The document discusses the risks and considerations associated with investment notes linked to a Reference Currency, particularly in relation to exchange rates with the U.S. Dollar. It highlights potential conflicts of interest, the impact of government actions on currency valuations, and the political and economic risks of emerging markets. The notes do not pay interest and are subject to currency exchange risk, with factors such as inflation, interest rates, and trade balances affecting exchange rates. The document also notes that built-in costs may adversely affect the value of the notes before maturity.
documents/vol00010-efta01344627-pdf.pdf
{"key_people":["HSBC","JPMorgan"],"document_date":"2013-10-29","document_type":"financial","key_locations":["United States","Mexico"],"document_subtype":"investment notes","key_organizations":["HSBC Securities (USA) Inc."],"reference_numbers":["DB-SDNY-0030296","EFTA01344627"]}