This Agreement does not cover the following Financial Services:
a Insurance and pension consultancy services
b Money broking
c Asset management, such as cash or portfolio management, all forms of collective investment management, pension fund management, custodial depository and trust services.
d Settlement and clearing services for financial assets, including securities, derivative products, and other negotiable instruments.
e Advisory and other auxiliary financial services on all the activities listed in subparagraphs 5(a)(v) to (xvi) in the Annex on Financial Services to the General Agreement on Trade in Services, including credit reference and analysis, investment and portfolio research and advice, advice on acquisitions and on corporate restructuring and strategy.
f Trading for own account or for account of customers, whether on an exchange, in an over-the-counter market or otherwise, the following:
i. money market instruments (cheques, bills, certificate of deposits, etc.)
ii. foreign exchange
iii. derivative products including, but not limited to, futures and options
iv. exchange rate and interest rate instruments, including products such as swaps, forward rate agreement, etc.
v. transferable securities
vi. other negotiable instruments and financial assets, including bullion