Morning News & Views - Asia: A Summary of Select Global Markets Research

Research evidence excerpt

Morning News & Views - Asia: A Summary of Select Global Markets Research

hat he/she has paid in the course of the transaction. Similarly, the

amount the protection seller pays in the event of a credit event may exceed the total amount of premiums that he/she has received in the

transaction. All other conditions being equal, the amount of premiums that the protection buyer pays and that received by the protection seller

shall differ. In principle, CDS transactions will be limited to financial instruments business operators and qualified institutional investors.

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(tax included) per issue transferred depending on volume. No account fee will be charged for marketable securities or monies deposited.

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Additional information regarding the methodologies or models used in the production of any investment recommendations contained

within this document is available upon request by contacting the Research Analysts of Nomura listed on the front page. Disclosures