Barclays Bank is planning to transfer its NYSE-listed iPath ETNs to the NYSE Arca. The move will take place on December 31.
Barclays Bank PLC today announced it
will transfer its NYSE-listed iPath(R) ETNs to the NYSE Arca listing and
trading platform on December 31, 2007. No action is needed by current
investors.
The following iPath(R) ETNs will be transferred:
iPath(R) Dow Jones-AIG Commodity Index Total Return(SM) ETN
iPath(R) S&P GSCI(TM) Total Return Index ETN
iPath(R) MSCI India Index(SM) ETN
iPath(R) EUR/USD Exchange Rate ETN
iPath(R) GBP/USD Exchange Rate ETN
iPath(R) JPY/USD Exchange Rate ETN
iPath(R) S&P GSCI(TM) Crude Oil Total Return Index ETN
NYSE Euronext announced earlier this year its plans to move all ETF and
ETN trading to NYSE Arca by year-end because it believes that offering a
single platform for listing and trading ETFs and ETNs will further improve
efficiencies and market quality.
"The NYSE specialists representing iPath ETNs are already acting as
lead market makers in primary listings on NYSE Arca and will continue to
provide value for investors," said Philippe El-Asmar, Head of Investor
Solutions, Americas at Barclays Capital.
The iPath ETNs have a 30-year maturity and are senior, unsecured,
unsubordinated debt securities issued by Barclays Bank PLC linked to the
performance of a market index. iPath ETNs, which investors can trade on an
exchange at market prices, are designed to provide investors with
convenient access to the returns of market benchmarks, less investor fees.
Barclays Bank PLC is the issuer, Barclays Capital Inc. is the issuer's
agent, and Barclays Global Investors Services is the promoter of iPath ETNs
to intermediaries.
About Barclays
Barclays PLC is a major global financial services provider engaged in
retail and commercial banking, credit cards, investment banking, wealth
management and investment management services. We are one of the largest
financial services companies in the world by market capitalization. With
over 300 years of history and expertise in banking, Barclays operates in
over 50 countries and employs 127,000 people. We move, lend, invest and
protect money for over 25 million customers and clients worldwide. For
further information about Barclays, please visit our website
http://www.barclays.com.
An investment in iPath ETNs involves risks, including possible loss of
principal. For a description of the main risks see "Risk Factors" in the
applicable prospectus.
Barclays Bank PLC has filed a registration statement (including a
prospectus) with the SEC for the offering to which this communication
relates. Before you invest, you should read the prospectus and other
documents Barclays Bank PLC has filed with the SEC for more complete
information about the issuer and this offering. You may get these documents
for free by visiting http://www.iPathETN.com or EDGAR on the SEC website at
http://www.sec.gov. Alternatively, Barclays Bank PLC will arrange for Barclays
Capital Inc. to send you the prospectus if you request it by calling
toll-free 1-877-76-iPATH, or you may request a copy from any other dealer
participating in the offering.
Barclays Global Investors Services, a subsidiary of Barclays Global
Investors, N.A. ("BGINA"), assists in the promotion of the Securities.
Barclays Global Investors, N.A. and Barclays Capital Inc. ("BCI") are
affiliates of Barclays Bank PLC.
iPath ETNs (the "Securities") are unsecured obligations of Barclays
Bank PLC and are not secured debt. The Securities are riskier than ordinary
unsecured debt securities and have no principal protection. Risks of
investing in the Securities include limited portfolio diversification,
trade price fluctuations, uncertain principal repayment, and illiquidity.
Investing in the Securities is not equivalent to direct investment in index
or index components. The investor fee will reduce the amount of your return
at maturity or on redemption, and as a result you may receive less than the
principal amount of your investment at maturity or upon redemption of your
Securities even if the value of the relevant index has increased. An
investment in iPath ETNs may not be suitable for all investors.
The Securities may be sold throughout the day on the exchange through
any brokerage account. There are restrictions on the minimum number of
Securities you may redeem directly with the issuer as specified in the
applicable prospectus. Commissions may apply and there are tax consequences
in the event of sale, redemption or maturity of Securities. Sales in the
secondary market may result in significant losses.
The index components for iPath ETNs linked to commodities indexes are
concentrated in the commodities sector. The market value of the Securities
may be influenced by many unpredictable factors, including, where
applicable, highly volatile commodities prices, changes in supply and
demand relationships; weather; agriculture; trade; pestilence; changes in
interest rates; and monetary and other governmental policies, action and
inaction. Index components that track the performance of a single
commodity, or index components concentrated in a single sector, are
speculative and may typically exhibit higher volatility. The current or
"spot" prices of the underlying physical commodities may also affect, in a
volatile and inconsistent manner, the prices of futures contracts in
respect of the relevant commodity. These factors may affect the value of
the index and the value of your Securities in varying ways.
An investment in iPath ETNs linked to the performance of a foreign
currency exchange rate is subject to risks associated with fluctuations,
particularly a decline, in the price of the applicable single foreign
currency relative to the U.S. dollar. Factors that may have the effect of
causing a decline in the price of a foreign currency include national debt
levels and trade deficits, domestic and foreign inflation rates, domestic
and foreign interest rates, and global or regional economic, financial,
political, regulatory, geographical or judicial events. Currency exchange
rates may be extremely volatile, and exposure to a single currency can lead
to significant losses.
An investment in the iPath ETNs linked to the MSCI India Total Return
Index(SM) may carry risks similar to a concentrated securities investment
in a single region. International investments may involve risk of capital
loss from unfavorable fluctuation in currency values, from differences in
generally accepted accounting principles or from economic or political
instability in other nations. Emerging markets involve heightened risks
related to the same factors as well as increased volatility and lower
trading volume. Securities focusing on a single country may be subject to
higher volatility.
"Dow Jones(R)", "AIG(R)", "Dow Jones-AIG Commodity Index(SM)", "DJ-
AIGCI(SM)", "Dow Jones-AIG Commodity Index Total Return(SM)", "Dow
Jones-AIG Agriculture Total Return Sub-Index(SM)", "Dow Jones-AIG Copper
Total Return Sub-Index(SM)", "Dow Jones-AIG Energy Total Return
Sub-Index(SM)", "Dow Jones- AIG Grains Total Return Sub-Index(SM)", "Dow
Jones-AIG Industrial Metals Total Return Sub-Index(SM)", "Dow Jones-AIG
Livestock Total Return Sub-Index(SM)", "Dow Jones-AIG Natural Gas Total
Return Sub-Index(SM)" and "Dow Jones-AIG Nickel Total Return Sub-Index(SM)"
are registered trademarks or servicemarks of Dow Jones & Company, Inc.
("Dow Jones"), and American International Group, Inc. ("AIG"), as the case
may be, and have been licensed for use for certain purposes by Barclays
Bank PLC for the Securities. The Securities based on the Dow Jones-AIG
Commodity Index Total Return(SM) are not sponsored, endorsed, sold or
promoted by Dow Jones, AIG Financial Products Corp. ("AIG-FP"), AIG, or any
of their respective subsidiaries or affiliates and none of Dow Jones,
AIG-FP, AIG, or any of their respective subsidiaries or affiliates makes
any representation regarding the advisability of investing in such
Securities.
The MSCI indexes are the exclusive property of Morgan Stanley Capital
International Inc. ("MSCI"). MSCI and the MSCI index names are service
mark(s) of MSCI or its affiliates and have been licensed for use for
certain purposes by Barclays Bank PLC. The financial securities referred to
herein are not sponsored, endorsed, or promoted by MSCI, and MSCI bears no
liability with respect to any such financial securities. The Pricing
Supplement contains a more detailed description of the limited relationship
MSCI has with Barclays Bank PLC and any related financial securities. No
purchaser, seller or holder of this product, or any other person or entity,
should use or refer to any MSCI trade name, trademark or service mark to
sponsor, endorse, market or promote this product without first contacting
MSCI to determine whether MSCI's permission is required. Under no
circumstances may any person or entity claim any affiliation with MSCI
without the prior written permission of MSCI.
"Standard & Poor's(R)", "S&P(R)", "GSCI(R)", "S&P GSCI(TM)", "S&P
GSCI(TM) Index", "S&P GSCI(TM) Total Return Index", "S&P GSCI(TM) Crude Oil
Total Return Index" and "S&P GSCI(TM) Commodity Index" are trademarks or
service marks of The McGraw-Hill Companies, Inc. and have been licensed for
use by Barclays Bank PLC in connection with the Securities. The S&P
GSCI(TM) Index, the S&P GSCI(TM) Total Return Index, the S&P GSCI(TM) Crude
Oil Total Return Index, and S&P GSCI(TM) Commodity Index are not owned,
endorsed, or approved by or associated with Goldman Sachs & Co. or its
affiliated companies. The Securities are not sponsored, endorsed, sold or
promoted by Standard & Poor's, a division of the McGraw-Hill Companies,
Inc. or any of its affiliates ("Standard & Poor's").Standard & Poor's does
not make any representation or warranty, express or implied, to the owners
of the Securities or any member of the public regarding the advisability of
investing in securities generally or in the Securities particularly or the
ability of the S&P GSCI(TM) Index or any of its subindexes to track general
commodity market performance.
iPath, iPath ETNs and the iPath logo are registered trademarks of
Barclays Bank PLC. All other trademarks, servicemarks or registered
trademarks are the property, and used with the permission, of their
respective owners. 
Edited by:
Erin Kello
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