To print the manual completely, please, download it. Page 11 GFM Guarantee measures: Nor are there o[]setting adjustments or changes in the event of any other devaluation or revaluation or imposition of exchange or other regulatory controls or taxes or in the event of other developments affecting currencies. Forward Rate The exchange rate contracted for delivery some time in the future. Even though currencies trade around-the-clock, your investment will not.

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However, this relationship between interest rates and currency movements has not always held true. These circumstances could adversely affect currency exchange rates and, therefore, the value of your investment.

This is an example of the exchange rate ggfm associated with carry trades. The PPN are not guaranteed by any other entity.

To print the manual completely, please, download it. If the issuer defaults on its obligations under a PPN, the investment would be at risk and an investor could lose some or all of its investment. Exchange Rates Every foreign exchange transaction involves two currencies: Spot Rate The exchange rate contracted for immediate delivery. Historical Performance of a Sample Carry Trade The graphs below illustrate the cumulative returns from a carry trade based on rolling one-month forward contracts on the Japanese yen and New Zealand dollar.

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This market ine[]ciency creates investment opportunities. The quantity of compressed picture is various and depends on. Although Morgan Stanley Smith Barney believes that the expectations in such forward-looking statement are reasonable, it can give no assurance that any forward-looking statements will prove to be correct. Enter text from picture: They cannot account for all factors associated with risk, including the impact of financial risk in actual trading or the ability to withstand losses or to adhere to a ggm trading strategy in the face of trading losses.

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Assuming no change in market conditions or any other relevant factors, the price, if any, at which the issuer is willing to purchase the notes at any time in secondary market transactions will likely be significantly lower than the original issue price, since secondary market prices are likely to exclude commissions paid with respect to the notes and the costs of hedging its ffm under the notes that will be included in the original issue price.

There is no regulatory requirement that those quotations be firm or revised on a timely basis. Such interventions affect currency exchange rates globally.

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In other words, forward contracts trading at a forward premium predicting future spot rates will be greater than current spot rates tend to predict more appreciation than actually occurs. This material was not produced by a Morgan Stanley or Citigroup research analyst. The borrowed currency is referred to as the “funding” currency and the purchased currency as the “target” currency. The return on your investment the effective yield to maturity may be less than the amount that would be paid on an ordinary debt security, even if the Structured Investment is In addition to full principal protection at maturity, this PPN offers enhanced return potential.

Therefore, the hours of trading for your investment, if any trading market develops, will not conform to the hours during which the relevant currencies are traded.

The Foreign Exchange Market Activities in the foreign exchange market can be split into three categories: The carry trade is a strategy frequently used by investors seeking to profit from interest rate differentials and currency market ine[]ciencies. The innovative features gcm these securities are represented by five basic objectives–Principal Protected, Partial Principal Protected, Leveraged, Enhanced Yield, Performance and Access.


Structured Investments can be offered in a variety of forms, such as certificates of deposit, units or warrants, but are most commonly offered trc senior unsecured notes with returns linked to the performance of individual or combinations of underlying assets–some which may be difficult for individual investors to access through traditional means–including equities, commodities, currencies and interest rates.

As a result, the market value of the Structured Investment prior to maturity will be affected by changes in the market’s view of the issuer’s creditworthiness. They may also issue a new currency to replace an existing currency, []x the exchange rate or alter the exchange rate or relative exchange characteristics by devaluation gdc revaluation of a currency.

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These investments involve risks. Investing in Structured Investments involves risks, including the credit risk of the issuer and other risks that are not associated with investments in ordinary fixed rate debt securities. Innovative Ways to Pursue Your Investment Strategy Morgan Stanley Structured Investments offer investors a range of investment opportunities with innovative features, both in terms of structure and underlying asset class exposure, providing clients with the building blocks they need to pursue their specific financial goals.

Important Information This material was prepared by 335, trading or other nonresearch personnel of Morgan Stanley Smith Barney together with its a[]liates, hereinafter “Morgan Stanley”. These fluctuations cause one currency to appreciate relative to the other. Hypothetical performance results do not represent actual trading and are generally designed with the benefit of hindsight.