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Liquidity Infographic Disclaimer and Disclosures

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Mutual funds and exchange traded products (ETPs) are sold by prospectus.  Investors should consider the investment objectives, risks, charges, and expenses of the fund or ETP carefully before investing or sending money.  This and other important information about the fund or ETP can be found in the fund's or ETP’s prospectus.  To obtain a free copy of a prospectus please call your Barclays representative or 1-888-227-2275.  Please read the prospectus carefully before investing.

Investing in either ETPs or mutual funds involves risk to capital. Investors might get back less than they invest.

Bonds are subject to market, interest rate and credit risk; and are subject to availability and market conditions. Generally, the higher the interest rate the greater the risk. Bond values will decline as interest rates rise. Government bonds are subject to federal taxes. Municipal bond interest may be subject to the alternative minimum tax; other state and local taxes may apply. High yield bonds, also known as “junk bonds” are subject to additional risks such as the increased risk of default. 

Cash Equivalents refers to alternatives to cash (i.e., free credit balances).  These alternatives historically have higher rates of return than free credit balances.  Although these alternatives generally have low interest rates and are generally low risk, they carry some risk.  Examples include:

  • Money Market Funds:  A money market fund is a mutual fund seeking to preserve the fund’s share value at $1.00 per share while earning interest for its shareholders.  Although generally liquid and low risk, money market funds could lose principal value (i.e., “break the buck”) and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.  In addition, Securities and Exchange Commission rules may limit your ability to redeem shares during certain periods of market stress.
  • Commercial Paper:  Commercial paper, issued by a corporation, is short term, unsecured debt with a maturity of 270 days or less.  Credit ratings from major securities rating organizations for these securities depend on the likelihood that the corporation will not repay the debt.  While a higher rating means a lower default risk, there is still a risk that a corporation will not repay the debt.  Like money market funds, commercial paper is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency and could lose principal value.

Government treasury bills are guaranteed by the U.S. government as to the timely payment of principal and interest and, if held to maturity, offer a fixed rate of return and fixed principal value.

Repurchase agreements (repos) are widely used as a source of financing by primary dealers, other securities firms, banking firms, and institutional investors, among others. A repo involves an agreement between a seller and a buyer, typically of U.S. government securities but increasingly involving other types of securities and financial assets as well, whereby the seller "sells" the securities to the buyer, with a simultaneous agreement to repurchase the securities at an agreed upon price at a future point in time.   

Investing in repurchase agreements (repos) involves certain risks and may not be suitable for all investors. Repos are subject to the counter-party’s credit risk: the chance that the other party in the contract will default on its responsibility.  If a counter-party to a repurchase agreement defaults, the other party may suffer time delays and incur costs or possible losses in connection with the disposition of the securities underlying the repurchase agreement.

In the event of default, instead of the contractual fixed rate of return, the rate of return to the other party will depend on intervening fluctuations of the market values of the underlying securities and the accrued interest on the underlying securities.

The investments discussed in this publication may not be suitable for all investors. Advice should be sought from an investment representative regarding the suitability of the investment products mentioned herein, taking into account your specific objectives, financial situation and particular needs before you make any commitment to purchase any such investment products.

Investing in securities involves a certain amount of risk. You are urged to review all prospectuses and other offering information prior to investing.  Past performance is not a guarantee of future performance.

Information is as of the date hereof unless otherwise indicated. Certain information is based on data provided by third-party sources and, although believed to be reliable, it has not been independently verified and its accuracy or completeness cannot be guaranteed.

Barclays does not guarantee favorable investment outcomes. Nor does it provide any guarantee against investment losses.

The Supplemental Leverage Ratio (SLR) is the leverage ratio established by US banking regulators to regulate certain banks’ activities.  The objective of leverage ratios is to limit the size of large banks. Theoretically, they will make the banking system less concentrated and therefore less risky. A Leverage Ratio of 3% means there must be 3% of capital reserved to support a bank’s assets. It means a bank can leverage themselves 33 times to one (1/.03) – that’s one dollar in capital for every 33 dollars in assets.

Personal Use Only

All information contained herein shall only be used by the recipient for his/her own personal reference.  Any other use, including any disclosure or distribution to of any information to any third party, requires the express written permission of Barclays. 

For Information Purposes Only

This information has been prepared by the Research Department within the Investment Bank of Barclays Bank PLC and is distributed by Barclays Bank PLC and/or one or more of its affiliates (collectively and each individually, “Barclays”).  The views expressed in this publication are those of the author(s) alone and are subject to change without notice. Barclays has no obligation to update this publication.

This information is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies.  No representation is made that any returns will be achieved through its use. 

Information Provided May Not Be Accurate Or Complete And May Be Sourced From Third Parties

All information, whether proprietary to Barclays or a third party, is provided "as is" and Barclays makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to any data included herein.  Other than disclosures relating to Barclays, the information contained in this publication has been obtained from sources that Barclays Research believes to be reliable, but Barclays makes no representations that the information contained herein is accurate, reliable, complete, or appropriate for use by all investors in all locations. 

Further, Barclays does not guarantee the accuracy or completeness of information which is obtained from, or is based upon, trade and statistical services or other third party sources.  Because of the possibility of human and mechanical errors as well as other factors, Barclays is not responsible for any errors or omissions in the information contained herein.  Barclays is not responsible for, and makes no warranties whatsoever as to, the content of any third-party web site accessed via a hyperlink contained herein and such information is not incorporated by reference.

Information Provided Is Not Indicative Of Future Results

Any data on past performance, modelling or back-testing contained herein is not necessarily indicative of future results.  All levels, prices and spreads are historical and do not represent current market levels, prices or spreads, some or all of which may have changed.  The information referenced herein or any of the results derived from any analytic tools or reports referenced herein are not intended to predict actual results and no assurances are given with respect thereto. 

The value of and income from any investment may fluctuate from day to day as a result of changes in relevant economic markets (including changes in market liquidity).

No Liability

To the extent permitted by law, in no event shall Barclays, nor any affiliate, nor any of their respective officers, directors, partners, employees or third party licensors have any liability for (a) any special, punitive, indirect, or consequential damages; or (b) any lost profits, lost revenue, loss of anticipated savings or loss of opportunity or other financial loss, even if notified or advised of the possibility of such damages or potential loss, arising from any use of the information provided herein.   

No Advice

The information provided does not constitute investment advice or take into account the individual financial circumstances or objectives of the clients who receive it.  You should consult with your own accounting, legal or other advisors as to the adequacy of this information for your purposes.

No Use For Valuation Purposes

No data or price information should be used for any valuation, trading, settlement, accounting purposes or other related functions. 

Not Available In All Jurisdictions

Not all products or services mentioned are available in all jurisdictions.  No offers, sales, resales, or delivery of any products or services described herein or any offering materials relating to any such products or services may be made in or from any jurisdiction except in circumstances which will result with compliance with any applicable laws and regulations and which will not impose any obligations on Barclays.

Tax Disclaimer

Barclays does not provide tax advice and nothing contained herein should be construed to be tax advice. Accordingly, you should seek advice based on your particular circumstances from an independent tax advisor.

Intellectual Property

© Copyright Barclays Bank PLC (2015).  All rights reserved.  No part of this document may be reproduced or redistributed in any manner without the prior written permission of Barclays.

Barclays Bank PLC is registered in England No. 1026167. Registered office 1 Churchill Place, London, E14 5HP.


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