{"success":true,"data":{"pressRelease":{"id":"145150","rtpr_id":"nBwcgSpzWa-20260916","ticker":"SDR","exchange":"LSE","all_tickers":["SDR"],"title":"REG-Qube Research & Technologies LTD Form 8.3","author":"Business Wire","published_at":"2026-09-16T12:11:00.108Z","article_body":"Form 8.3\n\n \n\nFORM 8.3\n\nPUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY\n\nA PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE\n\nRule 8.3 of the Takeover Code (the “Code”)\n\n1. KEY INFORMATION\n (a) Full name of discloser: Qube Research & Technologies Limited \n (b) Owner or controller of interests and short positions disclosed, if   \n different from 1(a): \n \n \n \nThe naming of nominee or vehicle companies is insufficient. For a trust, the \n trustee(s), settlor and beneficiaries must be named. \n (c) Name of offeror/offeree in relation to whose relevant securities this form Schroders plc \n relates: \n \n \n \nUse a separate form for each offeror/offeree \n (d) If an exempt fund manager connected with an offeror/offeree, state this   \n and specify identity of offeror/offeree: \n (e) Date position held/dealing undertaken: 15-09-2026 \n \n \n \nFor an opening position disclosure, state the latest practicable date prior to \n the disclosure \n (f) In addition to the company in 1(c) above, is the discloser making N/A \n disclosures in respect of any other party to the offer? \n \n \n \n  \n \nIf it is a cash offer or possible cash offer, state “N/A” \n\n\n2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE\n\nIf there are positions or rights to subscribe to disclose in more than one\nclass of relevant securities of the offeror or offeree named in 1(c), copy\ntable 2(a) or (b) (as appropriate) for each additional class of relevant\nsecurity.\n\n(a) Interests and short positions in the relevant securities of the offeror or\nofferee to which the disclosure relates following the dealing (if any)\n Class of relevant security: 20p ordinary \n \n \n \n  \n   Interests Short positions \n \n \n \n  \n Number % Number % \n (1) Relevant securities owned and/or controlled: 0 0.00 0 0.00 \n (2) Cash-settled derivatives: 24,674,669 1.53 0 0.00 \n \n \n \n  \n (3) Stock-settled derivatives (including options) and agreements to 0 0.00 0 0.00 \n purchase/sell: \n   24,674,669 1.53 0 0.00 \n \n \n \nTOTAL: \n\n\nAll interests and all short positions should be disclosed.\n\nDetails of any open stock-settled derivative positions (including traded\noptions), or agreements to purchase or sell relevant securities, should be\ngiven on a Supplemental Form 8 (Open Positions).\n\n(b) Rights to subscribe for new securities (including directors’ and other\nemployee options)\n Class of relevant security in relation to which subscription right exists: 0 \n Details, including nature of the rights concerned and relevant percentages: 0 \n\n\n3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE\n\nWhere there have been dealings in more than one class of relevant securities\nof the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as\nappropriate) for each additional class of relevant security dealt in.\n\nThe currency of all prices and other monetary amounts should be stated.\n\n(a) Purchases and sales\n Class of relevant security Purchase/sale Number of securities Price per unit (CCY0) \n \n \n \n  \n\n\n(b) Cash-settled derivative transactions\n Class of relevant security Product description Nature of dealing Number of securities Exercise price per unit (GBp) \n \n \n \n \ne.g. call option \ne.g. opening/closing a long/short position, increasing/reducing a long/short \n position \n 20p ordinary equity swap decreasing a long position 58474 585.50 \n 20p ordinary equity swap decreasing a long position 33709 585.75 \n 20p ordinary equity swap decreasing a long position 190106 586.50 \n 20p ordinary equity swap increasing a long position 41 585.50 \n 20p ordinary equity swap increasing a long position 87500 585.60 \n 20p ordinary equity swap increasing a long position 361001 585.75 \n 20p ordinary equity swap increasing a long position 210 586.00 \n 20p ordinary equity swap increasing a long position 4062 586.50 \n 20p ordinary equity swap increasing a short position 1098 585.75 \n 20p ordinary equity swap increasing a short position 30 586.00 \n\n\n(c) Stock-settled derivative transactions (including options)\n\n(i) Writing, selling, purchasing or varying\n Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit (CCY0) Type Expiry date Option money paid/ received per unit \n \n \n \n \ne.g. American, European etc. \n(CCY0) \n\n\n(ii) Exercise\n Class of relevant security Product description Exercising/ exercised against Number of securities Exercise price per unit \n \n \n \ne.g. call option \n 0 0 0 0   \n \n \n \n0 \n\n\n(d) Other dealings (including subscribing for new securities)\n Class of relevant security Nature of dealing Details Price per unit (if applicable) \n \n \n \ne.g. subscription, conversion \n 0   0 0 \n \n \n \n0 \n\n\n4. OTHER INFORMATION\n\n(a) Indemnity and other dealing arrangements\n Details of any indemnity or option arrangement, or any agreement or \n understanding, formal or informal, relating to relevant securities which may \n be an inducement to deal or refrain from dealing entered into by the person \n making the disclosure and any party to the offer or any person acting in \n concert with a party to the offer: \n \n \n \nIrrevocable commitments and letters of intent should not be included. If there \n are no such agreements, arrangements or understandings, state “none” \n   \n \n \n \nNone \n \n \n \n  \n\n\n(b) Agreements, arrangements or understandings relating to options or\nderivatives\n Details of any agreement, arrangement or understanding, formal or informal, \n between the person making the disclosure and any other person relating to: \n \n \n \n(i) the voting rights of any relevant securities under any option; or \n \n \n \n(ii) the voting rights or future acquisition or disposal of any relevant \n securities to which any derivative is referenced: \n \n \n \nIf there are no such agreements, arrangements or understandings, state \n “none” \n   \n \n \n \nNone \n \n \n \n  \n\n\n(c) Attachments\n Is a Supplemental Form 8 (Open Positions) attached? NO \n\n Date of disclosure: 16-09-2026 \n Contact name: Janice Falcao \n Telephone number: 00442033140679 \n\n\nPublic disclosures under Rule 8 of the Code must be made to a Regulatory\nInformation Service.\n\nThe Panel’s Market Surveillance Unit is available for consultation in\nrelation to the Code’s disclosure requirements on +44 (0)20 7638 0129. The\nCode can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.thetakeoverpanel.org.uk%2F&esheet=54605283&newsitemid=20260916905561&lan=en-US&anchor=www.thetakeoverpanel.org.uk&index=1&md5=7c68c281ffa3a954173badc416191594)\n.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260916905561/en/\n(https://www.businesswire.com/news/home/20260916905561/en/)\n\nQube Research & Technologies LTD\n\n\nCopyright Business Wire 2026","article_body_html":"","raw_payload":{"data":{"id":"nBwcgSpzWa-20260916","title":"REG-Qube Research & Technologies LTD Form 8.3","author":"Business Wire","ticker":"SDR","created":"2026-09-16T12:11:00.108Z","tickers":["SDR"],"exchange":"LSE","article_body":"Form 8.3\n\n \n\nFORM 8.3\n\nPUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY\n\nA PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE\n\nRule 8.3 of the Takeover Code (the “Code”)\n\n1. KEY INFORMATION\n (a) Full name of discloser: Qube Research & Technologies Limited \n (b) Owner or controller of interests and short positions disclosed, if   \n different from 1(a): \n \n \n \nThe naming of nominee or vehicle companies is insufficient. For a trust, the \n trustee(s), settlor and beneficiaries must be named. \n (c) Name of offeror/offeree in relation to whose relevant securities this form Schroders plc \n relates: \n \n \n \nUse a separate form for each offeror/offeree \n (d) If an exempt fund manager connected with an offeror/offeree, state this   \n and specify identity of offeror/offeree: \n (e) Date position held/dealing undertaken: 15-09-2026 \n \n \n \nFor an opening position disclosure, state the latest practicable date prior to \n the disclosure \n (f) In addition to the company in 1(c) above, is the discloser making N/A \n disclosures in respect of any other party to the offer? \n \n \n \n  \n \nIf it is a cash offer or possible cash offer, state “N/A” \n\n\n2. POSITIONS OF THE PERSON MAKING THE DISCLOSURE\n\nIf there are positions or rights to subscribe to disclose in more than one\nclass of relevant securities of the offeror or offeree named in 1(c), copy\ntable 2(a) or (b) (as appropriate) for each additional class of relevant\nsecurity.\n\n(a) Interests and short positions in the relevant securities of the offeror or\nofferee to which the disclosure relates following the dealing (if any)\n Class of relevant security: 20p ordinary \n \n \n \n  \n   Interests Short positions \n \n \n \n  \n Number % Number % \n (1) Relevant securities owned and/or controlled: 0 0.00 0 0.00 \n (2) Cash-settled derivatives: 24,674,669 1.53 0 0.00 \n \n \n \n  \n (3) Stock-settled derivatives (including options) and agreements to 0 0.00 0 0.00 \n purchase/sell: \n   24,674,669 1.53 0 0.00 \n \n \n \nTOTAL: \n\n\nAll interests and all short positions should be disclosed.\n\nDetails of any open stock-settled derivative positions (including traded\noptions), or agreements to purchase or sell relevant securities, should be\ngiven on a Supplemental Form 8 (Open Positions).\n\n(b) Rights to subscribe for new securities (including directors’ and other\nemployee options)\n Class of relevant security in relation to which subscription right exists: 0 \n Details, including nature of the rights concerned and relevant percentages: 0 \n\n\n3. DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE\n\nWhere there have been dealings in more than one class of relevant securities\nof the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as\nappropriate) for each additional class of relevant security dealt in.\n\nThe currency of all prices and other monetary amounts should be stated.\n\n(a) Purchases and sales\n Class of relevant security Purchase/sale Number of securities Price per unit (CCY0) \n \n \n \n  \n\n\n(b) Cash-settled derivative transactions\n Class of relevant security Product description Nature of dealing Number of securities Exercise price per unit (GBp) \n \n \n \n \ne.g. call option \ne.g. opening/closing a long/short position, increasing/reducing a long/short \n position \n 20p ordinary equity swap decreasing a long position 58474 585.50 \n 20p ordinary equity swap decreasing a long position 33709 585.75 \n 20p ordinary equity swap decreasing a long position 190106 586.50 \n 20p ordinary equity swap increasing a long position 41 585.50 \n 20p ordinary equity swap increasing a long position 87500 585.60 \n 20p ordinary equity swap increasing a long position 361001 585.75 \n 20p ordinary equity swap increasing a long position 210 586.00 \n 20p ordinary equity swap increasing a long position 4062 586.50 \n 20p ordinary equity swap increasing a short position 1098 585.75 \n 20p ordinary equity swap increasing a short position 30 586.00 \n\n\n(c) Stock-settled derivative transactions (including options)\n\n(i) Writing, selling, purchasing or varying\n Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit (CCY0) Type Expiry date Option money paid/ received per unit \n \n \n \n \ne.g. American, European etc. \n(CCY0) \n\n\n(ii) Exercise\n Class of relevant security Product description Exercising/ exercised against Number of securities Exercise price per unit \n \n \n \ne.g. call option \n 0 0 0 0   \n \n \n \n0 \n\n\n(d) Other dealings (including subscribing for new securities)\n Class of relevant security Nature of dealing Details Price per unit (if applicable) \n \n \n \ne.g. subscription, conversion \n 0   0 0 \n \n \n \n0 \n\n\n4. OTHER INFORMATION\n\n(a) Indemnity and other dealing arrangements\n Details of any indemnity or option arrangement, or any agreement or \n understanding, formal or informal, relating to relevant securities which may \n be an inducement to deal or refrain from dealing entered into by the person \n making the disclosure and any party to the offer or any person acting in \n concert with a party to the offer: \n \n \n \nIrrevocable commitments and letters of intent should not be included. If there \n are no such agreements, arrangements or understandings, state “none” \n   \n \n \n \nNone \n \n \n \n  \n\n\n(b) Agreements, arrangements or understandings relating to options or\nderivatives\n Details of any agreement, arrangement or understanding, formal or informal, \n between the person making the disclosure and any other person relating to: \n \n \n \n(i) the voting rights of any relevant securities under any option; or \n \n \n \n(ii) the voting rights or future acquisition or disposal of any relevant \n securities to which any derivative is referenced: \n \n \n \nIf there are no such agreements, arrangements or understandings, state \n “none” \n   \n \n \n \nNone \n \n \n \n  \n\n\n(c) Attachments\n Is a Supplemental Form 8 (Open Positions) attached? NO \n\n Date of disclosure: 16-09-2026 \n Contact name: Janice Falcao \n Telephone number: 00442033140679 \n\n\nPublic disclosures under Rule 8 of the Code must be made to a Regulatory\nInformation Service.\n\nThe Panel’s Market Surveillance Unit is available for consultation in\nrelation to the Code’s disclosure requirements on +44 (0)20 7638 0129. The\nCode can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk\n(https://cts.businesswire.com/ct/CT?id=smartlink&url=http%3A%2F%2Fwww.thetakeoverpanel.org.uk%2F&esheet=54605283&newsitemid=20260916905561&lan=en-US&anchor=www.thetakeoverpanel.org.uk&index=1&md5=7c68c281ffa3a954173badc416191594)\n.\n\n\n\nView source version on businesswire.com:\nhttps://www.businesswire.com/news/home/20260916905561/en/\n(https://www.businesswire.com/news/home/20260916905561/en/)\n\nQube Research & Technologies LTD\n\n\nCopyright Business Wire 2026"},"type":"article","timestamp":"2026-09-16T12:11:00.160145843Z","server_sent_at_ms":1789560660160},"received_at":"2026-09-16T12:11:00.327Z","source_url":"https://www.businesswire.com/news/home/20260916905561/en/"},"analysis":{"id":"133983","press_release_id":"145150","analysis_json":{"industry":{"label":"Asset Management","sector":"Financials"},"redFlags":["Rule 8.3 filing implies an active Takeover Code offer period involving Schroders — possible unconfirmed corporate transaction","Qube's disclosed stake is synthetic (cash-settled equity swaps), not outright share ownership","Filing does not identify an offeror or specify whether Schroders is offeror or offeree"],"eventType":"other","narrative":"Qube Research & Technologies Limited disclosed a 1.53% cash-settled derivative interest in Schroders plc — 24,674,669 share-equivalents — on a Rule 8.3 Takeover Code form dated 15 September 2026.\n\nThe form shows equity swap dealings on the day, with a net long increase of roughly 170,525 share-equivalents at prices between 585.50 and 586.50 GBp; Qube holds no outright shares and reports no short positions overall.\n\nRule 8.3 filings are required during an offer period, and the other-party field reads N/A — a designation the form reserves for cash or possible cash offers — so the filing hints at transaction activity around Schroders, though no offer details, offeror identity, or direction (offeror vs. offeree) are disclosed.","sentiment":"neutral","agentHooks":{"shouldPost":false,"suggestedAngle":"Quant fund Qube flags a 1.53% synthetic stake in Schroders amid an active Takeover Code offer period — watch for a possible offer announcement."},"keyFigures":{"customDimensions":{"position_date":"2026-09-15","disclosure_form":"Form 8.3 (Rule 8.3, UK Takeover Code)","interest_percent":"1.53%","outright_shares_owned":0,"equity_swap_price_range_gbp":"585.50-586.50","cash_settled_derivative_shares":24674669}},"namedEntities":{"people":[{"name":"Janice Falcao","role":"disclosure contact at Qube Research & Technologies"}],"products":["20p ordinary shares","equity swaps"],"companies":[{"name":"Qube Research & Technologies Limited","relationship":"discloser / hedge fund position holder"},{"name":"Schroders plc","ticker":"SDR","relationship":"subject company of the disclosure (filer)"}],"dollarAmounts":[{"amount":"585.50","context":"equity swap price per unit (GBp)"},{"amount":"585.60","context":"equity swap price per unit (GBp)"},{"amount":"585.75","context":"equity swap price per unit (GBp)"},{"amount":"586.00","context":"equity swap price per unit (GBp)"},{"amount":"586.50","context":"equity swap price per unit (GBp)"}]},"materialImpact":{"score":2,"reasoning":"This is a routine third-party Rule 8.3 Takeover Code position disclosure by hedge fund Qube Research & Technologies, not an issuer announcement. However, Rule 8.3 filings only occur during an offer period, so it signals possible offer activity around Schroders, which merits slightly above-minimal weighting."},"tickerRelevance":{"others":[],"primary":"SDR"},"globalImportance":22,"audienceRelevance":25,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"large-cap FTSE 100","eventGravity":"routine-takeover-code-position-disclosure","discloserType":"private quant hedge fund (Qube RT, no ticker)","issuerAuthored":false,"offerPeriodSignal":true}},"event_type":"other","event_type_secondary":null,"sentiment":"neutral","material_impact_score":2,"narrative":"Qube Research & Technologies Limited disclosed a 1.53% cash-settled derivative interest in Schroders plc — 24,674,669 share-equivalents — on a Rule 8.3 Takeover Code form dated 15 September 2026.\n\nThe form shows equity swap dealings on the day, with a net long increase of roughly 170,525 share-equivalents at prices between 585.50 and 586.50 GBp; Qube holds no outright shares and reports no short positions overall.\n\nRule 8.3 filings are required during an offer period, and the other-party field reads N/A — a designation the form reserves for cash or possible cash offers — so the filing hints at transaction activity around Schroders, though no offer details, offeror identity, or direction (offeror vs. offeree) are disclosed.","key_figures":{"customDimensions":{"position_date":"2026-09-15","disclosure_form":"Form 8.3 (Rule 8.3, UK Takeover Code)","interest_percent":"1.53%","outright_shares_owned":0,"equity_swap_price_range_gbp":"585.50-586.50","cash_settled_derivative_shares":24674669}},"named_entities":{"people":[{"name":"Janice Falcao","role":"disclosure contact at Qube Research & Technologies"}],"products":["20p ordinary shares","equity swaps"],"companies":[{"name":"Qube Research & Technologies Limited","relationship":"discloser / hedge fund position holder"},{"name":"Schroders plc","ticker":"SDR","relationship":"subject company of the disclosure (filer)"}],"dollarAmounts":[{"amount":"585.50","context":"equity swap price per unit (GBp)"},{"amount":"585.60","context":"equity swap price per unit (GBp)"},{"amount":"585.75","context":"equity swap price per unit (GBp)"},{"amount":"586.00","context":"equity swap price per unit (GBp)"},{"amount":"586.50","context":"equity swap price per unit (GBp)"}]},"model_name":"glm-5.3-flash","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-09-16T12:11:52.519Z","global_importance":22,"audience_relevance":25,"importance_components":{"tickerTier":"large-cap FTSE 100","eventGravity":"routine-takeover-code-position-disclosure","discloserType":"private quant hedge fund (Qube RT, no ticker)","issuerAuthored":false,"offerPeriodSignal":true}},"durationMs":52188,"modelName":"glm-5.3-flash"}}