(*) Concession subject to the bank's discretion.
(**) If the customer contracts a transaction in another currency, he or she may incur an exchange risk. To mitigate this risk, the customer can contract a forward or exchange insurance.
The forward is subject to MifidII and Priips (EU 1286/2014), but the regulation allows forwards to be treated as a form of payment when certain conditions are met (liquidation by physical delivery, when used for the payment of identifiable goods and outside the trading center by a non-financial company). Forwards that we enter into with clients are adapted to these conditions and thus are not considered derivatives.