The document discusses the risks associated with investing in notes tied to a Reference Currency, including exchange rate fluctuations, political and economic risks in emerging markets, and the lack of liquidity. It highlights potential conflicts of interest, the impact of government actions on currency values, and the absence of interest payments. It also notes the potential for inconsistent research opinions from financial institutions and built-in costs that may affect the value of the notes before maturity.
documents/vol00010-efta01344619-pdf.pdf
{"title":"Notes on Reference Currency and Associated Risks","document_date":"2013-10-29","document_type":"financial","key_locations":["United States","Mexico"],"document_subtype":"financial disclosure","key_organizations":["HSBC USA Inc.","JP Morgan","HSBC Securities (USA) Inc."],"reference_numbers":["DB-SDNY-0030280","SDNY_GM_00176464","EFTA01344619"]}