Regulatory notice
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CLIENT CATEGORISATION
You are about to access material produced by Lombard Street Research Financial Services Ltd (LSRFS). LSRFS is authorised and regulated by the Financial Services Authority (FCA Firm Reference Number: 502674) for advising on investments (except on pension transfers and pension opt outs) and entered in the FCA’s register. LSRFS’s material including without limitation the Global Investment Opportunities services, Equity Strategy Research services and/or any other services provided and invoiced by LSRFS (“Services”) is intended to encourage better understanding of economic policy and financial markets. It does not constitute a solicitation for the purchase or sale of any commodities, securities or investments. Although the information compiled herein is considered reliable, its accuracy is not guaranteed.

FCA regulations require us to notify any users of the Services of their client categorisation. LSRFS is only authorised to provide Services to Professional Clients. By ticking the I Agree box you agree to be categorised as a Professional Client in any future relationship you may have with LSRFS. Please note that FCA regulations require us to keep this information for at least five years.

You may request a different categorisation but LSRFS is under no obligation to agree to any such request. You must notify LSRFS immediately if you suspect that you may no longer qualify to be categorised as a Professional Client, in which case LSRFS will not be able to continue to provide you with the Services.

The standard terms and conditions governing the relationship between LSRFS and its clients are given below. They are also available on the website.

STANDARD TERMS & CONDITIONS ("AGREEMENT")
REGULATOR AND RESPONSIBILITY
The Client has purchased a non-transferable, non-exclusive, license to access specific services provided by LSRFS including without limitation the Global Investment Opportunities services, Equity Strategy Research services and/or any other services provided and invoiced by LSRFS (“Services”), as applicable, which will be subject to the following terms and conditions. Unless otherwise notified by LSRFS, the Client will be categorised as a professional client pursuant to the FCA Conduct of Business Sourcebook (COBS) 3.5. If the Client believes that this categorisation is incorrect, the Client may request a different categorisation but LSRFS is under no obligation to agree to any such request. The Client acknowledges that in respect of the regulated activities for which LSRFS is authorised, the only relevant category of client for whom it has permission to provide the Services is the category of professional client. The Client shall, accordingly, notify LSRFS immediately if it suspects that it may no longer qualify to be categorised as a professional client, in which case LSRFS will not be required to continue to provide the Client with the Services. LSRFS shall treat the Client alone as LSRFS’ client for the purposes of this Agreement and the Client will be liable as such. The Client acknowledges and agrees that no other person (whether disclosed to LSRFS or not) shall be LSRFS’ client nor have any rights under this Agreement, unless it expressly agrees otherwise in writing.

LICENCE DEFINITIONS
A Limited User License permits access by up to the number of stated, named users at a single site.

COPYRIGHT, LICENCING & DISTRIBUTION
Information provided is subject to LSRFS copyright and distribution terms. Information may not be reproduced, abstracted, sorted or transmitted in any way other than under the terms set out in this Agreement. If information is incorporated in commercially published reports, services or publications, in whatever format, then you, the client organisation (“Client”), will seek LSRFS’ permission before using the information. In the event that the amount of data in such commercially produced articles is significant then LSRFS reserves the right to charge the Client a fee or royalty, which reflects the amount of information used.

The "content" within the site is also referred to in this Agreement as "material", "intellectual property" "report" and "data". Once the Client, or a person within the Client’s organisation, has had access to any content subject to these terms and conditions, the Client is agreeing that it is deemed to be aware of, and consents to, this Agreement.

1. AVAILABILITY OF SERVICES: LSRFS will use reasonable endeavours to ensure that the Services will be made available to the Client 24 hours per day ("Normal Service Availability"). However LSRFS reserves the right to, a) vary the Normal Service Availability in any way provided it gives the Client 48 hours’ notice of its intention to do so. b) suspend the Services temporarily in the event of technical difficulties or other circumstances beyond the reasonable control of LSRFS. In the event of any such variation or suspension of Services LSRFS will use all reasonable endeavours to resume Normal Service Availability as soon as practicable but shall not be liable for any loss, damage or claim caused by such variation or suspension.

2. AUTHORISED USE OF SERVICES: (i) Access to the Services is restricted to the specific users. The Client will notify LSRFS as soon as a user has left the company, or no longer requires access, so that a replacement user can be assigned access during the term of the Agreement. ii) Where specific IP addresses are authorised to have access, these should be notified. iii) The Client also warrants that: (a) it shall ensure that any user name, password or other identification measure employed to access the Services is not disclosed to any person other than the persons authorized to access the same; and (b) all authorized persons will use the Services only in accordance with this Agreement; and (c) its information technology systems and paper record systems are secure and not capable of penetration (including by 'hacking' or physically) by unauthorized persons and that all data derived from the Services shall be kept secure; and (d) it shall comply with all applicable laws and regulations relating to the activities contemplated under this Agreement, in particular the Data Protection Act 1998.

3. OWNERSHIP OF INTELLECTUAL PROPERTY: (i) The Client acknowledges that: (a) all Intellectual Property Rights (IPR) (including all patents, copyrights, rights in software, design rights, trade marks, service marks, trade secrets, know-how, database rights, domain names, and all other similar intellectual or industrial property rights (whether registered or unregistered)) and all applications or renewals for the same, anywhere in the world) in the Services, the information contained therein, in all documentation, training materials and related matter, and in all parts thereof, are owned by LSRFS or the relevant third party licensor; (b) it does not have any IPR nor any other proprietary interests in the Services, or in any data or material contained in it; and (c) except as expressly permitted in this Agreement, nothing herein shall be taken as conferring by implication, estoppel or otherwise any license or right to use any IPR in the Services without the prior written approval of LSRFS or third parties who may own such IPR. (ii)The Client undertakes that it will not copy, reproduce, extract or transmit in any form or otherwise deal with in any way, the whole or part of the data, materials or information contained in the Services except as provided in sub-clauses (iv) (a.) and (b.) below. (iii) Unless otherwise agreed in writing in advance by LSRFS, the material (in whole or in part) may not be sold, nor passed on, communicated, or disseminated in any form, nor access granted to any third party (including but not limited to clients/potential clients/suppliers/agents/partners in other ventures/accountants/solicitors/bankers/ brokers/licensees). Nor to any subsidiary, associated or holding company (whether direct or indirect) of the Client, whether trading or non-trading, or to any entity trading under the same umbrella trading name where the direct equity interest is different in any way to that of the Client. (iv)The Client may only use the Services for its own business or internal purposes as follows: (a.) It may only store material in the memory of, display material upon the monitor of, and use the printing facilities connected to, the PC through which the Services are being accessed in order to download and/or access material. Where the Client effectively copies, or has effectively copied, the intellectual property onto a hard disk, file server or equivalent at its own premises for ease of use, reference or any other reason, it is hereby agreeing to limit access to the nominated users unless otherwise agreed in writing, and upon payment of additional fees to LSRFS. (b.) distribute copies in paper and/or electronic form of material so long as all copies made are distributed: within the immediate organization of the Client and the Client acknowledges that any distribution to any third party outside of its organization (including without limitation any subsidiary, associated or holding company of the Client) then it hereby indemnifies LSRFS against any claim arising from the unauthorized distribution and will without prejudice to any other rights and remedies available be liable for a sum equivalent to the loss in sales revenue caused by any unauthorized distribution of any part(s) of any report(s).

The Client, (or any subsequent user, whether licensed or unlicensed), will not place financial reliance upon any figure, statement or inference contained within any LSRFS' report or intellectual property, or invite investment from others, without first obtaining the written consent of LSRFS' company secretary so to do. In the event that the Client (or any subsequent user, whether licensed or unlicensed) does not follow this procedure, it (or any subsequent user, whether licensed or unlicensed) agrees to fully and effectually indemnify LSRFS against any claims, howsoever arising.

4. PAYMENT: The Client undertakes to pay for the supply of the Services on terms agreed with LSRFS and undertakes to settle invoices issued by LSRFS in respect of the Services within 30 days of receipt unless otherwise agreed in writing by LSRFS and expressed as such in the Agreement specification.

5.LIMITATION ON LIABILITY: (i) Except as provided in clause 5 (ii), all conditions and warranties whether express or implied by statute or otherwise (including but not limited to those as to description, merchantability or fitness for purpose) are excluded from this Agreement. LSRFS aims to ensure that material contained within the Services is accurate and complete, LSRFS gives no warranty, express or implied, that the material supplied as part of the Services is suitable for any particular purpose. (ii) LSRFS will use all reasonable efforts to ensure that the Services and any software relating thereto provided by LSRFS will perform in accordance with any LSRFS user guide that is available. In the event of an established failure of the Services, LSRFS' obligation shall be limited to using its reasonable efforts to remedy any deficiencies in the relevant Services, or at its option, to cancelling, crediting or refunding all charges due from the Client in respect of any period for which the Services have failed to perform correctly. The obligation to correct defects or cancel, credit or refund a proportionate part of the charges described above shall constitute the full extent of LSRFS' liability in respect of any loss or damage sustained by the Client whether caused by breach of this Agreement, misrepresentation, negligence of LSRFS (or its employees or agents) or from any other cause, and in particular, LSRFS shall not be liable for any consequential, economic or other direct or indirect loss (including but not limited to any damages payable to a third party, loss of profits or wasted resources) suffered by the Client, provided that if for any reason this provision is invalid or unenforceable, the maximum aggregate liability of LSRFS shall not exceed the total annual charges payable by the Client for the Services. The exclusions and limitations of liability set out in this Agreement shall not apply in the case of death or personal injury caused by either party’s negligence, fraud or fraudulent misrepresentation or any other liability that cannot be limited or excluded as a matter of applicable law. LSRFS does not exclude or limit its duties or liabilities under the Financial Services and Markets Act 2000 (as amended or re-enacted from time to time).

6. CONFIDENTIALITY: The Client undertakes to keep confidential and not to disclose to any third party or to use itself, any confidential or secret information in any form directly or indirectly belonging or relating to LSRFS, its or their business affairs, disclosed by LSRFS or received by the Client pursuant to or in the course of this Agreement ("Confidential Information"). The Client undertakes to disclose Confidential Information of LSRFS only to those of its officers, employees, agents and contractors to whom and to the extent to which disclosure is necessary for the purposes contemplated under this Agreement. The above obligations of confidentiality and non-use shall not apply to information or material: (i) which is in the possession of the Client prior to receipt from LSRFS, as evidenced by documents in the possession of the Client at the time of disclosure; (ii) which, after receipt from LSRFS, is disclosed to the Client by a third party having the legal right to do so and without a legal obligation to keep confidential; (iii) which is available to the public at the time of receipt of LSRFS; or (d) which becomes available to the public after receipt from LSRFS through no fault of the Client.

7. FORCE MAJEURE: No party shall be liable to the other for the delay or non-performance of its obligations under this Agreement arising from any cause or causes beyond its reasonable control including without limitation, any of the following: act of God, government act, war, fire, flood, explosion or civil commotion.

8. WAIVER: No forbearance or delay by LSRFS in enforcing its rights will prejudice or restrict the rights of LSRFS, and no waiver of any such rights or of any breach of any contractual terms will be deemed to be a waiver of any other right or of any later breach.

9. NO ASSIGNMENT: The benefit of this Agreement may not be assigned in whole or in part by the Client without the prior written consent of LSRFS

10. INVALIDITY: If any party of this Agreement shall be held unenforceable the rest of the Agreement shall nevertheless remain in full force and effect.

11. NOTICES: Any notice required or permitted to be given by either of the parties shall be in writing addressed to the other party at the address notified by the other party in writing from time to time. Any notice will be properly served if delivered personally or sent by registered mail. In the absence of evidence of earlier receipt, any such notice shall be deemed to have been given if; left personally, when left at the address specified in this clause 12; or sent by registered mail, two days after posting.

12. ENTIRE AGREEMENT: This Agreement constitutes the whole agreement between the Client and LSRFS relating to its subject matter and supersedes any prior agreements, undertakings, representations, warranties and arrangements of any nature, whether in writing or oral, relating to such subject matter. Neither party has any liability to the other for a representation or statement not set out in this Agreement. Nothing in this Agreement excludes or limits either party’s liability for fraud or fraudulent misrepresentation.

13. THIRD PARTY RIGHTS ACT: Only the Client and LSFRS shall have any rights pursuant to the Contract (Rights of Third Parties) Act 1999.

14. GOVERNING LAW: The Agreement is subject to English law and to the exclusive jurisdiction of the English courts.

COMPANY DETAILS
Lombard Street Research Financial Services Limited
Registered Office: Pellipar House, 9 Cloak Lane, London EC4R 2RU.
Registered in England No. 6862824
FCA Firm Reference Number: 502674
I Agree:*

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Client Comment
A few words from our clients.
  • Lombard Street Research has been bearish on the global economy in recent times. The trouble with Lombard Street Research is that they are usually right.
    Patrick Groenendijk, Chief Investment Officer, Pensioenfonds Vervoer - Dec 2012
    Difficult to ignore, succinct views, clearly expressed, normally ahead of the pack, frequently correct - they must irritate their competitors.
    Ian Armitage, Chairman, Hg Capital - Sep 2012
    Lombard Street Research take a unique approach. Their research is excellent and insightful.
    Gerard Lyons, Chief Economist and Group Head, Global Research, Standard Chartered Bank - Sep 2012
  • As an investment manager the reasons for reading Lombard Street Research are: 1) their impartiality, 2) their reports are timely and readable on a day to day basis, 3) their courage to make aggressive forecasts based on technical competence and a healthy measure of canniness and common sense, 4) their success which is a function of experience, quality of personnel and an open and questioning environment.
    Peter Holland, Senior Investment Consultant, Fidelity Investments - Sep 2012
    Our 14 year relationship with Lombard Street Research has always been both stimulating and valuable. Their analysis of macro-economic trends and turning points has been second to none. Their research, presentations and specialist consultancy work are valued inputs to our investment thinking and much appreciated by Partners, Principals and throughout the firm.
    Robin Hall, Chairman, Cinven - Sep 2012
    Sometimes very controversial, often bold in their predictions and always worth listening to, I find them stimulating and more useful than most of the sell-side product.
    Robert Talbut, CIO, Royal London Asset Management - Sep 2012
  • It is refreshing seeing people mince no words and have great intellect. Looking forward to more iconoclastic pieces from you and your team!
    Maximilian Sfetcu, Merrill Lynch - Apr 2011
    Every day I start my work reading Lombard Street Research. It's the "first" and "must be" reading. Doesn't matter if I agree with you or I don't. You are an excellent partners for me to think about.
    Frantisek Hajnovic, National Bank of Slovakia - Apr 2011
    I always like hearing Charles speak. More often than not, he is the calm voice of empirical reason in a world dominated by flashy news headlines.
    Ashwin Bulchandani, Chief Investment Officer, Duma Capital Management - Oct 2009
  • Just thought I’d give you a shout to ask you to pass on my appreciation to Jamie Dannhauser and all at LSR for a great call of his in expecting the BOE to increase their QE purchases…the timing was spot on.
    Mike D'Arcy, Anglo Irish Bank - Aug 2009
    I will always remember your Daily Note of 3rd March 2009. "The US stock market is relatively cheaper than in all 1,680 months of the past 140 years save 26, 17 in 1920-21, 3 in 1932, 2 in 1942 and 3 in 1982. All but five of these were dominated by World War effects. We suggest: Markets unlikely to get much cheaper, upside huge"
    Roland Van Den Brink, Member - Executive Board, MN Services - Mar 2009
    Refreshingly unequivocal.
    Nick Carn, Odey Asset Management - Oct 2008
  • I am very impressed by the way LSR are covering the current financial turbulence. It’s a great comfort to read and hear reports and summaries that are material and well supported rather than some of the errant nonsense that is currently circulating.
    Gary Reynolds, Director and Chief Investment Officer, Courtiers - Oct 2008
    Amid all the noise from the markets, Lombard Street Research stands out by providing investors with forward-looking insight not backward-looking information. No one connects the global dots better than Lombard.
    Joseph Quinlan, Managing Director & Chief Market Strategist, US Trust, Bank of America Private Wealth Management - Aug 2008
    Research consistently of the highest quality. The work you have done on the credit crunch has been excellent.
    Peter Gale, CIO, Gartmore - Jan 2008
  • Brian Reading, of Lombard Street Research is in my personal opinion the world's pre-eminent global macroeconomist.
    Charlie McVean, McVean Trading & Investments - Mar 2007
    Lombard Street Research is an outstanding provider of independent, incisive, intelligent and relevant research. I thoroughly recommend their service.
    Richard Staveley, Partner, Director of Research, River & Mercantile Asset Management - Jul 2006
    LSR are the only researchers in 2004 to predict a modest German recovery in 2005, which has now become mainstream opinion.
    Bruno Usai, Executive Director, Head of Eur Fixed Income Trading, WestLB - Sep 2005
  • I've just read your note about the buying opportunity for the Euro, and I think it is quite excellent. I don't know whether people send you unsolicited praise, but your work is uniformly thought provoking, and I thought this piece was exceptional.
    Jonathan Ruffer, Chief Executive, Ruffer LLP - Jun 2005
    Lombard Street Research provides non-consensus analysis with a different spin that makes us take a look at our investment thesis from different angles. Their researchers have a deep understanding of fundamental economics and their inferences are always very thought-provoking.
    Alain Hung, Chief Investment Officer, Fixed Income, State of Wisconsin Investment Board - Mar 2005
    Your commentary has been invaluable to us, consistently intelligent and informative advice.
    Michael Jameson-Till, Investec Bank - Aug 2004
  • I have appreciated Lombard Street Research's sharp and incisive commentary on economic developments for some years.
    Paul Skinner, Chairman, Rio Tinto plc - Aug 2004
    Sometimes wrong, more often right, always interesting and generally ahead of the curve.
    Robin Edwards, Eiger Capital - Jul 2004
    It is refreshing to deal with people who do not hedge and who make specific calls. Usually the right calls.
    Don Hanson, Eiger Capital Limited - Jun 2004
  • Brian Reading is almost always completely "out of left field" and causes me to re-think several assumptions.
    Phil Torres, Ritchie Capital Management - Apr 2004
    Brian Reading has as good a conceptual grasp of markets as anyone I have ever worked with. I remember his positions in the early 1990s when I was at Omega and no one was more spot on. My experience is that, when Brian is very incisive, he tends to be very right.
    Frank Veneroso, Market Strategist, Allianz Dresdner Asset Management, San Francisco - Mar 2004
    Thanks to both Gabriel Stein and Diana Choyleva for superb presentations on Japan and the US. There are only seven outside analysts I make time to meet with nowadays; four of them are at Lombard Street Research.
    Kent Osband, Managing Director, Fortress Investment Management, New York - Jan 2004
  • When we get big macro calls right, I sometimes wonder if clients take note. Charles Dumas nailed the issue of the US output gap and the rally on the 30yr. Great work!
    Paul Podolsky, Chief FX Strategist, Fleet Boston Financial, Boston - Jan 2004
    We are pleased to announce that we have employed the services of Lombard Street Research to provide Credo with global economic views and asset allocation expertise. With an impeccable track record, Lombard are rated as one of the foremost independent research houses in the UK... They employ some of the best economic brains in the industry and we are privileged to have them as our service provider.
    Credo Capital - Jun 2000
2014 - 2015 Seminar Dates
September 24th 2014 - London
Central Banks and Financial Markets
*Dates subject to revision, according to movements in markets.