On April 29, 2019, Barclays Bank PLC (“Barclays”) had announced
the transfer of primary listing for sixteen iPath Exchange Traded
Notes from NYSE and NASDAQ to CBOE. Barclays Bank PLC (“Barclays”)
announced today that the NASDAQ exchange (the “Exchange”) has
notified Barclays that as an issuer Barclays did not comply with
the NASDAQ listing rule 5840(j) (the “Rule”) that requires an
issuer that chooses to voluntarily delist its securities to notify
NASDAQ at least 10 days prior to filing a Form 25 and publish
notice of the intent to delist, along with the reasons for the
delisting, via press release. In addition, the Rule requires that
an issuer include in its notice to NASDAQ and press release if the
issuer has received notice from NASDAQ that the securities to be
delisted are currently failing to comply with one or more of the
continued listing standards.
The original press release related to transfer of listing did
not include a disclosure regarding the notice from NASDAQ that the
two ETNs iPath® US Treasury 5-year Bull ETN (ticker symbol: DFVL)
and iPath® US Treasury 2-year Bull ETN (ticker symbol: DTUL)] do
not meet the continued listing standards of the exchange, as
Barclays had previously announced on February 22, 2019 and April
24, 2019, respectively.
As announced in the transfer of listing press release, Barclays
has already transferred the primary listing venue for iPath US
Treasury 5-year Bull ETN (NASDAQ Symbol: DFVL) and iPath US
Treasury 2-year Bull ETN (NASDAQ Symbol: DTUL)] from NASDAQ to the
CBOE Exchange on May 13, 2019.
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 the ETNs involves significant risks,
including possible loss of principal, and may not be suitable for
all investors.
Daily redemptions at the option of the holders of the ETNs
continue to stay open. The prospectus relating to the ETNs can be
found on EDGAR, the SEC website at: www.sec.gov, as well as on the
respective product websites at www.iPathETN.com/DFVLprospectus
and www.iPathETN.com/DTULprospectus.
Barclays Bank PLC is the issuer of iPath® ETNs and Barclays
Capital Inc. is the issuer’s agent in the distribution. For further
information, please instruct your broker/advisor/custodian to email
us at etndesk@barclays.com or alternatively, your broker/custodian
can call us at: 1-212-528-7990.
About Barclays
Barclays is a transatlantic consumer and wholesale 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
83,500 people. Barclays moves, lends, invests and protects money
for customers and clients worldwide.
For further information about Barclays, please visit our website
www.barclays.com
Selected Risk ConsiderationsAn investment in the iPath
ETNs described herein 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.
The Underlying U.S. Treasury Note or Bond Yield May Increase,
Decrease or Remain Unchanged Over the Term of Your ETNs: The
return on your ETNs is linked to the performance of the underlying
index, which corresponds to changes in the underlying U.S. Treasury
note or bond yield. Changes in the underlying U.S. Treasury note or
bond yield are affected by a number of unpredictable factors, and
such factors may cause the underlying U.S. Treasury note or bond
yield to increase, decrease or remain unchanged over the term of
your ETNs.
There is No Guarantee that the Index Level Will Decrease or
Increase by 1.00 Point For Every 0.01% Change in the Level of the
Underlying U.S. Treasury Note or Bond Yield: Reasons why this
might occur include: market prices for underlying U.S. Treasury
note or bond futures contracts may not capture precisely the
underlying changes in the U.S. Treasury note or bond yield; the
index calculation methodology uses approximation; and the
underlying U.S. Treasury note or bond weighting is rebalanced
monthly.
Due to the Index Multiplier, Any Changes in the Value of Your
ETNs Will Not Occur at the Same Rate as the Corresponding Changes
in the Value of the Underlying Index: The ETNs apply an index
multiplier, the effect of which is to adjust and invert the rate at
which the value of the ETNs changes in response to changes in the
underlying index level.
Market and Volatility Risk: The market value of the ETNs
may be influenced by many unpredictable factors and may fluctuate
between the date you purchase them and the maturity date or
redemption date. You may also sustain a significant loss if you
sell your ETNs in the secondary market. Factors that may influence
the market value of the ETNs include prevailing market prices of
the U.S. stock or U.S. Treasury markets, the index components
included in the underlying index, and prevailing market prices of
options on such index or any other financial instruments related to
such index; and supply and demand for the ETNs, including economic,
financial, political, regulatory, geographical or judicial events
that affect the level of such index or other financial instruments
related to such index.
A Trading Market for the ETNs May Not Develop: Although
the ETNs are listed on NASDAQ, 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.
No Interest Payments from the ETNs: You will not receive
any interest payments on the ETNs.
Restrictions on the Minimum Number of ETNs and Date
Restrictions for Redemptions: You must redeem at least 20,000
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 product
prospectus. Notwithstanding the foregoing, beginning after the
close of trading on September 4, 2018, we have waived the minimum
redemption amount so that you may exercise your right to redeem
your ETNs on any redemption date with no minimum amount. Our waiver
of the minimum redemption amount will be available to any and all
holders of the ETNs on such early redemption dates and will remain
in effect until we announce otherwise. We may, at any time and in
our sole discretion, make further modifications to the minimum
redemption amount, including, among others, to reinstate the
minimum redemption amount of 20,000 ETNs for all redemption dates
after such further modification. Any such modification will be
applied on a consistent basis for all holders of the ETNs at the
time such modification becomes effective.
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. There are restrictions on the minimum number
of ETNs you may redeem directly with the issuer as specified in the
applicable prospectus. 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.
“Barclays 2Y US Treasury Futures Targeted Exposure Index™” and
“Barclays 5Y US Treasury Futures Targeted Exposure Index™” are
trademarks of Barclays Bank PLC.
© 2019 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
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190516006101/en/
Press:Brittany Berliner+1 212
5264894Brittany.Berliner@barclays.com
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