Private credit secondary transactions take many forms. These are illustrative structures showing how institutional
buyers, sellers, GPs and advisers can use the secondary market across different transaction types and jurisdictions.
Each is an illustration, not a precedent and not a promise that a particular regulatory treatment is available.
The structure that fits any given situation depends on the parties, the instruments, the jurisdictions and the
circumstances involved.
Seller-side liquidity5
Originators and risk transfer2
Buy-side and deployment2
Cross-border participation3
01
Aggregated client liquidity
Wealth Adviser — Aggregated Client Block
Seller-side
Europe
Wealth adviser
Private bank
Semi-liquid funds
The situation
A European adviser or private bank has placed many client accounts into the same private credit fund, often an evergreen or semi-liquid vehicle. Clients now want out, and the fund's redemption terms defer them. Each holding on its own is far too small for anyone to run a process for.
The parties
European adviser or private bank, acting for underlying clients. The clients themselves, as beneficial holders. Buyers — credit secondaries funds and specialist buyers of smaller positions. The GP, whose consent the transfers require.
The objective
Turn many sub-scale holdings into one block large enough to attract a real price.
Key to the process
Client consents are gathered before the block goes to market, so what is offered is what can actually transfer.
The Secondex route
Adviser mandate
Client holdings identified and consents gathered
Positions aggregated into a single block
One anonymised approach to buyers
One price, one transfer process
GP consent and close
Jurisdictional considerations
Acting for underlying clients raises a permissions question of its own, separate from the transfer. What an adviser may do for whom depends on its own authorisations in each jurisdiction. Subject to jurisdictional assessment.
Why this structure works
A single client holding is not a transaction anyone will price properly. Forty of them in the same fund is. Aggregation does the work: one negotiation, one price, one set of transfer mechanics and one GP consent, instead of forty conversations that each cost more than they are worth. The adviser keeps the client relationship — and stops having to explain a deferred redemption every quarter.
Why transact through Secondex
The alternative route is forty separate negotiations, or telling clients to wait out the redemption terms — the only two options an adviser actually has.
No secondaries desk will open a file for a single client's holding at this size, and the adviser has no route of its own to sell it.
Secondex is built around the aggregation step: the block is assembled, made transferable and taken to buyers as one position.
The aggregate position is now large enough to be priced properly.
Do you have a similar requirement?
Institutional market participants may contact Secondex to discuss whether and how a comparable
structure could apply to their own circumstances.
Illustrative case study only. The appropriate transaction and regulatory structure depends upon the
parties, jurisdictions, instruments and circumstances involved. Nothing here constitutes an offer, solicitation,
investment recommendation, or legal, tax or investment advice.
02
Single-holder timed exit
Family Office Liquidity Event
Seller-side
Asia
Family office
Discretion
Timed exit
The situation
An Asian family office needs cash by a particular date for a reason that has nothing to do with the asset — a property completion, a tax liability, reinvestment into the operating business, a generational transfer. The private credit holding is performing. It is simply the line that can be sold.
The parties
Asian family office or its investment committee. Buyers able to move on the timetable. The GP, whose consent the transfer requires. Sometimes a trustee or adviser with a formal role in the decision.
The objective
Cash by a date, with the family's circumstances kept private.
Key to the process
The buyer list is kept deliberately short, because a timetable this specific is itself information.
The Secondex route
Seller mandate and timetable
Anonymised approach to a short buyer list
Disclosure under NDA
Price established against the deadline
GP consent and close
Why this structure works
The binding constraint here is the date, not the price, and the two trade against each other. A short list of buyers who can genuinely complete on the timetable is worth more than a wide process that finds a better bid too late. Because nothing is listed, the family's need for cash does not become market knowledge — and if the sale turns out not to be needed, nothing was ever on the market.
Why transact through Secondex
A broad process finds a better bid three weeks after the money was needed.
A bilateral sale to one known buyer meets the date, at whatever that buyer offers.
Secondex qualifies buyers on their ability to complete inside the window before any approach is made.
The competition then happens among parties who can actually meet the deadline.
Do you have a similar requirement?
Institutional market participants may contact Secondex to discuss whether and how a comparable
structure could apply to their own circumstances.
Illustrative case study only. The appropriate transaction and regulatory structure depends upon the
parties, jurisdictions, instruments and circumstances involved. Nothing here constitutes an offer, solicitation,
investment recommendation, or legal, tax or investment advice.
03
LP liquidity ahead of a successor fund
Emerging Manager LP Tender
GP-led
Europe
Emerging manager
LP tender
Successor fund
The situation
A first-time or early-stage European credit manager is raising its next fund. Some existing LPs want capital back before they will commit again; others would re-up but are already at their limit on the manager. The fund is too small to carry the cost of a continuation vehicle.
The parties
The manager, sponsoring the tender. Existing LPs, electing to sell or hold. Buyers of the tendered interests. New investors in the successor fund, as a separate matter.
The objective
Give existing LPs a way out so the successor fund can close, without restructuring the existing fund.
Key to the process
Competitive price discovery is conducted independently of the manager, and the election is genuinely optional.
The Secondex route
Manager-sponsored tender
Competitive buyer pricing obtained
LPs elect to sell or hold
Buyers matched to tendered interests
Transfers completed
Successor fund close proceeds
Why this structure works
A tender is far lighter than a continuation vehicle — no new vehicle, no restructuring, no re-papering the fund — which is what makes it workable at a size where a continuation vehicle cannot pay for itself. For the manager it unblocks the re-up conversation: an LP at its concentration limit can reduce and recommit rather than decline outright. For selling LPs it is an exit at a tested price instead of a wait for the fund to run off.
Why transact through Secondex
A continuation vehicle — a fund this size cannot pay for one.
Waiting for the fund to run off — loses the re-up.
Secondex runs the tender as a standalone process: competitive price discovery through separate buyer indications, buyers the manager does not already know, and the election and transfer mechanics handled off the manager's desk.
Do you have a similar requirement?
Institutional market participants may contact Secondex to discuss whether and how a comparable
structure could apply to their own circumstances.
Illustrative case study only. The appropriate transaction and regulatory structure depends upon the
parties, jurisdictions, instruments and circumstances involved. Nothing here constitutes an offer, solicitation,
investment recommendation, or legal, tax or investment advice.
04
Rebalancing a multi-manager book
Superannuation Fund Portfolio Rebalancing
LP-led
Australia
Superannuation fund
Performing credit
GP consent
The situation
An Australian superannuation fund holds a sizeable private credit portfolio built up across several managers and vintages. It needs to rebalance. The difficulty is not finding a buyer — it is that a broadly shopped process signals distress the fund does not have, and a seller who looks forced prices like one.
The parties
Seller — an Australian superannuation fund. Buyers — credit secondaries funds, insurers, sovereign and allocator capital. GPs of the underlying funds, whose consent the transfer requires. Advisers to the seller.
The objective
Rebalancing and concentration reduction, at a price that reflects the assets rather than the process used to sell them.
Key to the process
Disclosure is staged. Nothing beyond an anonymised profile reaches a buyer before they are under NDA, and no bidder sees another's price.
The Secondex route
Seller mandate
Anonymised approach to selected buyers
Disclosure under NDA
Competitive price discovery
Consents and close
Why this structure works
Price integrity comes from controlling who sees what, and when. Segmenting the portfolio, where the seller agrees to it, lets different buyers bid where each is strongest, instead of the whole book being discounted to the level of its least wanted line. Because nothing is listed, a process that does not clear leaves no public record and no stale price attached to the assets.
Why transact through Secondex
A named adviser will run this, and charge accordingly.
An approach to one or two familiar buyers will not test the price.
Sold as a single line, a multi-manager book prices to its weakest asset.
With the seller's agreement, the portfolio can be segmented so that each part is shown to the buyers best positioned for it, rather than forcing the whole book to price to its weakest asset.
Secondex coordinates the consent process with each underlying GP in parallel and keeps the fund unidentified until a buyer is under NDA.
Do you have a similar requirement?
Institutional market participants may contact Secondex to discuss whether and how a comparable
structure could apply to their own circumstances.
Illustrative case study only. The appropriate transaction and regulatory structure depends upon the
parties, jurisdictions, instruments and circumstances involved. Nothing here constitutes an offer, solicitation,
investment recommendation, or legal, tax or investment advice.
05
LP liquidity without losing the assets
GP-Led Credit Continuation Vehicle
GP-led
Asia
Continuation vehicle
LP election
Performing credit
The situation
An Asian credit GP holds assets it expects to keep performing, in a fund approaching the end of its life. Selling them into the open market means losing assets it wants to keep. Holding them means denying LPs the liquidity the fund's term implied. The GP could assemble the vehicle itself, and many do — but at this size the large advisers will not staff the process, so doing it alone means a price the GP sets and a buyer list the GP already knows.
The parties
Asian credit GP of the existing fund. Existing LPs, electing to sell or to roll. Incoming secondary capital funding the new vehicle. An independent process establishing the price at which that election is made.
The objective
Give existing LPs a liquidity election they can accept on its own terms, without the GP losing the assets.
Key to the process
Price discovery runs before the LP election rather than after it, and is conducted independently of the GP.
The Secondex route
Existing fund
Selected portfolio
Competitive buyer price discovery
LP sell / roll election
New secondary capital
Continuation vehicle
Why this structure works
A GP running this alone is setting the price at which it buys assets from its own LPs, using buyers it already knows. Everyone in the room can see that, which is why the election so often stalls. Two things change when the process is run externally. Market-tested price discovery is run through competitive buyer indications, separately from the GP, so the election rests on a tested number rather than the sponsor's own marks. And the buyer list extends past the GP's existing relationships, which is where the competitive tension — and therefore the price — actually comes from. The GP keeps the assets either way. What it gains is an election its LPs can accept without having to take its word for the price.
Why transact through Secondex
A GP can assemble this itself, and at this size it usually has to — the large advisers will not staff it.
But it is then setting the price at which it buys from its own LPs, using buyers it already knows, and the election often stalls because everyone in the room can see that.
Secondex supplies two things a sponsor cannot readily supply for itself: an externally run competitive buyer process, and access to buyers outside the GP's existing relationships.
Do you have a similar requirement?
Institutional market participants may contact Secondex to discuss whether and how a comparable
structure could apply to their own circumstances.
Illustrative case study only. The appropriate transaction and regulatory structure depends upon the
parties, jurisdictions, instruments and circumstances involved. Nothing here constitutes an offer, solicitation,
investment recommendation, or legal, tax or investment advice.
06
Originator balance-sheet relief
Specialty Lender — Retained Strip Sale
Seller-side
Europe
Specialty lender
Retained strip
Servicing retained
The situation
A European specialty lender or fintech originator — SME, invoice finance, revenue-based, equipment or consumer — holds a retained piece of its own originations, kept to stay aligned with its funders. The retention has grown with the book, and capital held against it is capital not being lent.
The parties
The originator, which keeps origination and servicing. Buyers of the retained economics. The originator's senior funders, whose arrangements usually constrain what can be sold at all. Sometimes a back-up servicer.
The objective
Release capital tied up in the retained piece without giving up origination or servicing.
Key to the process
What the senior funding documents permit is confirmed with the originator's advisers before anything is offered, because that is what defines the sellable piece.
The Secondex route
Originator mandate
Retained position and funder constraints confirmed
Portion offered to buyers
Alignment retained by the originator
Servicing arrangements confirmed
Transfer and close
Jurisdictional considerations
Whether a retained interest of this kind may be transferred, and to whom, depends on the originator's funding documents and on the regulatory basis on which it lends. Subject to jurisdictional assessment.
Why this structure works
The buyer is taking credit exposure to a book whose underwriters still have money at risk alongside them, which is worth more than the same exposure bought from someone with nothing left in it. The originator keeps the customer, the data and the servicing income, and recycles the released capital into new lending. The part that has to be right is how much alignment stays behind: sell too much of it and the buyer is pricing a book nobody is watching.
Why transact through Secondex
Whole-loan buyers want the book, not the retained piece.
Renegotiating the facility with existing lenders gives up economics the originator wants to keep.
Secondex works with the originator and its advisers to confirm what the senior funding documents permit before anything is shown, then takes the strip to buyers who will underwrite a retained interest rather than only whole portfolios.
Origination, servicing and the customer stay where they are.
Do you have a similar requirement?
Institutional market participants may contact Secondex to discuss whether and how a comparable
structure could apply to their own circumstances.
Illustrative case study only. The appropriate transaction and regulatory structure depends upon the
parties, jurisdictions, instruments and circumstances involved. Nothing here constitutes an offer, solicitation,
investment recommendation, or legal, tax or investment advice.
07
Risk-transfer position, no market to sell into
SRT Position — Transfer to a New Holder
Significant risk transfer
Europe
Bank consent
Tranche
Novation
The situation
A significant risk transfer position needs to move to a new holder — a tranche of credit risk on a European bank's loan portfolio. The current holder may be a fund reaching the end of its life or an insurer rotating exposure, or the issuing bank itself may want the protection replaced. Positions like this are written to be held, so there is no market to post one into.
The parties
The current holder — a credit fund, an insurer, or another bank. The issuing bank, whose consent the transfer requires and which may be the party initiating it. The incoming holder, which need not have held a risk transfer position before. The bank's regulator, in the background throughout.
The objective
Move the position to a holder the bank can accept, in an instrument with no secondary market.
Key to the process
Eligibility requirements are established before buyers are approached, so no buyer is taken through diligence on a position it could not be permitted to hold.
The Secondex route
Mandate from the holder or the bank
Bank's consent and eligibility requirements established
Buyers approached on the exposure rather than the format
Disclosure under NDA
Incoming holder taken through eligibility
Bank consent, novation and close
Jurisdictional considerations
Consent, holder eligibility and the effect of a transfer on the issuing bank's regulatory position are matters for the bank and its regulator. Requirements differ by jurisdiction and by transaction, and some positions cannot be transferred at all. Subject to jurisdictional assessment.
Why this structure works
The incoming holder does not have to be a risk transfer specialist. What is on offer is credit exposure to a diversified pool of bank-originated loans at a defined attachment point, and a credit fund, insurer or allocator can want that on its own merits without ever having held a tranche before. The work is making that buyer acceptable to the bank, rather than confining the search to the few houses already known to it. Consent is the first question either way, because the bank's capital relief depends on the risk sitting with an eligible holder — but where the bank is the party wanting the protection replaced, it is working with the process rather than standing across it. A position with no market does not need a market. It needs one holder who wants the exposure and one bank that will consent.
Why transact through Secondex
There is no exchange to post an SRT position to, and the conventional answer is to hold it to maturity.
Where a holder cannot, the search is usually confined to the few names the issuing bank already knows.
Secondex establishes the bank's requirements at the outset and introduces the position to institutions that would take the underlying credit risk on its merits.
Those buyers are then taken through the bank's eligibility process rather than left to work it out alone.
Do you have a similar requirement?
Institutional market participants may contact Secondex to discuss whether and how a comparable
structure could apply to their own circumstances.
Illustrative case study only. The appropriate transaction and regulatory structure depends upon the
parties, jurisdictions, instruments and circumstances involved. Nothing here constitutes an offer, solicitation,
investment recommendation, or legal, tax or investment advice.
08
Large allocation, faster deployment
Sovereign Wealth Fund Portfolio Construction
Buy-side
Sovereign wealth fund
Portfolio construction
Multi-strategy
Seasoned exposure
The situation
A sovereign wealth fund has a large allocation to put into private credit and does not want to spend a primary fund's entire investment period waiting for that capital to go to work.
The parties
Sovereign wealth fund deploying the allocation. Sellers across several funds, managers and geographies. GPs whose consent individual transfers require.
The objective
Seasoned exposure, faster deployment, and diversification across vintage, manager, strategy and geography.
Key to the process
One standing mandate, assessed against each opportunity separately, with its own controlled process per acquisition.
The Secondex route
Buyer defines allocation parameters
Positions identified and matched against those parameters
Buyer and advisers conduct diligence
Buyer-selected positions aggregated against the mandate
Multiple controlled acquisitions
Why this structure works
Secondaries buy time as much as they buy assets. A seasoned portfolio has a known borrower base, a visible payment history and a shorter remaining life, so capital is working and returning sooner than a primary commitment drawn down over several years. Building to a written mandate rather than taking what is offered is what makes the resulting portfolio an allocation decision instead of an accumulation of other people's exits.
Why transact through Secondex
Primary commitments put capital to work over an investment period the institution does not control.
One large secondary purchase fixes the timing but concentrates the risk.
Secondex holds the mandate as a standing brief and matches it against positions as holders bring them to the platform, across managers, strategies and geographies.
The buyer can build the allocation to its own specification rather than accepting whatever one seller happens to be offering.
Do you have a similar requirement?
Institutional market participants may contact Secondex to discuss whether and how a comparable
structure could apply to their own circumstances.
Illustrative case study only. The appropriate transaction and regulatory structure depends upon the
parties, jurisdictions, instruments and circumstances involved. Nothing here constitutes an offer, solicitation,
investment recommendation, or legal, tax or investment advice.
09
Buy-side, capital-constrained
Insurer — Capital-Efficient Acquisition
Buy-side
Insurer
Rated structure
Seasoned exposure
Capital treatment
The situation
A life or annuity insurer wants seasoned private credit exposure. The economics work; the capital treatment does not. Held as fund equity, the same exposure carries a materially heavier capital charge than it would as rated debt over the same assets — enough on its own to stop an otherwise good trade.
The parties
Insurer, with its own capital constraints. Seller of the underlying interests. Arranger and rating agency for the note structure. The GPs, whose consent the transfers require.
The objective
Acquire the exposure in a form the insurer can actually hold.
Key to the process
The holding structure is settled by the insurer and its advisers before the portfolio is committed to, because the structure determines whether the insurer can hold it at all.
The Secondex route
Insurer defines mandate and capital constraints
Qualifying seasoned positions matched
Arranger and counsel establish the holding structure
Rating obtained where applicable
Insurer elects whether to acquire or subscribe
Transfers and close
Jurisdictional considerations
Capital treatment of a structure of this kind is a matter for the insurer and its own regulator, and turns on the structure's substance rather than its label. Ratings relied on for regulatory purposes may themselves be reviewed. Secondex does not advise on capital treatment. Subject to jurisdictional assessment.
Why this structure works
Secondaries suit an insurance balance sheet better than primary commitments do: shorter remaining life, a visible payment history, and no multi-year drawdown before the capital is earning. The obstacle was never the asset, it was the wrapper. Holding the exposure as rated debt rather than fund equity changes what the position costs in capital terms, and that difference is routinely larger than anything won or lost in the price negotiation. Settling it first — with the insurer's own advisers putting the structure in place — means the insurer is not left holding something it has to sell again.
Why transact through Secondex
Held as fund equity, the exposure can cost more in capital than it earns in spread — which is where most of these conversations end.
Leaving the structure until after a price is agreed means reopening the price.
Secondex coordinates the matching and transaction process against the insurer's stated holding and capital requirements, while the insurer, its advisers and any required arranger determine the structure, rating and regulatory treatment.
The insurer sees only positions whose remaining life and payment profile suit the liability they are bought against.
Do you have a similar requirement?
Institutional market participants may contact Secondex to discuss whether and how a comparable
structure could apply to their own circumstances.
Illustrative case study only. The appropriate transaction and regulatory structure depends upon the
parties, jurisdictions, instruments and circumstances involved. Nothing here constitutes an offer, solicitation,
investment recommendation, or legal, tax or investment advice.
10
Unsolicited approach from a US holder
US Institution — Inbound Liquidity Enquiry
Cross-border
US institution
Inbound enquiry
Provenance
LP interests
The situation
A US institution is holding private credit fund interests it wants to exit, or capital it wants to put into seasoned exposure. It finds Secondex and makes contact on its own initiative. Nothing was marketed to it.
The parties
US institution making the approach. Secondex. Qualified counterparties, reached only once a permitted route has been established.
The objective
Establish what route is open to this institution before anything of substance is exchanged.
Key to the process
The route assessment completes before any transaction-specific information moves in either direction.
The Secondex route
Independent approach
Provenance recorded at the point of contact
Route reviewed, with counsel or intermediary input where required
Permitted route established — or not
Controlled process where permitted
Jurisdictional considerations
The applicable route depends on the parties, the instruments, the jurisdictions involved and how the contact arose. Secondex does not treat a website enquiry as determinative of regulatory status. Subject to jurisdictional assessment.
Why this structure works
The institution gets a clear answer early. The route is assessed before any information of substance changes hands, so neither side spends weeks on a transaction that cannot complete. How the approach arose is recorded as it happens rather than reconstructed from memory months later, because that record is what the assessment rests on. Where no route is open, that is said at the start rather than discovered at the end.
Why transact through Secondex
The usual sequence is weeks of diligence, followed by a regulatory question that closes the file.
Secondex puts the route assessment first, before any transaction-specific information moves in either direction.
The institution finds out at the start whether a process is open to it.
Where one is, the counterparties on the other side have already been assessed.
Do you have a similar requirement?
Institutional market participants may contact Secondex to discuss whether and how a comparable
structure could apply to their own circumstances.
Illustrative case study only. The appropriate transaction and regulatory structure depends upon the
parties, jurisdictions, instruments and circumstances involved. Nothing here constitutes an offer, solicitation,
investment recommendation, or legal, tax or investment advice.
11
US buyers through a registered intermediary
US Institution — Registered Intermediary Route
Cross-border
US institution
Registered intermediary
Portfolio
Buy-side
The situation
A portfolio held outside the US is relevant to US institutional buyers. Both sides want those buyers in the process, and neither wants their participation to depend on who happened to make contact first.
The parties
Non-US seller. Secondex, as introducing platform. An appropriately registered US intermediary where the structure requires one. US institutional participants.
The objective
Open the transaction to US institutional capital on a basis that does not turn on how contact arose.
Key to the process
Where an intermediary is required, it is engaged before any buyer-side disclosure begins.
The Secondex route
Non-US seller
Secondex
Applicable US route assessed
Appropriately registered intermediary engaged where required
US institutional participant
Jurisdictional considerations
Whether an intermediary is required, and what each party may do, depends on the structure, the instruments and the participants. Responsibilities are allocated by agreement between the parties involved. Subject to jurisdictional assessment.
Why this structure works
An inbound approach only ever helps the institution that made one. It does nothing for a buyer Secondex already knows, or one the seller specifically wants in the room. Where the applicable route calls for a registered intermediary, coordinating through one makes the question of who approached whom irrelevant to the outcome. For the seller, the buyer list is drawn from who is right for the asset. For the buyer, participation does not rest on a technicality of how the relationship began.
Why transact through Secondex
Relying on an inbound approach only ever helps the one institution that made one; every other US buyer stays outside the process.
Where the applicable route requires a registered intermediary, Secondex coordinates the process through an appropriately registered intermediary.
The seller's buyer list is drawn from who is right for the asset rather than from who happened to call.
Neither side has to construct that arrangement itself.
Do you have a similar requirement?
Institutional market participants may contact Secondex to discuss whether and how a comparable
structure could apply to their own circumstances.
Illustrative case study only. The appropriate transaction and regulatory structure depends upon the
parties, jurisdictions, instruments and circumstances involved. Nothing here constitutes an offer, solicitation,
investment recommendation, or legal, tax or investment advice.
12
Multi-jurisdiction routing
Cross-Border Buyer and Seller
Cross-border
Multi-jurisdiction
Portfolio
Routing
Institutional
The situation
A single portfolio draws interest from institutions in several jurisdictions at once. Each brings a different participation question, and they do not resolve on the same timetable.
The parties
Seller, in one jurisdiction. Prospective buyers across several others. Secondex, screening each participation route separately.
The objective
Reach the deepest pool of qualified capital without the process being shaped by whichever jurisdiction turns out to be the most restrictive.
Key to the process
Participation is assessed per counterparty rather than once for the transaction as a whole.
The Secondex route
Seller
Secondex
Jurisdiction-specific routes assessed in parallel
Qualified counterparties in each permitted jurisdiction
Single controlled process
Jurisdictional considerations
Participation routes are assessed per counterparty and per jurisdiction, not once for the transaction as a whole. Subject to jurisdictional assessment in each case.
Why this structure works
Routing belongs to the counterparty, not to the transaction. Assessing each participant separately means one buyer's restriction narrows that buyer's route rather than the whole process — and it means a new jurisdiction can be added to a live transaction without unpicking what is already agreed.
Why transact through Secondex
Run as a single process, a multi-jurisdiction transaction moves at the speed of its most restricted participant — or that participant is dropped.
Secondex screens each participation route separately, per counterparty and per jurisdiction, with jurisdiction-specific legal or regulated-intermediary input where required.
Buyers who are ready proceed while others are still being cleared.
A jurisdiction that was not in scope at the start can be added without reopening what is agreed.
Do you have a similar requirement?
Institutional market participants may contact Secondex to discuss whether and how a comparable
structure could apply to their own circumstances.
Illustrative case study only. The appropriate transaction and regulatory structure depends upon the
parties, jurisdictions, instruments and circumstances involved. Nothing here constitutes an offer, solicitation,
investment recommendation, or legal, tax or investment advice.
Discuss a transaction
Tell us where you sit.
This is a first conversation, not a transaction. Nothing you send here is circulated, and no transaction-specific
information moves in either direction until the applicable route has been established.
We ask how the enquiry arose because we record it at the point it arises. That record is part of how a route is
assessed; it is not a substitute for the assessment.