Kpx d08 01 emma 20

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The Reference Currency will be influenced by complex and interrelated political, economic, financial and other factors. If anyone provides you with different or inconsistent information, you should not rely on it. Unless we or our agent informs you otherwise in the confirmation of sale, the pricing supplement to which this free writing prospectus relates is being used in a market-making transaction. Per security. Under one approach, a security should be treated as a pre-paid executory contract with respect to the Reference Currency. Legal and regulatory changes could adversely affect exchange rates. The securities are not deposit liabilities or other obligations of a bank and are not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or program of the United States or any other jurisdiction.

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    Each of these factors, among others, are sensitive to the monetary, fiscal and trade policies pursued by the United States, India, and those of other countries important to international trade and finance.

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    The securities are senior unsecured debt obligations of the Issuer, HSBC, and are not, either directly or indirectly, an obligation of any third party. February 25, HSBC and its affiliates play a variety of roles in connection with the issuance of the securities, including acting as Calculation Agent and hedging its obligations under the securities.

    Changes in foreign currency exchange rates result over time from the interaction of many factors directly or indirectly affecting economic and political developments in other relevant countries.

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    Although the offering of securities relates to the Reference Currency identified on the cover page, you should not construe that fact as a recommendation as to the merits of acquiring an investment linked to the Reference Currency or as to the suitability of an investment in the securities.

    Your investment in the securities may result in a loss.

    Foreign currency exchange rates vary over time, and may vary considerably during the term of the securities. Dollar and to each other. You should read this document together with the prospectus dated March 22, and the prospectus supplement dated March 22,

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    Holders are urged to consult with their own tax advisors regarding the possible implications of this recently enacted legislation on their investment in the securities. Reference Currency Return.

    These events may include disruptions or suspensions of trading in the markets as a whole or general inconvertibility or non-transferability of one or more currencies. Of particular importance to currency exchange risk are:.

    In recent years, emerging markets have undergone significant political, economic and social change.

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    Final Spot Rate.

    Even if there is a secondary market, it may not provide enough liquidity to allow you to trade or sell the securities easily. Final Valuation Date. HSBC and the Calculation Agent are under no obligation to consider your interests as a holder of the securities in taking any corporate actions or other actions, including the determination of the Initial Spot Rate, that might affect the Reference Currency and the value of your securities.

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    The resulting discretion by the Calculation Agent in determining the Reference Currency Return could, in turn, result in potential conflicts of interest.