Pre-hedging disclosure

You should be aware that, unless otherwise instructed by you or prohibited by applicable regulation, Societe Generale may also pre-hedge potential client orders including within the seconds or minutes before negotiating and executing a client’s order.

Our intention in pre-hedging is to facilitate order execution and reduce the potential market impact of filling your order, with the goal of achieving a better price outcome for you. However, there is no guarantee that the pre-hedging will have the desired outcome and, in fact, may result in a less favorable price to you. This is particularly true for large trades or where products have an illiquid market.

Further, you should note that, regardless of whether Societe Generale pre-hedges your order or not, your order may have a market impact depending on its size and the level of liquidity in the market at the time of execution.

Should an eventual instruction or order not be received from you, Societe Generale will endeavour to unwind any pre-hedging transactions in a prompt and orderly manner.

Please contact your Societe Generale representative if you would like to discuss your options regarding pre-hedging of your orders or for more details on our pre-hedging policy.