Terms of Use

  1. Right to Use

    Deutsche Bank AG (hereinafter also referred to as Deutsche Bank) grants a revocable, non-exclusive, non-transferable and limited permission to access and use the X-markets website and the materials contained therein to natural persons visiting the X-markets website (hereinafter referred to as "User"). The permission is valid only to the extent that the User pursues exclusively the objectives described below and complies with the restrictions set forth in these Terms of Use. The User is not allowed to interrupt the operation of the X-markets website in any way or to try to do so.

  2. No offer

    Nothing contained on this X-markets Website should be considered as an offer to purchase any of the products as described on this X-markets Website. Pricing levels and valuations published on the X-markets Website are indicative and they and other information displayed thereon are for information purposes only.

  3. Decisiveness of offering circular or prospectus

    In many cases, a prospectus can be found on the X-markets website. Full details of the securities concerned, including the risks, are given in the prospectuses concerned (base prospectuses, together with any supplements, and the relevant final conditions). The base prospectus and the final terms are the only binding sales document of the respective securities. Investors can download these documents from www.xmarkets.db.com. Before making an investment decision, investors should read the prospectus in order to fully understand the risks and opportunities of investing in the securities. Approval of the prospectus by BaFin or any other authority is not to be construed as endorsement of the securities

  4. No investment advice

    Information made available on the X-markets Website should not be considered as investment advice or any form of recommendation to purchase products described thereon.

  5. Historical performance

    Past performance information contained on the X-markets Website is not indicative of future results.

  6. No warranties for contents

    Although best efforts have been used to ensure that the information set out on the X-markets Website is reliable, no warranty is made as to its accuracy, completeness and adequacy. The X-markets website and its Content are provided "as is". Apart from the exception that liability cannot be limited under the applicable law, and beyond liability for gross negligence and intent and for prospectuses; Key information documents and in other cases specific legal liability rules for certain documents (all the above cases are referred to below as "Mandatory Liability"), Deutsche Bank AG, its respective licensors or other third parties that make information or functionalities available on or through the X-markets website do not guarantee

    1. the punctuality, accuracy or completeness of the information provided on the X-markets website as intended, including all price information;

    2. the accuracy of the results obtained by the User or other third parties through the use of the X-markets website. Apart from cases of Mandatory Liability, Deutsche Bank AG does not assume any liability for information provided by third parties on or through the X-markets website.

    All opinions or assessments presented as opinions or assessments of Deutsche Bank AG reflect the current assessment of Deutsche Bank at the time of publication, which can be changed without prior notice. They may differ from the opinions or assessments of other business units or companies of the Deutsche Bank Group.

    To the extent that the applicable law requires, the Contents of the X-markets website do not constitute any representation, either express or implied, including, but not limited to, the tradability of the presented products or securities, the freedom from rights of third parties or the suitability for specific purposes. Similarly, Deutsche Bank AG does not guarantee that the website or any function or Content of this X-markets website will be offered without interruption or error-free, that defects will be rectified, that the X-markets website or the server on which the X-markets website is made available, or that any connected system will be free of viruses or other harmful components.

    Rates, news or other market or exchange information displayed on the X-markets website are delayed for at least 15 minutes unless otherwise stated.

    Deutsche Bank has the necessary consent for the use of the prospectus for all securities it offers, which is used in accordance with the conditions to which the consent is subject.

  7. Limitation of Liability

    The use of the X-markets website is at the User’s own risk. The User shall be solely responsible for and bear the risk of loss arising from downloading, accessing or using the X-markets Website and/or its content.

    Except in cases of Mandatory Liability,

    1. Deutsche Bank AG or its respective licensors or other third parties that make information or functionalities available on or through the X-markets website shall not be liable for any damage (1) resulting from the information published on the X-Markets website (including documents available on the X-Markets website) or (2) resulting from errors in or omissions on the X-Markets website;

    2. Deutsche Bank AG or its respective licensors or other third parties that make information or functionalities available on or through the X-markets website shall not be held liable for damages arising from orders, investment decisions or the purchase of goods or services of third parties (including financial instruments and foreign exchange) based on information made available on the X-markets website;

    3. and under no circumstances may Deutsche Bank AG, its respective licensors or any other third party that makes information or functionalities available on or through the X-markets website be used for claims for damages in any way, whether direct or indirect, punitive, atypical or consequential, arising from the use of the X-Markets website, or from their unusability, even if Deutsche Bank AG or their respective licensors or other third parties that make information or functionalities available on or through the X-markets website have been made aware of the possibility of such damage occurring or that such damage was foreseeable.

  8. Use of the X-markets Website
    1. Changes of the X-markets Website

      Deutsche Bank AG reserves the right to partly or completely change the X-markets Website at any time and to restrict, interrupt or terminate its service including the services, information, properties or functionalities offered on the website, which are available in the context of the intended use of the X-markets website. Deutsche Bank AG reserves the right to limit the use of individual properties, functionalities or services or to restrict access to parts or the entire X-markets website without prior notice.

    2. Changes of General Terms and Conditions of Use

      Deutsche Bank AG reserves the right to modify or amend these terms and conditions at any time.

  9. Copyright

    Deutsche Bank AG and its respective suppliers, if any, reserve all rights to all data, texts, images, software and other elements (including multimedia elements) displayed, distributed or made available for download on this X-markets website or required to provide a function of this X-markets website (hereinafter referred to as "Content").

    By using the X-Markets website and Content and giving permission to do so, the user does not gain any rights whatsoever to the X-Markets website or content. The User may copy or print out these Terms of Use or other parts of the Content exclusively for private, non-commercial purposes.

    All such copies are subject to the limitations set forth in these Terms and Conditions and must contain a copy of Deutsche Bank AG’s copyright notices.

    The User may not download, display, reproduce, create, transfer, sell, distribute, lease, re-license, rent, lend or transfer the X-Markets Website or Content, unless expressly permitted in these Terms of Use.

    The User shall be prohibited from:

    1. use the X-markets website (including, without any limitation, third-party software where applicable) to provide services to third parties;

    2. to modify or remove the copyright notices of Deutsche Bank AG or any of its respective suppliers;

    3. use trademarks, service or product names, domain names, logos or other identifiers of Deutsche Bank AG or other third parties without the prior written consent of Deutsche Bank AG or the third party;

    4. apart from usual caching, in the context of viewing the relevant page, to copy, download or store market information (such as securities prices, corporate news, stock market indices), to distribute or to allow access to market information, or to use these market data to generate an index, if this index can be used as a tradable instrument in the sense of a security.

  10. Privacy Policy

    Deutsche Bank AG respects your privacy. Personal data, which are collected when visiting our website, are processed in accordance with the applicable data protection laws. Further information regarding data protection can be found on the privacy policy notice page.

  11. Safety of Communication

    Communications over the Internet and by e-mail cannot be guaranteed to be secure. There is a risk that information contained within an e-mail communication and any attachment thereto, including potentially confidential information, may be intercepted, lost, destroyed or delayed in transmission. Although Deutsche Bank AG will use reasonable efforts to minimise such risk, it does not warrant that any communication or e-mail or any attachments thereto, that is sent out, will be free from viruses, worms or other harmful components.

  12. Hyperlinks and References to other Websites

    The X-markets website may contain references to other websites (links), which in turn may reproduce content produced or made available by Deutsche Bank independent operators. Deutsche Bank AG is not responsible for information on websites that can be reached via links on this X-markets website and therefore assumes no liability for the content on the part of third parties. This also applies to stock exchange, financial and other price sensitive information that is taken over online in real time or in a deferred manner from systems of third-party providers on these websites.

    All opinions or recommendations expressed on these independent websites are solely those of providers or operators independent of Deutsche Bank and are not in the opinion or recommendation of Deutsche Bank. The mere existence of a reference to such websites does not constitute a recommendation or other confirmation by Deutsche Bank in favor of these X-markets websites, their content or their operators.

  13. Governing Law; Jurisdiction
    1. Governing Law

      These terms and conditions are exclusively governed by and shall be construed in accordance with German law.

    2. Jurisdiction

      Each private User who is not a resident of one of the countries for which the Council Regulation (EC) NO 44/2001 of 22 December 2000 on jurisdiction and the recognition and enforcement of judgements in civil and commercial matters is applicable, or which have entered and ratified the Convention on jurisdiction and enforcement of judgements in civil and commercial matters signed at Lugano on 16 September 1988, and all commercial users are subject to the exclusive jurisdiction of the competent court of Frankfurt am Main, Germany, in respect of any disputes arising under these terms.

  14. Other agreements

    If at any time any provision (or part of any provision) of these Terms of Use is, or becomes, illegal, invalid or unenforceable in any respect under the law of any jurisdiction, that shall not affect the legality, validity or enforceability in that or any other jurisdiction of any other provision (or any other part of this provision) of these terms.

    1. Scope

      These Terms of Use are valid for the benefit of Deutsche Bank AG and for the benefit of the other members of the Deutsche Bank Group, and also cover their respective successors in title and their respective assignees and representatives. If rights arise from these usage instructions, Deutsche Bank AG or any member of the Deutsche Bank Group may transfer these rights to any other of the foregoing or other third parties.

    2. Delegation of tasks

      Deutsche Bank AG reserves the right to have functions related to the operation of the X-markets website performed by third parties.

    3. No disclaimer

      The non-exercise or late exercise of any rights on the part of Deutsche Bank AG cannot in any case be construed as a waiver of this right. The partial exercise of a right shall not preclude the further assertion of that right. The waiver of a right does not imply waiving or altering any other right.

    4. Contractual agreements

      If contractual agreements between Deutsche Bank AG and the User (in particular the respective General Terms and Conditions) deviate from these Terms of Use, the contractual agreements shall apply as a matter of priority.

    5. Compatibility with export provisions

      The use of the X-markets website may require the use of encryption technologies that may be subject to special export regulations or restrictions. The User is prohibited from passing on these technologies without (i) the prior written consent of Deutsche Bank, (ii) the User’s compliance with all relevant export regulations and (iii) the User’s compliance with the country of transfer or use of the technology.

  15. Selling restrictions

    The products described on the X-markets Website are not eligible for sale in all countries and in any event may only be sold to qualified investors. The offering circulars contain information as to the selling restrictions applicable to any particular product and the user should read them carefully.

    In particular, the following restrictions apply:

    Residents of the United States of America:

    The information set out in the X-markets Website is not directed to the United States. US citizens (as defined in Regulation S under the US Securities Act 1933) and persons resident in the US may not enter the X-markets Website. Information from this X-markets Website may not be distributed or redistributed into the United States or into any jurisdiction where it is not permitted. The securities have not been and will not be registered under the US Securities Act of 1933 and trading in the securities has not been approved for purposes of the US Commodities Exchange Act of 1936. The securities may not be offered or sold in the United States, to US citizens or US residents.

    The products described on the X-markets Website are only offered or sold to persons in any other jurisdiction, if applicable law permits this.

    Published by Deutsche Bank AG

    © Deutsche Bank AG, Frankfurt am Main.

    All rights reserved.

Welcome to X-markets -
investment platform of Deutsche Bank.

Convention for using the website

Access to products and services displayed on these websites may be restricted to certain persons or in some countries. Securities shown on these websites shall not be offered or sold to any persons in as far as the offer or sale of the securities is prohibited by the laws of the country of origin or the country of legal residence of such person or for any other reason. Country specific sites listed on the previous site may only be accessed by readers of this message who are permanently resident in the respective country, and legally permitted to log on to the relevant pages. In particular US persons and persons resident of other countries not displayed in the list or any picture shown are forbidden from viewing further pages.

By selecting a country from the list or any picture you hereby affirm that you are a resident of that country. Deutsche Bank AG specifically assumes no responsibility whatsoever for the distribution of content of the webpages to individuals or entities which provide false information regarding their country of legal residence. Persons who access these webpages accept the Terms of Use.

These materials and any products described herein are not being offered or targeted to US persons. Access to the information available on these webpages of US persons or of any persons that are not resident of the country as selected is forbidden.

Information on the use of the information material

The information contained in this document does not constitute investment advice. Full details of the securities, including the risks, are given in the respective prospectuses (base prospectuses, together with any supplements, and the respective final conditions). The base prospectus and the final terms constitute the only binding sales document of the securities. Investors can download these documents from www.xmarkets.db.com. Before making an investment decision, investors should read the prospectus in order to fully understand the risks and opportunities of investing in the securities. Approval of the prospectus by BaFin or any other authority is not to be construed as endorsement of the securities

All opinions reflect Deutsche Bank AG’s current assessment, which may change without prior notice.

As explained in the respective base prospectus, the distribution of the securities mentioned in this publication is subject to restrictions in certain jurisdictions. In particular, the securities referred to herein may not be offered for sale or sold to US individuals or persons resident in the United States, either within the United States or on behalf of US persons or persons resident in the United States.

This document and the information contained therein may be disseminated or published only in those States where this is permitted by the applicable legislation. The direct or indirect distribution of this document in the United States, Great Britain, Canada or Japan, as well as its transmission to or on behalf of US persons or persons resident in the United States, shall be prohibited.

All prices and prices shown here are provided for information purposes only and are not used as an indicator of tradable prices.

Past performance is not a reliable indicator of future performance.