Client Classification

Retail Clients

Axi holds retail client money in segregated bank accounts, separate from our own money.

Retail clients are afforded additional protections compared to wholesale clients, such as negative balance protection. You can request confirmation of your classification as a retail or wholesale client at any time. If at any time you request to be treated as a retail client permanently, you will be classified as such and will not be subject to reclassification thereafter.

If we become insolvent, merge with another business, or cease to carry on some or all our activities, retail client money held by us will be distributed as set out below:

• Money in the segregated bank account is held in trust for the persons entitled to it, and is paid in the order set out below;
• Money that has been paid into the account in error;
• The next payment is payment to each person who is entitled to be paid money from the account;
• If the money in the account is not sufficient to be paid in accordance with the above paragraphs, the money in the account must be paid in proportion to the amount of each person’s entitlement; and
• If there is any money remaining in the account after payments are made in accordance with the above paragraphs, the remaining money is payable to us.
• If client money has been invested by us, the investment is likewise held in trust for individual clients and is distributed to each person entitled to the money in the investment.

For more information, please refer to our Retail Product Schedule.

Wholesale 

Funds held in trust on behalf of a Wholesale Client may be used by Axi to meet its obligations incurred in connection with margining, guaranteeing, securing, transferring, adjusting or settling dealings in derivatives, including dealings on behalf of other clients.

The assessment of wholesale client status comprises a financial value test, please refer to Legal Documentation / Axi AU for more information on the criteria we use to assess whether you meet our wholesale client requirements.

Wholesale clients are treated as general creditors when we suffer an Insolvency Event.

We will notify you in writing if you meet the required threshold to be classified as a wholesale client under the financial value test.

For more information, please refer to our Non-Retail Product Schedule.