SEC amendments to Rule
15c6-1(a) under the Securities Exchange Act of 1934 to shorten the
standard settlement cycle for securities trades from T+3 to
T+2.
The ETNs are riskier than ordinary unsecured debt securities and
have no principal protection. The ETNs are unsecured debt
obligations of the issuer, Barclays Bank PLC, and are not, either
directly or indirectly, an obligation of or guaranteed by any third
party. An investment in iPath ETNs involves significant risks
and may not be suitable for all investors. The ETNs are riskier
than ordinary unsecured debt securities and have no principal
protection. For more information on risks associated with the ETNs,
please see "Selected Risk Considerations" below and the risk
factors included in the relevant prospectus.
The prospectus relating to the relevant series of ETNs can be
found on EDGAR, the SEC website, at: www.sec.gov. The prospectus is
also available on the product website at www.ipathetn.com and
www.etnplus.com.
For further information, please instruct your
broker/advisor/custodian to email us at etndesk@barclays.com or
alternatively, your broker/ advisor/custodian can call us at:
1-212-528-7990.
Selected Risk Considerations
An investment in the ETNs involves risks. Selected risks are
summarized here, but we urge you to read the more detailed
explanation of risks described under “Risk Factors” in the
applicable prospectus supplement and pricing supplement.
You May Lose Some or All of Your Principal: The ETNs are
exposed to any decrease in the level of the underlying index
between the inception date and the applicable valuation date.
Additionally, if the level of the underlying index is insufficient
to offset the negative effect of the investor fee and other
applicable costs, you will lose some or all of your investment at
maturity or upon redemption, even if the value of such index has
increased. Because the ETNs are subject to an investor fee and any
other applicable costs, the return on the ETNs will always be lower
than the total return on a direct investment in the index
components. The ETNs are riskier than ordinary unsecured debt
securities and have no principal protection.
Credit of Barclays Bank PLC: The ETNs are unsecured debt
obligations of the issuer, Barclays Bank PLC, and are not, either
directly or indirectly, an obligation of or guaranteed by any third
party. Any payment to be made on the ETNs, including any payment at
maturity or upon redemption, depends on the ability of Barclays
Bank PLC to satisfy its obligations as they come due. As a result,
the actual and perceived creditworthiness of Barclays Bank PLC will
affect the market value, if any, of the ETNs prior to maturity or
redemption. In addition, in the event Barclays Bank PLC were to
default on its obligations, you may not receive any amounts owed to
you under the terms of the ETNs.
A Trading Market for the ETNs May Not Develop: Although
the ETNs are listed on a national stock exchange, a trading market
for the ETNs may not develop and the liquidity of the ETNs may be
limited, as we are not required to maintain any listing of the
ETNs.
Restrictions on the Minimum Number of ETNs and Date
Restrictions for Redemptions: Please refer to the respective
ETN prospectus to identify the minimum number of ETNs (e.g. 50,000
ETNs) of the same series at one time in order to exercise your
right to redeem your ETNs on any redemption date. You may only
redeem your ETNs on a redemption date if we receive a notice of
redemption from you by certain dates and times as set forth in the
pricing supplement.
Uncertain Tax Treatment: Significant aspects of the tax
treatment of the ETNs are uncertain. You should consult your own
tax advisor about your own tax situation.
The ETNs may be sold throughout the day on the exchange through
any brokerage account. Commissions may apply and there are tax
consequences in the event of sale, redemption or maturity of ETNs.
Sales in the secondary market may result in significant
losses.
© 2017 Barclays Bank PLC. All rights reserved.
iPath, iPath ETNs and the iPath logo are registered trademarks of
Barclays Bank PLC. All other trademarks, servicemarks or registered
trademarks are the property, and used with the permission, of their
respective owners.
NOT FDIC INSURED · NO BANK GUARANTEE ·
MAY LOSE VALUE
Barclays is a transatlantic consumer, corporate and investment
bank offering products and services across personal, corporate and
investment banking, credit cards and wealth management, with a
strong presence in our two home markets of the UK and the US. With
over 325 years of history and expertise in banking, Barclays
operates in over 40 countries and employs approximately 85,000
people. Barclays moves, lends, invests and protects money for
customers and clients worldwide.
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version on businesswire.com: http://www.businesswire.com/news/home/20170831006433/en/
Barclays Bank PLCAndrew Smith,
212-412-7521andrew.x.smith@barclays.com
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