Non-collateralized nature of structured products

Terms of Use

Terms of Use

This website is established, operated and/or maintained by or on behalf of DBS Bank Ltd. (the "Bank" or "DBS"). By accessing this website and any of its pages, you confirm you are a resident of the Hong Kong Special Administrative Region of the People's Republic of China ("Hong Kong") and agree to be bound by these terms of use of this website ("Terms").

Access and use confined to Hong Kong residents only

Unless otherwise stated, the information on this website has been prepared for the supply of information and data to residents of Hong Kong ("Hong Kong Residents"). Information contained in this website must not be relied or acted upon by persons who are not Hong Kong Residents. If you are not a Hong Kong Resident and access this website, you may be in breach of laws applicable to you. The Bank and all DBS Group companies expressly disclaim all and any responsibility if you access this website and are not a Hong Kong Resident. "DBS Group companies" means DBS, its holding company, and any subsidiary or affiliate thereof.

The contents of this website are not available to U.S. persons (as defined in Regulation S under the U.S. Securities Act of 1933). The materials and products described in this website are not, or intended to be, offered or targeted to U.S. persons, and access by them is not permitted.

No advice or fiduciary relationship

The materials and information contained in this website are provided for information and discussion purposes only and do not constitute or form an (or any part of an) offer, invitation, solicitation, inducement, advice or recommendation, to acquire, dispose of, subscribe for or underwrite any Structured Products (as defined below). The materials do not constitute any advice or any form of recommendation to purchase or sell the Structured Products or to conclude any transaction. Nothing contained herein shall form the basis of any contract or commitment whatsoever. Neither this website nor any material on this website shall be construed as an advertisement, inducement or representation of any kind or form whatsoever. The materials on this website do not take into account any particular needs of any specific user.

The materials and information contained in this website do not constitute any advice. DBS, in providing such information, is not intended to be advising on securities (as defined in the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong). As such, the materials and information should not be relied upon in that regard. The contents of this website have not been reviewed by any regulatory authority in Hong Kong. Persons accessing this website are advised to obtain appropriate professional advice where necessary. No consideration has been given to any particular investment objectives, financial situation or particular needs of any recipient.

DBS Group companies assume no fiduciary responsibility or liability for any consequences, financial or otherwise, arising from the subscription or purchase of Structured Products and/or other investments or products mentioned herein.

No offer

Market information is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any Structured Products and/or other investments or products. Unless governing law permits otherwise, you must contact a member of DBS Group companies in your home jurisdiction if you wish to use DBS Group companies' services in effecting a transaction in any investments mentioned on this website.

Risk factors for Structured Products

The derivative warrants and/or callable bull/bear contracts ("CBBCs") are non-collateralised structured products involving derivatives ("Structured Products") and are complex products. Investors should exercise caution in relation to them. Do not invest in them unless you fully understand and are willing to assume the risks associated with them. The price of the Structured Products may fall in value as rapidly as it may rise and investors may sustain a total or substantial loss of their investment. Prospective investors should ensure that they understand the nature and risks and seek professional advice where applicable.

If you invest in the Structured Products, you rely on the creditworthiness of the issuer. The Structured Products are subject to both the actual and perceived measures of the credit worthiness of its issuer and there is no assurance of protection against a default by its issuer in respect of its payment obligations. If the issuer is insolvent or defaults on its obligations under the Structured Products, investors may not recover part or all of the amount due (if any).

CBBCs have a mandatory call feature and may therefore be subject to early termination, upon which (i) investors in category N CBBCs will lose all of their investments in the CBBCs; and (ii) investors in category R CBBCs may receive a cash payment called the residual value, which may be zero.

Illustration of performance or data of past performance of any Structured Products and/or other investments whether contained in this website or otherwise is not indicative of and does not represent a guarantee of any future performance.

You should ensure you understand the nature of the Structured Products and carefully study the full details and risk factors set out in the Base Listing Document and the relevant Launch Announcement and Supplemental Listing Document and, where necessary, seek professional advice before you invest in the Structured Products. The Base Listing Document and the relevant Launch Announcement and Supplemental Listing Document are available on the HKEX website ( Before purchasing the Structured Products, you should ensure that you fully understand the potential risks and benefits and independently determine that they are appropriate for you given your objectives, experience, financial and operational resources and other relevant circumstances. Investors should note that DBS issues or holds the Structured Products, and DBS acting through its appointed liquidity provider may be the only market participant in the Structured Products and therefore the secondary market for the Structured Products may be limited. DBS is not the ultimate holding company of the group to which DBS belongs and with which the name of DBS is identified. The ultimate holding company of the group to which DBS belongs is DBS Group Holdings Ltd..

Please also read the disclaimer for Structured Products with indices or exchange-traded funds as the underlying asset, contained in the relevant Launch Announcement and Supplemental Listing Documents.

Structured Products are offered solely on the basis of the terms and conditions and the information contained in the relevant Base Listing Document, the relevant Launch Announcement and Supplemental Listing Document and any supplement to it produced by the issuer. The offering of Structured Products and other products and investments described on this website may, in certain jurisdictions, be restricted by law. Potential investors must inform themselves of and observe all such restrictions.

Disclosure of interests

DBS Group companies and/or their officers, directors and employees may own or have positions in any securities mentioned on this website (or in any related investment) and may from time to time add to or dispose of any such securities (or investment). DBS may sell securities to or buy them from customers on a principal basis and may also perform or seek to perform investment banking or underwriting services for or relating to those companies. Brokerage fees may be earned by members of the DBS Group companies in respect of any business transacted by them in all or any of the Structured Products, securities and/or instruments referred to on this website.

DBS Group companies may act as market maker or have assumed an underwriting commitment in the Structured Products and other securities discussed on this website (or in any related investment).

Commission rebate or other incentives

In the ordinary course of our business, DBS Group companies may offer commission rebates or other incentives in respect of the Structured Products. You should consider your financial position and investment objectives and assess the product features of the Structured Products before deciding to invest in the Structured Products without regard to the benefits of the commission rebates or other incentives.


You further undertake to unconditionally and irrevocably indemnify and keep indemnified all DBS Group companies against all actions, claims, demands, liabilities, losses, damages, costs (including on a solicitor client basis) and expenses of whatever nature and howsoever occurring arising directly or indirectly from or in connection with any breach by you of these Terms and/or any undertakings given by you.

No verification

The information contained herein is derived from sources we believe to be reliable, but which we have not independently verified. DBS makes no representation or warranty (express or implied) of any nature nor accepts responsibility of any kind with respect to the completeness, timeliness or accuracy of any information, projection, representation or warranty (expressed or implied) in, or omission from, this website. Please note that any prices or levels contained in this website are indicative and may vary in accordance with changes in market conditions. No liability is accepted whatsoever for any direct, indirect or consequential loss arising from the use of any information in this website. Any examples given are for the purposes of illustration only.

No liability

No liability is accepted whatsoever for any direct, indirect, special, incidental or consequential damages, loss or expenses arising in connection with this website.

Use of software or materials

Materials on this website are protected by copyright. No part of these materials may be modified, reproduced, stored in a retrieval system, transmitted, copied, distributed or used in any other way for commercial or public purposes without DBS' prior written consent.

If you wish to use any software or materials made available on this website, the following restrictions apply:

  • you may only use the software and materials as strictly necessary for your own purpose or the intended business purpose of the customers whom you represent;
  • you undertake not to alter, reverse engineer, copy (other than to the extent necessary for the permitted use), publish or impart to any third party any such software or materials; and
  • you may only use such software or materials subject to any disclaimers or other restrictions on use or on liability, or any other warranties or terms that appear on or are supplied with any such software or materials.

None of DBS or any member of the DBS Group companies or any information provider of Structured Products represents that the software or materials or the market information is free from virus or other destructive features which may adversely affect your hardware, software or equipment.


DBS respects your privacy. Please refer to the

Online behavioural tracking

To assist in our understanding of your interest in our websites and applications, and to store and maintain user preferences, DBS works with professional digital analytic solution providers to help us record and research certain usages and activities on parts of our websites and applications. We will only collect information about how you use a computer, mobile phone or any other electronic device (together referred to here as a "device") that takes you online to browse our websites and applications by using cookies and similar technologies.

A cookie is a small computer file that is sent from a website to the browser of a device and stored in that device. Each website can send its own cookies to the browser but the browser only permits a website to access the cookies it has sent to the browser previously. The cookie does not contain the user's name, address, phone number, email address, or anything that personally identifies the user. No personally identifiable information about you is collected or shared by DBS with the professional digital analytic solution providers or any other third parties through this research and all information will be cleaned up 13 months after the data collection.

Currently we do not provide functions to opt out cookie tracking. The reason is all opt out settings for cookies tracking will become invalid if you delete or clear your cookies, or if you change the web browser you are using. To avoid confusion, if you do not want us to collect data from your browser, we suggest you configure your privacy settings within the browser. Please note that if you block all cookies entirely, DBS websites and applications including DBS iBanking or DBS IDEALTM may not function properly.

Copyright and trademarks

The Bank and other parties own the trademarks, logos and service marks displayed on this website. These may not be used without the written permission of the Bank or the party owning these.

Materials on this website are protected by copyright. No part of these materials may be modified, reproduced, stored in a retrieval system, transmitted, copied, distributed or used in any other way for commercial or public purposes without the Bank's prior written consent.

No warranties

Whilst every care has been taken in preparing the information materials contained in this website, such information and materials are provided "as is" without warranty of any kind, either express or implied. In particular, no warranty regarding non-infringement, security, accuracy, fitness for a purpose or freedom from computer viruses is given in connection with such information and materials.

Links to other websites

This website may contain links to websites controlled or offered by third parties. Activating these links may cause you to leave this website. Such links, addresses or hyperlinks are provided solely for your convenience and information. DBS has not reviewed any of the websites linked with or connected to this website, or which provide links to this website, and does not accept any liability for their contents and hereby disclaims liability (in negligence or otherwise) for any loss howsoever arising from any use of the information, materials, products or services posted or offered at any of the websites linked to this website. Without prejudice to the generality of the foregoing and the maximum extent permitted by laws in Hong Kong, we will not be liable to anyone for any interruption, inaccuracy, error or omission, regardless of cause, in the information on the third party websites or for any kind of damages arising in connection therewith.

By creating a link to a third party website, DBS does not endorse or recommend any products or services offered on that website, nor is DBS liable for any failure of products or services offered or advertised at those websites. Such third party may have a privacy policy different from our privacy policy and the third party website may provide less security than this website.

Transmitting over the internet

Email messages sent to the Bank over the internet cannot be guaranteed to be completely secure. The Bank is not responsible for any damages incurred by users if they send a message to the Bank, or if the Bank sends a message to them at their request, over the internet.

Due to the nature of the internet, transactions may be subject to interruption, transmission blackout, delayed transmission and incorrect data transmission. The Bank is not liable for malfunctions in communications facilities not under its control that may affect the accuracy or timeliness of messages and transactions you send.


DBS does not represent or warrant that the website will be available and meet your requirements, that access will not be interrupted, that there will be no delays, failures, errors or omissions or loss of transmitted information, that no viruses or other contaminating or destructive properties will be transmitted or that no damage will occur to your computer system. You have sole responsibility for adequate protection and back up of data and/or equipment and for undertaking reasonable and appropriate precautions to scan for computer viruses or other destructive properties. DBS makes no representations or warranties regarding the accuracy, functionality or performance of any third party software that may be used in connection with the website.

Amendments and termination

DBS reserves the right to change the website in whole or in part at any time and to restrict, interrupt or terminate its service. DBS also reserves the right to revise these Terms and/or introduce additional terms and conditions at any time and from time to time. No other form of notification will be delivered to you.


If any provision hereunder (or a part thereof) is or becomes illegal, invalid or unenforceable in any respect under any applicable law, the validity, legality and enforceability of the remaining provisions shall not in any way be impaired or affected.


The English version of these Terms shall prevail over the Chinese version to the extent of any inconsistency.

Governing law and jurisdiction

These Terms shall be governed by and construed in accordance with the laws of Hong Kong.

By accessing this website, you agree to submit to the non-exclusive jurisdiction of the courts of Hong Kong in respect of any matters or disputes arising under this website; however, these Terms may be enforced in the courts of any competent jurisdiction.