KeyBanc Capital Markets Disclosures
KeyBanc Capital Markets Disclosure Statement
KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member FINRA/SIPC (“KBCMI”), and KeyBank National Association (“KeyBank N.A.”), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.
A number of our corporate and institutional team members are employed by both KeyBanc Capital Markets Inc. and KeyBank N.A. These “dual employees” are licensed securities representatives of KeyBanc Capital Markets Inc., and they are there to better serve your needs, by making available both securities and banking products and services.
Further, in connection with our effort to deliver a comprehensive array of banking and securities products and services to you in a seamless manner, from time to time KeyBank N.A. and KeyBanc Capital Markets Inc. will share with each other certain non-public information that you provide to us. Of course, as always, this information will not be shared or otherwise disclosed outside of the KeyCorp organization without your express permission. Please also be assured that, as with other banks and broker-dealers, KeyBank N.A. and KeyBanc Capital Markets Inc. adhere to established internal procedures to safeguard your corporate information from areas within our organization that trade in or advise clients with respect to the purchase and sale of securities.
KEYBANC CAPITAL MARKETS INC. IS NOT A BANK AND ITS OBLIGATIONS ARE NOT OBLIGATIONS OF KEYBANK NATIONAL ASSOCIATION. KEYBANK NATIONAL ASSOCIATION IS NOT RESPONSIBLE FOR THE INVESTMENT BANKING OR SECURITIES-RELATED PRODUCTS AND SERVICES SOLD, OFFERED OR RECOMMENDED BY KEYBANC CAPITAL MARKETS INC. INVESTMENT BANKING AND SECURITIES-RELATED PRODUCTS AND SERVICES SOLD, OFFERED OR RECOMMENDED BY KEYBANC CAPITAL MARKETS INC. ARE NOT DEPOSITS OR OTHER OBLIGATIONS OF KEYBANK NATIONAL ASSOCIATION, ARE NOT GUARANTEED BY KEYBANK NATIONAL ASSOCIATION, AND ARE NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION. SECURITIES-RELATED PRODUCTS ARE SUBJECT TO INVESTMENT RISK, INCLUDING POSSIBLE LOSS OF PRINCIPAL.
Pursuant to section 240.17a-5 of the Securities Exchange Act of 1934, KeyBanc Capital Markets Inc. is required to make available to customers its annual audited financial statements. View the most recent KeyBanc Capital Markets Inc. Annual Audit Report.
KeyBanc Capital Markets Inc., through KeyCorp’s Enterprise Business Resiliency group, maintains comprehensive processes to effectively respond to an incident to achieve and sustain continuous business operations, with limited impact to the business, while being consistent with industry standards and meeting regulatory expectations. Please read our complete Business Continuity Disclosure.
Rule 605
Rule 605 requires “market centers” that trade National Market System securities to make available standardized, monthly reports containing statistical information about “covered order” executions. Rule 605 is intended to promote visibility and competition in order execution quality, particularly with respect to execution price and speed. The rule requires, among other things, that the reports be prepared in an electronic format available for downloading from an Internet website that is free and readily accessible to the public.
KeyBanc Capital Markets Inc. (“KBCM”) currently handles only ‘not held’ orders and, as a result, is not required to publish monthly reports under SEC Rule 605.
Rule 606
Under SEC Rule 606(a), KBCM is required to disclose, on a quarterly basis, the identity of the market centers to which it routes a significant percentage of its orders. KBCM is also required to disclose the nature of its relationships with such market centers, including any internalization or payment for order flow and reciprocal business arrangements.
KBCM only receives ‘not held’ orders and does not have any securities transactions in options. As a result, KBCM is not required to publish a quarterly report under SEC Rule 606(a).
Rule 606(b)(3)
Under SEC Rule 606(b)(3) KBCM will upon request of a client that places not held orders, provide specific disclosures regarding routing and execution of such orders for the prior six months.
If you would like to request this information with respect to any order you have placed, or if you have any questions regarding KBCM routing, you may email: trading_services@keybank.com.
KeyBanc Capital Markets, Inc. (“KBCM”) encourages customers to place orders for equity securities during normal market trading sessions, which run from 9:30 a.m. – 4:00 p.m. Eastern Time. In certain instances, KBCM accepts customer instructions to place limit orders for NASDAQ or listed securities prior to or after normal market hours.
KBCM’s Equity Trading Desk is staffed for extended hours from 8:00 a.m. – 9:25 a.m. and 4:05 p.m. – 5:00 p.m. Eastern Time, Monday through Friday. Orders handled in extended hours trading sessions are subject to unique risks described below, which can negatively affect execution quality. Customers should be aware of these risks prior to placing orders in the extended hours sessions.
Risk of Lower Liquidity – Liquidity refers to the ability of market participants to buy and sell securities. Generally, the more orders that are available in a market, the greater the liquidity. Liquidity is important because with greater liquidity it is easier for investors to buy or sell securities, and as a result, investors are more likely to pay or receive a competitive price for securities purchased or sold. There may be lower liquidity in extended hours trading as compared to regular trading hours. As a result, your order may only be partially executed, or not at all.
Risk of Higher Volatility – Volatility refers to the changes in price that securities undergo when trading. Generally, the higher the volatility of a security, the greater its price swings. There may be greater volatility in extended hours trading than in regular trading hours. As a result, your order may only be partially executed, or not at all, or you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours.
Risk of Changing Prices – The prices of securities traded in extended hours trading may not reflect the prices either at the end of regular trading hours, or upon the opening the next morning. As a result, you may receive an inferior price when engaging in extended hours trading than you would during regular trading hours.
Risk of Unlinked Markets – Depending on the extended hours trading system or the time of day, the prices displayed on a particular extended hours trading system may not reflect the prices in other concurrently operating extended hours trading systems dealing in the same securities. Accordingly, you may receive an inferior price in one extended hours trading system than you would in another extended hours trading system.
Risk of News Announcements – Normally, issuers make news announcements that may affect the price of their securities after regular trading hours. Similarly, important financial information is frequently announced outside of regular trading hours. In extended hours trading, these announcements may occur during trading, and if combined with lower liquidity and higher volatility, may cause an exaggerated and unsustainable effect on the price of a security.
Risk of Wider Spreads – The spread refers to the difference in price between what you can buy a security for and what you can sell it for. Lower liquidity and higher volatility in extended hours trading may result in wider than normal spreads for a particular security.
KeyBanc Capital Markets (KBCM) Inc. is a registered broker-dealer and municipal advisor with the U.S. Securities and Exchange Commission (SEC) and the Municipal Securities Rulemaking Board (MSRB). Municipal security investors and municipal advisory clients are directed to the MSRB website (www.msrb.org) for important investor/client protection information, including how to file a complaint with an appropriate regulatory authority. Please refer to the MSRB’s Investor Brochure and Municipal Advisory Client Brochure.
Please read this important information (PDF) about procedures for opening accounts at Key
Marketing & Advertising Disclosures
This article is prepared for general information purposes only. The information contained in this report has been obtained from sources deemed to be reliable but is not represented to be complete, and it should not be relied upon as such. This report does not purport to be a complete analysis of any security, issuer, or industry and is not an offer or a solicitation of an offer to buy or sell any securities.
This notice shall not constitute an offer to sell or the solicitation of an offer to buy any of these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
Copies of the prospectus may be obtained by contacting KeyBanc Capital Markets, Attention: Equity Syndication Department, 127 Public Square, 7th Floor, Cleveland, Ohio 44114 or by telephone at (800) 859-1783.
KeyBanc Capital Markets is a trade name under which the corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., member FINRA/SIPC (“KBCMI”), and KeyBank National Association ("KeyBank N.A."), are marketed. Securities products and services are offered by KeyBanc Capital Markets Inc. and by its licensed securities representatives. Banking products and services are offered by KeyBank N.A.
This report was not issued by our research department. The information contained in this report has been obtained from sources deemed to be reliable but is not represented to be complete, and it should not be relied upon as such. This report does not purport to be a complete analysis of any security, issuer, or industry and is not an offer or a solicitation of an offer to buy or sell any securities. This report is prepared for general information purposes only.
Press Releases – Please contact Laura Mimura
Specific Line of Business Disclosures
“Cain Brothers, a division of KeyBanc Capital Markets” is a trade name of KeyBanc Capital Markets Inc. Member FINRA/SIPC.
KeyBanc Capital Markets Inc. and KeyBank National Association are separate but affiliated companies. Securities products and services are offered by KeyBanc Capital Markets Inc. and its licensed securities representatives. Banking products and services are offered by KeyBank National Association.
Securities products and services: Not FDIC Insured • No Bank Guarantee • May Lose Value
KeyBanc Capital Markets Inc. is not acting as a municipal advisor or fiduciary and any opinions, views or information herein is not intended to be, and should not be construed as, advice within the meaning of Section 15B of the Securities Exchange Act of 1934.
KeyBanc Capital Markets is a trade name under which corporate and investment banking products and services of KeyCorp and its subsidiaries, KeyBanc Capital Markets Inc., Member FINRA/SIPC (“KBCMI”), and KeyBank National Association are marketed. MOSAIC is a service operated by KBCMI.
This document is for informational purposes only. The material contained herein is based on data from sources considered to be reliable; however, KeyBanc Capital Markets does not guarantee or warrant the accuracy or completeness of the information. Neither the information nor any opinion expressed constitutes an offer, or the solicitation of an offer, to buy or sell any security. This document may contain forward-looking statements, which involve risk and uncertainty. Actual results may differ significantly from the forward-looking statements. This report is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the specific needs of any person or entity.
This communication is intended solely for the use by the recipient. The recipient agrees not to forward or copy the information to any other person outside their organization without the express written consent of KeyBanc Capital Markets Inc.