As a Professional Client, you may lose some regulatory protections offered to Retail Clients those are described below.

• Disclosures: you may not be given any of the additional disclosures required to be provided to Retail Clients (for example on costs and charges or risk warnings).

• Appropriateness: we can assume that you have the necessary level of experience and knowledge when assessing whether a product or service is appropriate for you.

• Order execution: we are required to obtain the best possible result when executing orders for our Clients. For Retail Clients this is based on total costs whereas we can prioritise other factors when dealing for Professional Clients.

When the ESMA measures are adopted, as a Professional you would not benefit from any negative balance protections offered to Retail Clients, however we will still treat your money as Client Money and if you are a consumer you will still have access to the Financial Ombudsman Service (FOS) and the UK Financial Services Compensation Scheme (FSCS) in the unlikely event of our default.