A client that satisfies the following criteria shall be classified, by default, as a professional client:

  1. Entities which are required to be authorized or regulated to operate in the financial markets such as:
    • Credit institutions
    • Investment firms
    • Other authorized or regulated financial institutions
    • Insurance companies
    • Collective investment schemes and management companies of such schemes
    • Pension funds and management companies of such funds
    • Commodity and commodity derivatives dealers
    • Locals (Firms which provide investment services and/or perform investment activities consisting exclusively in dealing on own account on markets in financial futures or options or other derivatives and on cash markets for the sole purpose of hedging positions on derivatives markets or which deal for the accounts of other member of those markets or make prices for them and which are guaranteed by clearing members of the same markets, where responsibility for ensuring the performance of contracts entered into by such firms is assumed by clearing members of the same markets)
    • Other institutional investors

  2. Large undertakings meeting two of the following size requirements, on a portfolio basis:
    • Balance sheet total at least EUR 20.000.000
    • Net turnover at least EUR 40.000.000
    • Own funds at least EUR 2.000.000

  3. National and regional governments, public bodies that manage public debt, Central Banks, international and supranational institutions such as the World Bank, the IMF, the ECB, the European Investment Bank and other similar international organizations.

  4. Other institutional investors whose main activity is to invest in financial instruments, including entities dedicated to the securitization of assets or other financing transactions.

For further details please refer to Client Categorization Policy.