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Rating:Barclays' ETNs to Make Jump to the Arca Not Rated 3.0 Email Routing List Email & Route  Print Print
Monday, December 17, 2007

Barclays' ETNs to Make Jump to the Arca

News summary by MFWire's editors

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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