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Return-Path: <bounce-55382576-3408068-4412564-796868@mailchef.4dem.it> Delivered-To: info@lessi.it Received: by mail.planetcloud-host.com (Postfix, from userid 99) id 2786314584; Thu, 1 Apr 2021 21:08:30 +0200 (CEST) Authentication-Results: mail.planetcloud-host.com; dkim=pass (1024-bit key) header.d=mailchef.4dem.it header.i=@mailchef.4dem.it header.b="w0FAlbdp" X-Spam-Checker-Version: SpamAssassin 3.4.0 (2014-02-07) on mail.planetcloud-host.com X-Spam-Level: X-Spam-Status: No, score=0.0 required=5.0 tests=DKIM_SIGNED,DKIM_VALID, HTML_FONT_LOW_CONTRAST,HTML_MESSAGE,T_FILL_THIS_FORM_SHORT,T_FRT_POSSIBLE, T_KHOP_FOREIGN_CLICK,T_REMOTE_IMAGE,URIBL_BLOCKED autolearn=unavailable autolearn_force=no version=3.4.0 Received: from mx05.h.4dem.it (mx05.h.4dem.it [185.147.167.184]) (using TLSv1.2 with cipher AECDH-AES256-SHA (256/256 bits)) (No client certificate requested) by mail.planetcloud-host.com (Postfix) with ESMTPS id 6588B14569 for <info@lessi.it>; Thu, 1 Apr 2021 21:08:27 +0200 (CEST) Received: from mailrelayer.production.4dem.it (unknown [10.44.5.65]) by mx05.h.4dem.it (Postfix) with ESMTPA id E07701141F for <info@lessi.it>; Thu, 1 Apr 2021 19:08:26 +0000 (UTC) DKIM-Signature: v=1; a=rsa-sha256; c=simple/relaxed; d=mailchef.4dem.it; s=mailchef; t=1617304106; bh=MFEIw0csT3ab/hrleXRzmyXXC1AJQJbmp63zI0VekvA=; h=Date:To:From:Reply-To:Subject:List-Unsubscribe:From; b=w0FAlbdpSSexCdDPaMtO2/F+Vf9lgnB87+CDt5dZROodkQcGknVi961TVy1nOAb7u 3yD8t64XYuonfSjyPsnC5SmgSOW9Xfzc/A2cE1K5Z9CgmpXpkUcbmg2mf2Ye953O/L 5xOkOfOO9+gym42BcAy6HrAmptpgaWWHhuvwLfCU= Received: from mailchef.4dem.it (unknown [10.44.9.190]) by mailrelayer.production.4dem.it (Postfix) with ESMTP id B3CBAA000B for <info@lessi.it>; Thu, 1 Apr 2021 19:08:26 +0000 (UTC) Date: Thu, 1 Apr 2021 18:16:21 +0200 To: "info@lessi.it" <info@lessi.it> From: Martingale Risk Italia Srl <info@martingalerisk.com> Reply-To: Martingale Risk Italia Srl <info@martingalerisk.com> Subject: =?utf-8?Q?Scopri_subito_come_recuperare_da_contratto_derivato_IRS!_?= =?utf-8?Q?=F0=9F=8E=B0?= Message-ID: <51ae4a74ad2b9cb6e3d07eb9cf6de6b1@mailchef.4dem.it> X-Mailer: mailchef.4dem.it X-Complaints-To: abuse@mailchef.4dem.it List-Unsubscribe: <https://mailchef.4dem.it/u.php?p=5u8z/rs/dnu/hgm/58ki/rs>, <mailto:fbl@mailchef.4dem.it?subject=unsubscribe:5u8z-dnu-aW5mb0BsZXNzaS5pdA%3D%3D-hgm-3sa-rs-rs-RpsXFDFvAu> X-MessageID: 5u8z-dnu-aW5mb0BsZXNzaS5pdA%3D%3D-hgm-3sa-rs-rs-RpsXFDFvAu X-Report-Abuse: <https://mailchef.4dem.it/report_abuse.php?mid=5u8z-dnu-aW5mb0BsZXNzaS5pdA%3D%3D-hgm-3sa-rs-rs-RpsXFDFvAu> Feedback-ID: 3906:271483:21630:RpsXFDFvAu X-CmpID: 271483 X-UiD: 3906 X-SMTPAPI: {"unique_args":{"abuse-id":"5u8z-dnu-aW5mb0BsZXNzaS5pdA%3D%3D-hgm-3sa-rs-rs-RpsXFDFvAu"}, "category":"campaign"} MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="b1_51ae4a74ad2b9cb6e3d07eb9cf6de6b1" This is a multi-part message in MIME format. --b1_51ae4a74ad2b9cb6e3d07eb9cf6de6b1 Content-Type: text/plain; charset=utf-8 Content-Transfer-Encoding: quoted-printable =0A=0A =09=09[martingale home] [1] =0A=0A =09=09[img mrgr] [2] =0A=0ACONTR= ATTI DERIVATI INTEREST RATE SWAP (IRS): _I COSTI IMPLICITI E=0APERCH=C3= =88 =C3=88 POSSIBILE RECUPERARE._=0A=0AI CONTRATTI IRS=0A=0A=C2=A0=0A=0AI C= ONTRATTI DERIVATI IRS (Interest Rate Swap) sono strumenti=0Afinanziari in c= ui due controparti scambiano flussi di denaro per un=0Adeterminato lasso di= tempo, a intervalli stabiliti. =0A=0ALa pi=C3=B9 diffusa forma di IRS = =C3=A8 denominata _PLAIN VANILLA SWAP _e si=0Acaratterizza per il fatto che= uno dei due flussi di pagamenti =C3=A8=0Abasato su un tasso di interesse f= isso, mentre l'altro =C3=A8 indicizzato a=0Aun tasso di interesse variabile= . =0A=0ALe variazioni del tasso variabile, rispetto ai livelli ipotizzati a= l=0Amomento della conclusione del contratto, determinano il profilo di=0Ari= schio/rendimento del prodotto. In particolare, se il tasso variabile=0Arisu= lta superiore alle aspettative, chi =C3=A8 obbligato a pagare il tasso=0Afi= sso matura un profitto (in quanto, fermo restando i pagamenti a=0Atasso fis= so cui =C3=A8 obbligato, ricever=C3=A0 pagamenti a tasso variabile di=0Aimp= orto superiore a quanto previsto). Il contrario avviene se il tasso=0Avaria= bile scende.=0A=0AMolte BANCHE hanno proposto l=E2=80=99_IRS_ come lo strum= ento pi=C3=B9 immediato=0Aper la copertura del rischio dei rialzi dei tassi= . =0A=0AInfatti quando l=E2=80=99impresa teme il rialzo dei tassi, anzich= =C3=A9=0Arimborsare i finanziamenti in essere a tasso variabile (per=0Ariat= tivarli a tasso fisso), pu=C3=B2 affiancarli con gli SWAP/IRS in modo=0Ada = rimanere con un tasso variabile =E2=80=9Cprotetto=E2=80=9D. =0A=0ASempre pi= =C3=B9 spesso si =C3=A8 dimostrata la totale mancanza di finalit=C3=A0 di= =0Acopertura nei suddetti contratti, ma solamente una finalit=C3=A0 altamen= te=0Aspeculativa.=0A=0AVagliamo ora le principali criticit=C3=A0 insite nei= contratti IRS.=0A=0A=C2=A0=0A=0AIRS: LE PRINCIPALI IRREGOLARIT=C3=80=0A=0A= =C2=A0=0A=0A1) =C2=A0 =C2=A0 =C2=A0 COSTI IMPLICITI ALLA STIPULA=0A=0AUn co= ntratto IRS =C3=A8 gravato da COSTI IMPLICITI qualora al momento=0Adella st= ipula non abbia un valore iniziale pari a zero, bens=C3=AC=0Anegativo per i= l cliente, senza che a fronte di tale elemento economico=0Anegativo fosse s= tata prevista in favore del cliente una somma di pari=0Aammontare cos=C3= =AC da riequilibrare il contratto stesso.=0A=0AANCHE LA MANCATA INDICAZIONE= DEL METODO MATEMATICO UTILIZZATO PER IL=0ACALCOLO DEL _MARK TO MARKET_ (O = MTM) COMPORTA LA NULLIT=C3=80 DEI DERIVATI=0ASOTTOSCRITTI. Posto =E2=80= =93 infatti - che IL _MTM_ DEL DERIVATO PER=0ADEFINIZIONE NON PU=C3=92 ESSE= RE DETERMINATO, IN QUANTO SI TRATTA DI VALORI=0AATTESI, ESSO DEVE ESSERE QU= ANTOMENO DETERMINABILE. =0A=0A=C2=A0=0A=0A=C2=A0=0A=0A2) NOZIONALE DI RIFER= IMENTO DEL DERIVATO NON LEGATO A UN INDEBITAMENTO=0ASOTTOSTANTE:=0A=0A= =C2=A0=0A=0ANel caso in cui non sussista una correlazione tra le CARATTERIS= TICHE=0ATECNICO-FINANZIARIE DELLO STRUMENTO FINANZIARIO DERIVATO (importo d= i=0Ariferimento, parametro indicizzazione cedole periodiche, periodicit= =C3=A0=0Adei pagamenti) e le CARATTERISTICHE TECNICO-FINANZIARIE DEL PRESUN= TO=0ADEBITO OGGETTO DELLA COPERTURA...=0A=0A=C2=A0=0A=0A =09=09 LEGGI TUTTO= ... =0A=0A =09=09 [3] =0A=0A =09=09 DICONO DI NOI =0A=0ACONTATTACI=0A=0ASED= E DI ROMA - LEGALE=0A=0ALargo del Nazareno n. 15 (CAP 00187)=0A=C2=A0=0A=0A= Tel.: 06/32652828=0A=0ANumero Verde: 800/057750=0A=C2=A0=0A=0A=C2=A0=0A=0Ac= ontact@martingalerisk.com=0A=0ASEDE DI MILANO=0A=C2=A0=0A=0AVia Privata Mar= ia Teresa n. 4 (CAP 20123)=0A=C2=A0=0A=0ATel.: 02/89092280=0A=0AWhatsapp Bu= siness: 02/89092280=0A=C2=A0=0A=0Ainfo@martingalerisk.com=0A=0ASEDE DI LOND= RA=0A=C2=A0=0A=0A60 Vicarage House Ltd.=0A58-60 Kensington Church Street, L= ondon, UK=0AUK Tel: 02073683364=0A=0AChiamate dall=E2=80=99Italia Tel.: 004= 4/02073683364=0A=C2=A0=0A=0Acontact@martingalerisk.com=0A=0A =09=09[chat mr= tg] [4] =0A=0ASEGUICI SU=0A=0A =09=09 =C2=A0Facebook =0A=0A =09=09 =C2= =A0Instagram =0A=0A =09=09 =C2=A0Linkedin =0A=0A =0A=0ALinks:=0A------=0A[1= ] https://martingalerisk.com/=0A[2] https://martingalerisk.com/contratti-de= rivati-interest-rate-swap/=0A[3] https://martingalerisk.com/dicono-di-noi/= =0A[4] https://tawk.to/chat/598465e7d1385b2b2e285994/default=0A[5] https://= www.facebook.com/martingalerisk/=0A[6] https://www.instagram.com/martingale= _risk/=0A[7] https://www.linkedin.com/company/martingale-risk-ltd/=0AQuesta= email =C3=A8 stata inviata a info@lessi.it. Martingale Risk - 10408251006,= Largo del Nazareno n. 15, Roma, 00187, Lazio, Italia - angelica@martingale= risk.com - (+39) 800 057 750. Non vuoi pi=C3=B9 ricevere queste email? Clic= ca di seguito per disiscriverti: https://mailchef.4dem.it/u.php?p=3D5u8z/rs= /dnu/hgm/58ki/rs/rs. 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=0Awidth= :0px !important;=0Aheight:0px !important; =0Aoverflow: hidden !important; = =0A}=0A}=0A</style>=0A <table align=3D"center" border=3D"0" cellpadding=3D= "0" cellspacing=3D"0" height=3D"100%" width=3D"100%" bgcolor=3D"#eaeaea" s= tyle=3D"margin:0; padding:0; width:100% !important; background: #eaeaea !im= portant;">=0A <tr>=0A <td class=3D"wrap" align=3D"center" valign= =3D"top" width=3D"100%">=0A <center>=0A<!-- content -->=0A<div st= yle=3D"padding:0px">=0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D= "0" width=3D"100%">=0A<tr>=0A<td valign=3D"top" style=3D"padding:0px">=0A<= table cellpadding=3D"0" cellspacing=3D"0" width=3D"600" align=3D"center" s= tyle=3D"max-width:600px;min-width:240px;margin:0 auto" class=3D"email-root-= wrapper">=0A<tr>=0A<td valign=3D"top" style=3D"padding:0px">=0A<table cell= padding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%" class=3D"full-w= idth">=0A<tr>=0A=0A<td valign=3D"top" align=3D"center" style=3D"padding:0px= ">=0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"600" = style=3D"border:0px none" class=3D"full-width">=0A<tr>=0A=0A<td valign=3D"t= op" style=3D"padding:0px"><a =0Ahref=3D"https://mailchef.4dem.it/tts.php?p= =3D448c0f454e402d5505a275c508fa9ffe/5u8z/58ki/rs/dnu/hgm/rs/rs/rs//https%3A= %2F%2Fmartingalerisk.com%2F" target=3D"_blank" class=3D"imglink"><img =0Asr= c=3D"https://mailchef.4dem.it/app/public/file/view/3sa/79ee" width=3D"600" = height=3D"119" alt=3D"martingale home" border=3D"0" style=3D"display:block= ;font-size:14px;max-width:100%;height:auto" class=3D"full-width img600x119"= /></a>=0A</td>=0A</tr>=0A</table>=0A=0A</td>=0A</tr>=0A</table>=0A</td>= =0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A=0A<table cellpadding=3D"0= " cellspacing=3D"0" border=3D"0" width=3D"100%">=0A<tr>=0A<td valign=3D"top= " style=3D"padding:0px">=0A<table cellpadding=3D"0" cellspacing=3D"0" widt= h=3D"600" align=3D"center" style=3D"max-width:600px;min-width:240px;margin= :0 auto" class=3D"email-root-wrapper">=0A<tr>=0A<td valign=3D"top" style= =3D"padding:0px">=0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0"= width=3D"100%" class=3D"full-width">=0A<tr>=0A=0A<td valign=3D"top" align= =3D"center" style=3D"padding-top:11px">=0A<table cellpadding=3D"0" cellspac= ing=3D"0" border=3D"0" width=3D"600" bgcolor=3D"#1f29bf" style=3D"border:0p= x none;background-color:#1f29bf" class=3D"full-width">=0A<tr>=0A=0A<td vali= gn=3D"top" style=3D"padding:0px"><a =0Ahref=3D"https://mailchef.4dem.it/tts= .php?p=3Db5350541b57f5666299196a21308b6a5/5u8z/58ki/rs/dnu/hgm/rs/rs/rs//ht= tps%3A%2F%2Fmartingalerisk.com%2Fcontratti-derivati-interest-rate-swap%2F" = target=3D"_blank" class=3D"imglink"><img =0Asrc=3D"https://mailchef.4dem.it= /app/public/file/view/3sa/7xsg" width=3D"600" height=3D"206" alt=3D"img mrg= r" border=3D"0" style=3D"display:block;font-size:14px;max-width:100%;heigh= t:auto" class=3D"full-width img600x206" /></a>=0A</td>=0A</tr>=0A</table>= =0A=0A</td>=0A</tr>=0A</table>=0A=0A<table cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%">=0A<tr>=0A<td valign=3D"top" style=3D"padd= ing-top:22px;padding-right:5px;padding-bottom:16px;padding-left:5px"><div = style=3D"text-align:left;font-family:arial;font-size:14px;color:#000000;lin= e-height:14px;mso-line-height:exactly"><p style=3D"padding: 0; margin: 0;te= xt-align: center;"><span style=3D"line-height:2;"><strong><span style=3D"fo= nt-size:28px;">CONTRATTI <span style=3D"color:#e10707;">DERIVATI</span> INT= EREST RATE SWAP (IRS): </span></strong></span><span style=3D"line-height: 2= ; font-size: 28px;"><strong><em>I COSTI IMPLICITI E PERCH=C3=88 =C3=88 POSS= IBILE RECUPERARE.</em></strong></span></p></div></td>=0A</tr>=0A</table>=0A= </td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A=0A<table cellpadding= =3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%">=0A<tr>=0A<td valign= =3D"top" style=3D"padding:0px">=0A<table cellpadding=3D"0" cellspacing=3D"= 0" width=3D"600" align=3D"center" style=3D"max-width:600px;min-width:240px= ;margin:0 auto" class=3D"email-root-wrapper">=0A<tr>=0A<td valign=3D"top" = style=3D"padding:0px">=0A<table cellpadding=3D"0" cellspacing=3D"0" border= =3D"0" width=3D"100%" style=3D"border:0px none">=0A<tr>=0A=0A<td valign=3D"= top" style=3D"padding:5px">=0A<table cellpadding=3D"0" cellspacing=3D"0" wi= dth=3D"100%">=0A<tr>=0A<td style=3D"padding:0px">=0A<table cellpadding=3D"= 0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"border:0px none">= =0A<tr>=0A=0A<td valign=3D"top" style=3D"padding:5px">=0A<table cellpadding= =3D"0" cellspacing=3D"0" width=3D"100%">=0A<tr>=0A<td style=3D"padding:0px= ">=0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%"= >=0A<tr>=0A<td valign=3D"top" style=3D"padding-top:15px;padding-right:5px;= padding-bottom:5px;padding-left:5px"><div style=3D"text-align:left;font-fa= mily:arial;font-size:14px;color:#000000;line-height:14px;mso-line-height:ex= actly"><p style=3D"padding: 0; margin: 0;text-align: justify;"><span style= =3D"font-size:24px;"><b><span style=3D"line-height: 107%; font-family: Gara= mond, serif;"><span class=3D"mso-font-fix-arial">I CONTRATTI IRS</span></sp= an></b></span></p><p style=3D"padding: 0; margin: 0;text-align:justify">&nb= sp;</p><p style=3D"padding: 0; margin: 0;text-align:justify"><span style=3D= "line-height: 2; font-size: 24px; font-family: Garamond, serif;"><span clas= s=3D"mso-font-fix-arial">I </span><span class=3D"mso-font-fix-arial"><b>con= tratti <span style=3D"color:#e10707;">derivati</span> IRS</b></span><span= =0Aclass=3D"mso-font-fix-arial"> (Interest Rate Swap) sono strumenti finanz= iari in cui due controparti scambiano flussi di denaro per un determinato l= asso di tempo, a intervalli stabiliti. </span></span></p><p style=3D"paddin= g: 0; margin: 0;text-align:justify"><span style=3D"line-height: 2; font-siz= e: 24px; font-family: Garamond, serif;"><span class=3D"mso-font-fix-arial">= La pi=C3=B9 diffusa forma di </span><span class=3D"mso-font-fix-arial"><b>I= RS</b></span><span class=3D"mso-font-fix-arial"> =C3=A8 denominata </span><= span class=3D"mso-font-fix-arial"><b><i>plain vanilla swap </i></b></span><= span class=3D"mso-font-fix-arial">e si caratterizza per il fatto che uno de= i due flussi di pagamenti =C3=A8 basato su un tasso di interesse fisso, men= tre l'altro =C3=A8 indicizzato a un tasso di interesse variabile. </span></= span></p><p=0Astyle=3D"padding: 0; margin: 0;text-align:justify"><span styl= e=3D"line-height: 2; font-size: 24px; font-family: Garamond, serif;"><span = class=3D"mso-font-fix-arial">Le variazioni del tasso variabile, rispetto ai= livelli ipotizzati al momento della conclusione del contratto, determinano= il profilo di rischio/rendimento del prodotto. In particolare, se il tasso= variabile risulta superiore alle aspettative, chi =C3=A8 obbligato a pagar= e il tasso fisso matura un profitto (in quanto, fermo restando i pagamenti = a tasso fisso cui =C3=A8 obbligato, ricever=C3=A0 pagamenti a tasso variabi= le di importo superiore a quanto previsto). Il contrario avviene se il tass= o variabile scende.</span></span></p><p style=3D"padding: 0; margin: 0;text= -align:justify"><span=0Astyle=3D"line-height: 2; font-size: 24px; font-fami= ly: Garamond, serif;"><span class=3D"mso-font-fix-arial">Molte </span><span= class=3D"mso-font-fix-arial"><b>banche</b></span><span class=3D"mso-font-f= ix-arial"> hanno proposto l=E2=80=99</span><span class=3D"mso-font-fix-aria= l"><b><i>IRS</i></b></span><span class=3D"mso-font-fix-arial"> come lo stru= mento pi=C3=B9 immediato per la copertura del rischio dei rialzi dei tassi.= </span></span></p><p style=3D"padding: 0; margin: 0;text-align:justify"><s= pan style=3D"line-height: 2; font-size: 24px; font-family: Garamond, serif;= "><span class=3D"mso-font-fix-arial">Infatti quando l=E2=80=99impresa teme = il rialzo dei tassi, anzich=C3=A9 rimborsare i finanziamenti in essere a ta= sso variabile (per riattivarli a tasso fisso), pu=C3=B2 affiancarli con gli= </span><span=0Aclass=3D"mso-font-fix-arial"><b>swap/irs</b></span><span cl= ass=3D"mso-font-fix-arial"> in modo da rimanere con un tasso variabile = =E2=80=9Cprotetto=E2=80=9D. </span></span></p><p style=3D"padding: 0; margi= n: 0;text-align:justify"><span style=3D"line-height: 2; font-size: 24px; fo= nt-family: Garamond, serif;"><span class=3D"mso-font-fix-arial">Sempre pi= =C3=B9 spesso si =C3=A8 dimostrata la totale mancanza di finalit=C3=A0 di c= opertura nei suddetti contratti, ma solamente una finalit=C3=A0 altamente s= peculativa.</span></span></p><p style=3D"padding: 0; margin: 0;text-align:j= ustify"><span style=3D"line-height: 2; font-size: 24px; font-family: Garamo= nd, serif;"><span class=3D"mso-font-fix-arial">Vagliamo ora le principali c= riticit=C3=A0 insite nei contratti </span><span class=3D"mso-font-fix-arial= "><b>IRS</b></span><span=0Aclass=3D"mso-font-fix-arial">.</span></span></p>= <p style=3D"padding: 0; margin: 0;text-align:justify"> </p><p style=3D= "padding: 0; margin: 0;text-align:justify"><span style=3D"font-size: 24px; = line-height: 2;"><b><span style=3D"font-family: Garamond, serif;"><span cla= ss=3D"mso-font-fix-arial">IRS: LE PRINCIPALI IRREGOLARIT=C3=80</span></span= ></b></span></p><p style=3D"padding: 0; margin: 0;text-align:justify"> = ;</p><p style=3D"padding: 0; margin: 0;text-align:justify"><span style=3D"f= ont-size: 24px; line-height: 2;"><b><span style=3D"font-family: Garamond, s= erif;"><span class=3D"mso-font-fix-arial">1) COSTI IMP= LICITI ALLA STIPULA</span></span></b></span></p><p style=3D"padding: 0; mar= gin: 0;text-align:justify"><span style=3D"font-size: 24px; line-height: 2;"= ><span=0Astyle=3D"font-family: Garamond, serif;"><span class=3D"mso-font-fi= x-arial">Un contratto </span></span><b><span style=3D"font-family: Garamond= , serif;"><span class=3D"mso-font-fix-arial">IRS</span></span></b><span sty= le=3D"font-family: Garamond, serif;"><span class=3D"mso-font-fix-arial"> = =C3=A8 gravato da </span></span><b><span style=3D"font-family: Garamond, se= rif;"><span class=3D"mso-font-fix-arial">costi impliciti</span></span></b><= span style=3D"font-family: Garamond, serif;"><span class=3D"mso-font-fix-ar= ial"> qualora al momento della stipula non abbia un valore iniziale pari a = zero, bens=C3=AC negativo per il cliente, senza che a fronte di tale elemen= to economico negativo fosse stata prevista in favore del cliente una somma = di pari ammontare cos=C3=AC da riequilibrare il contratto stesso.</span></s= pan></span></p><p=0Astyle=3D"padding: 0; margin: 0;margin-bottom:0cm; text-= align:justify"><span style=3D"font-size: 24px; line-height: 2;"><b><span st= yle=3D"font-family: Garamond, serif;"><span class=3D"mso-font-fix-arial">An= che la mancata indicazione del metodo matematico utilizzato per il calcolo = del </span><span class=3D"mso-font-fix-arial"><i>Mark to Market</i></span><= span class=3D"mso-font-fix-arial"> (o MTM) comporta la nullit=C3=A0 dei der= ivati sottoscritti</span></span></b><span style=3D"font-family: Garamond, s= erif;"><span class=3D"mso-font-fix-arial">. Posto =E2=80=93 infatti - che <= /span><span class=3D"mso-font-fix-arial"><b>il <i>MTM</i> del Derivato per = definizione non pu=C3=B2 essere determinato, in quanto si tratta di valori = attesi, esso deve essere quantomeno determinabile</b></span><span=0Aclass= =3D"mso-font-fix-arial">. </span></span></span></p><p style=3D"padding: 0; = margin: 0;margin-bottom:0cm; text-align:justify"> </p><p style=3D"padd= ing: 0; margin: 0;text-align:justify"> </p><p style=3D"padding: 0; mar= gin: 0;text-align:justify"><span style=3D"font-size: 24px; line-height: 2;"= ><b><span style=3D"font-family: Garamond, serif; color: rgb(0, 0, 0);"><spa= n class=3D"mso-font-fix-arial">2) NOZIONALE DI RIFERIMENTO DEL DERIVATO NON= LEGATO A UN INDEBITAMENTO SOTTOSTANTE:</span></span></b></span></p><p styl= e=3D"padding: 0; margin: 0;text-align:justify"> </p><p style=3D"paddin= g: 0; margin: 0;text-align:justify"><span style=3D"font-size: 24px; line-he= ight: 107%;"><span style=3D"line-height: 2;">Nel caso in cui non sussista u= na correlazione tra le </span><b><span=0Astyle=3D"line-height: 2;">caratter= istiche tecnico-</span><span style=3D"line-height: 2;">finanziarie dello st= rumento finanziario derivato</span></b><span style=3D"line-height: 2;"> (im= porto di riferimento, parametro indicizzazione cedole periodiche, periodici= t=C3=A0 dei pagamenti) e le <b>caratteristiche tecnico-finanziarie del pres= unto debito oggetto della copertura</b>...</span></span></p><p style=3D"pad= ding: 0; margin: 0;text-align: justify;"> </p></div></td>=0A</tr>=0A</= table>=0A</td>=0A</tr>=0A</table>=0A=0A</td>=0A</tr>=0A</table>=0A</td>=0A<= /tr>=0A</table>=0A=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A= </td>=0A</tr>=0A</table>=0A=0A<table cellpadding=3D"0" cellspacing=3D"0" bo= rder=3D"0" width=3D"100%">=0A<tr>=0A<td valign=3D"top" style=3D"padding:0p= x">=0A<table cellpadding=3D"0" cellspacing=3D"0" width=3D"600" align=3D"cen= ter" style=3D"max-width:600px;min-width:240px;margin:0 auto" 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#e62121;border-radius:12px;border-collapse:separa= te !important;background-color:#e62121" class=3D"full-width">=0A<tr>=0A=0A<= td align=3D"center" style=3D"padding-top:10px;padding-right:5px;padding-bot= tom:10px;padding-left:5px" width=3D"162">=0A<span style=3D"color:#ffffff !i= mportant;font-style:normal;font-family:Times New Roman;font-size:14px;mso-l= ine-height:exactly;font-weight:normal;line-height:14px">=0A<font color=3D"#= ffffff">=0A<span style=3D"font-family:Arial"><strong>LEGGI</strong> <strong= >TUTTO...</strong></span>=0A</font>=0A</span>=0A</td>=0A</tr>=0A</table>=0A= =0A</a>=0A<!--[if !true]></div><![endif]--><!--<![endif]-->=0A<!--[if mso]>= =0A=0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" bgcolor=3D"#e= 62121" style=3D"border:3px solid #e62121;border-radius:12px;border-collapse= :separate !important;background-color:#e62121">=0A<tr>=0A=0A<td align=3D"ce= nter" style=3D"padding-top:10px;padding-right:5px;padding-bottom:10px;paddi= ng-left:5px" width=3D"162">=0A<a href=3D"https://mailchef.4dem.it/tts.php?p= =3Db5350541b57f5666299196a21308b6a5/5u8z/58ki/rs/dnu/hgm/rs/rs/rs//https%3A= %2F%2Fmartingalerisk.com%2Fcontratti-derivati-interest-rate-swap%2F" target= =3D"_blank" style=3D"color:#ffffff !important;font-style:normal;font-family= :Times New Roman;font-size:14px;mso-line-height:exactly;font-weight:normal;= line-height:14px;text-decoration:none;text-align:center;">=0A=0A<span style= =3D"color:#ffffff !important;font-style:normal;font-family:Times New Roman;= font-size:14px;mso-line-height:exactly;font-weight:normal;line-height:14px"= >=0A<font color=3D"#ffffff">=0A<span style=3D"font-family:Arial"><strong>LE= GGI</strong> <strong>TUTTO...</strong></span>=0A</font>=0A</span>=0A</a>=0A= </td>=0A</tr>=0A</table>=0A=0A<![endif]-->=0A</td>=0A</tr>=0A</table>=0A=0A= <table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%">=0A<= tr>=0A=0A<td valign=3D"top" style=3D"padding:10px">=0A<table cellpadding=3D= "0" cellspacing=3D"0" width=3D"100%">=0A<tr>=0A<td style=3D"padding:0px">= =0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%" s= tyle=3D"border-top:2px solid #000000">=0A<tr>=0A=0A<td valign=3D"top">=0A<t= able cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">=0A<tr>=0A<td styl= e=3D"padding:0px"></td>=0A</tr>=0A</table>=0A=0A</td>=0A</tr>=0A</table>=0A= </td>=0A</tr>=0A</table>=0A=0A</td>=0A</tr>=0A</table>=0A=0A<table cellpadd= ing=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"border:0px= none">=0A<tr>=0A=0A<td valign=3D"top" style=3D"padding:5px">=0A<table cell= padding=3D"0" cellspacing=3D"0" width=3D"100%">=0A<tr>=0A<td style=3D"padd= ing:0px">=0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width= =3D"100%" class=3D"full-width">=0A<tr>=0A=0A<td valign=3D"top" align=3D"cen= ter" style=3D"padding:0px">=0A<table cellpadding=3D"0" cellspacing=3D"0" bo= rder=3D"0" width=3D"580" style=3D"border:0px none" class=3D"full-width">=0A= <tr>=0A=0A<td valign=3D"top" style=3D"padding:0px"><a =0Ahref=3D"https://ma= ilchef.4dem.it/tts.php?p=3D7b1391c4026563023a6a0db196da6c60/5u8z/58ki/rs/dn= u/hgm/rs/rs/rs//https%3A%2F%2Fmartingalerisk.com%2Fdicono-di-noi%2F" target= =3D"_blank" class=3D"imglink"><img =0Asrc=3D"https://mailchef.4dem.it/app/p= ublic/file/view/3sa/7d3p" width=3D"580" height=3D"83" alt=3D"" border=3D"0"= style=3D"display:block;max-width:100%;height:auto" class=3D"full-width im= g580x83" /></a>=0A</td>=0A</tr>=0A</table>=0A=0A</td>=0A</tr>=0A</table>= =0A</td>=0A</tr>=0A</table>=0A=0A</td>=0A</tr>=0A</table>=0A=0A<table cellp= adding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"border:= 0px none">=0A<tr>=0A=0A<td valign=3D"top" style=3D"padding:5px">=0A<table c= ellpadding=3D"0" cellspacing=3D"0" width=3D"100%">=0A<tr>=0A<td style=3D"p= adding:0px">=0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" widt= h=3D"100%">=0A<tr>=0A=0A<td valign=3D"top" align=3D"center" style=3D"paddin= g:0px">=0A<!--[if !true]><div style=3D"display:none;"><![endif]--><!--[if != mso]><!-- -->=0A<a href=3D"https://mailchef.4dem.it/tts.php?p=3D7b1391c4026= 563023a6a0db196da6c60/5u8z/58ki/rs/dnu/hgm/rs/rs/rs//https%3A%2F%2Fmartinga= lerisk.com%2Fdicono-di-noi%2F" target=3D"_blank" style=3D"display:inline-bl= ock;text-decoration:none">=0A=0A<table cellpadding=3D"0" cellspacing=3D"0" = border=3D"0" bgcolor=3D"#ffffff" style=3D"border:3px solid #000000;backgrou= nd-color:#ffffff" class=3D"full-width">=0A<tr>=0A=0A<td align=3D"center" st= yle=3D"padding-top:10px;padding-right:5px;padding-bottom:10px;padding-left:= 5px" width=3D"263">=0A<span style=3D"color:#000000 !important;font-style:no= rmal;font-family:arial;font-size:14px;mso-line-height:exactly;font-weight:n= ormal;line-height:14px">=0A<font color=3D"#000000">=0A<strong>DICONO DI NOI= </strong>=0A</font>=0A</span>=0A</td>=0A</tr>=0A</table>=0A=0A</a>=0A<!--[i= f !true]></div><![endif]--><!--<![endif]-->=0A<!--[if mso]>=0A=0A<table cel= lpadding=3D"0" cellspacing=3D"0" border=3D"0" bgcolor=3D"#ffffff" style=3D"= border:3px solid #000000;background-color:#ffffff">=0A<tr>=0A=0A<td align= =3D"center" style=3D"padding-top:10px;padding-right:5px;padding-bottom:10px= ;padding-left:5px" width=3D"263">=0A<a href=3D"https://mailchef.4dem.it/tts= .php?p=3D7b1391c4026563023a6a0db196da6c60/5u8z/58ki/rs/dnu/hgm/rs/rs/rs//ht= tps%3A%2F%2Fmartingalerisk.com%2Fdicono-di-noi%2F" target=3D"_blank" style= =3D"color:#000000 !important;font-style:normal;font-family:arial;font-size:= 14px;mso-line-height:exactly;font-weight:normal;line-height:14px;text-decor= ation:none;text-align:center;">=0A=0A<span style=3D"color:#000000 !importan= t;font-style:normal;font-family:arial;font-size:14px;mso-line-height:exactl= y;font-weight:normal;line-height:14px">=0A<font color=3D"#000000">=0A<stron= g>DICONO DI NOI</strong>=0A</font>=0A</span>=0A</a>=0A</td>=0A</tr>=0A</tab= le>=0A=0A<![endif]-->=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>= =0A=0A</td>=0A</tr>=0A</table>=0A=0A<table cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%">=0A<tr>=0A=0A<td valign=3D"top" style=3D"pa= dding:10px">=0A<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">= =0A<tr>=0A<td style=3D"padding:0px">=0A<table cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%" style=3D"border-top:2px solid #555555">= =0A<tr>=0A=0A<td valign=3D"top">=0A<table cellpadding=3D"0" cellspacing=3D"= 0" width=3D"100%">=0A<tr>=0A<td style=3D"padding:0px"></td>=0A</tr>=0A</ta= ble>=0A=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A=0A</td>=0A= </tr>=0A</table>=0A=0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D"= 0" width=3D"100%" style=3D"border:0px none">=0A<tr>=0A=0A<td valign=3D"top"= style=3D"padding:5px">=0A<table cellpadding=3D"0" cellspacing=3D"0" width= =3D"100%">=0A<tr>=0A<td style=3D"padding:0px">=0A<table cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" width=3D"100%">=0A<tr>=0A<td valign=3D"top" = style=3D"padding:5px"><div style=3D"text-align:left;font-family:arial;fon= t-size:14px;color:#000000;line-height:14px;mso-line-height:exactly"><p styl= e=3D"padding: 0; margin: 0;text-align: center;"><span style=3D"font-size:20= px;"><strong>CONTATTACI</strong></span></p></div></td>=0A</tr>=0A</table>= =0A</td>=0A</tr>=0A</table>=0A=0A</td>=0A</tr>=0A</table>=0A=0A<table cellp= adding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"border:= 0px none">=0A<tr>=0A=0A<td valign=3D"top" style=3D"padding:5px">=0A<table c= ellpadding=3D"0" cellspacing=3D"0" width=3D"100%">=0A<tr>=0A<td style=3D"p= adding:0px">=0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" widt= h=3D"100%" style=3D"border:0px none">=0A<tr>=0A=0A<td valign=3D"top" style= =3D"padding:5px">=0A<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100= %">=0A<tr>=0A<td style=3D"padding:0px">=0A<table cellpadding=3D"0" cellspa= cing=3D"0" border=3D"0" width=3D"100%" style=3D"border:0px none">=0A<tr>=0A= =0A<td valign=3D"top" style=3D"padding:5px">=0A<table cellpadding=3D"0" cel= lspacing=3D"0" width=3D"100%">=0A<tr>=0A<td style=3D"padding:0px">=0A<tabl= e cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"= border:0px none">=0A<tr>=0A=0A<td valign=3D"top" style=3D"padding:5px">=0A<= table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">=0A<tr>=0A<td sty= le=3D"padding:0px" class=3D"pattern">=0A<table cellpadding=3D"0" cellspacin= g=3D"0" border=3D"0" width=3D"100%">=0A<tr>=0A<td valign=3D"top" style=3D"= padding:0;mso-cellspacing:0in">=0A<table cellpadding=3D"0" cellspacing=3D"0= " border=3D"0" align=3D"left" width=3D"183" id=3D"c183p33r" style=3D"float= :left" class=3D"c183p33r">=0A<tr>=0A<td valign=3D"top" style=3D"padding:0p= x">=0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%= ">=0A<tr>=0A<td valign=3D"top" style=3D"padding:5px"><div style=3D"text-a= lign:left;font-family:arial;font-size:14px;color:#000000;line-height:14px;m= so-line-height:exactly"><p style=3D"padding: 0; margin: 0;text-align: cente= r;"><span style=3D"color: rgb(0, 0, 0); font-size: 12px;"><strong>SEDE DI R= OMA - LEGALE</strong><br><br>Largo del Nazareno n. 15 (CAP 00187)</span><br= > </p><p style=3D"padding: 0; margin: 0;text-align: center;"><span sty= le=3D"color: rgb(0, 0, 0); font-size: 12px;">Tel.: 06/32652828</span></p><p= style=3D"padding: 0; margin: 0;text-align: center;"><span style=3D"color: = rgb(0, 0, 0); font-size: 12px;">Numero Verde: 800/057750</span><br> </= p><p style=3D"padding: 0; margin: 0;text-align: center;"> </p><p style= =3D"padding: 0; margin: 0;text-align: center;"><span=0Astyle=3D"color: rgb(= 0, 0, 0); font-size: 12px;">contact@martingalerisk.com</span></p></div></td= >=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A<!--[if gte mso 9]></td><= td valign=3D"top" style=3D"padding:0;"><![endif]-->=0A=0A<table cellpadding= =3D"0" cellspacing=3D"0" border=3D"0" align=3D"left" width=3D"183" id=3D"c1= 83p33r" style=3D"float:left" class=3D"c183p33r">=0A<tr>=0A<td valign=3D"to= p" style=3D"padding:0px">=0A<table cellpadding=3D"0" cellspacing=3D"0" bor= der=3D"0" width=3D"100%">=0A<tr>=0A<td valign=3D"top" style=3D"padding:5px= "><div style=3D"text-align:left;font-family:arial;font-size:14px;color:#00= 0000;line-height:14px;mso-line-height:exactly"><p style=3D"padding: 0; marg= in: 0;text-align: center;"><span style=3D"color: rgb(0, 0, 0); font-size: 1= 2px;"><strong>SEDE DI MILANO</strong></span><br> </p><p style=3D"paddi= ng: 0; margin: 0;text-align: center;"><span style=3D"color: rgb(0, 0, 0); f= ont-size: 12px;">Via Privata Maria Teresa n. 4 (CAP 20123)</span><br> = </p><p style=3D"padding: 0; margin: 0;text-align: center;"><span style=3D"c= olor: rgb(0, 0, 0); font-size: 12px;">Tel.: 02/89092280</span></p><p style= =3D"padding: 0; margin: 0;text-align: center;"><span style=3D"color: rgb(0,= 0, 0); font-size: 12px;">Whatsapp Business: 02/89092280</span><br> </= p><p=0Astyle=3D"padding: 0; margin: 0;text-align: center;"><span style=3D"c= olor: rgb(0, 0, 0); font-size: 12px;">info@martingalerisk.com</span></p></d= iv></td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A<!--[if gte mso 9]= ></td><td valign=3D"top" style=3D"padding:0;"><![endif]-->=0A=0A<table cell= padding=3D"0" cellspacing=3D"0" border=3D"0" align=3D"left" width=3D"183" i= d=3D"c183p33r" style=3D"float:left" class=3D"c183p33r">=0A<tr>=0A<td valig= n=3D"top" style=3D"padding:0px">=0A<table cellpadding=3D"0" cellspacing=3D= "0" border=3D"0" width=3D"100%">=0A<tr>=0A<td valign=3D"top" style=3D"padd= ing:5px"><div style=3D"text-align:left;font-family:arial;font-size:14px;co= lor:#000000;line-height:14px;mso-line-height:exactly"><p style=3D"padding: = 0; margin: 0;text-align: center;"><span style=3D"color: rgb(0, 0, 0); font-= size: 12px;"><strong>SEDE DI LONDRA</strong></span><br> </p><p style= =3D"padding: 0; margin: 0;text-align: center;"><span style=3D"color:#000000= ;"><span style=3D"font-size: 12px;">60 Vicarage House Ltd.<br>58-60 Kensing= ton Church Street, London, UK</span><br><span style=3D"font-size: 12px;">UK= Tel: 02073683364</span></span></p><p style=3D"padding: 0; margin: 0;text-a= lign: center;"><span style=3D"color: rgb(0, 0, 0); font-size: 12px;">Chiama= te dall=E2=80=99Italia Tel.: 0044/02073683364</span><br> </p><p=0Astyl= e=3D"padding: 0; margin: 0;text-align: center;"><span style=3D"color: rgb(0= , 0, 0); font-size: 12px;">contact@martingalerisk.com</span></p></div></td>= =0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>= =0A</td>=0A</tr>=0A</table>=0A=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>= =0A</table>=0A=0A</td>=0A</tr>=0A</table>=0A=0A<table cellpadding=3D"0" cel= lspacing=3D"0" border=3D"0" width=3D"100%" class=3D"full-width">=0A<tr>=0A= =0A<td valign=3D"top" align=3D"center" style=3D"padding-top:9px">=0A<table = cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"570" style=3D"bor= der:0px none" class=3D"full-width">=0A<tr>=0A=0A<td valign=3D"top" style=3D= "padding:0px"><a =0Ahref=3D"https://mailchef.4dem.it/tts.php?p=3Dda0443aaa9= 1b5182c8166c48da402aec/5u8z/58ki/rs/dnu/hgm/rs/rs/rs//https%3A%2F%2Ftawk.to= %2Fchat%2F598465e7d1385b2b2e285994%2Fdefault" target=3D"_blank" class=3D"im= glink"><img =0Asrc=3D"https://mailchef.4dem.it/app/public/file/view/3sa/7b4= 7" width=3D"570" height=3D"155" alt=3D"chat mrtg" border=3D"0" style=3D"di= splay:block;font-size:14px;max-width:100%;height:auto" class=3D"full-width = img570x155" /></a>=0A</td>=0A</tr>=0A</table>=0A=0A</td>=0A</tr>=0A</table= >=0A=0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100= %">=0A<tr>=0A=0A<td valign=3D"top" style=3D"padding:10px">=0A<table cellpad= ding=3D"0" cellspacing=3D"0" width=3D"100%">=0A<tr>=0A<td style=3D"padding= :0px">=0A<table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"1= 00%" style=3D"border-top:2px solid #555555">=0A<tr>=0A=0A<td valign=3D"top"= >=0A<table cellpadding=3D"0" cellspacing=3D"0" width=3D"100%">=0A<tr>=0A<td= style=3D"padding:0px"></td>=0A</tr>=0A</table>=0A=0A</td>=0A</tr>=0A</tab= le>=0A</td>=0A</tr>=0A</table>=0A=0A</td>=0A</tr>=0A</table>=0A=0A<table ce= llpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%">=0A<tr>=0A<td= valign=3D"top" style=3D"padding-top:15px;padding-right:5px;padding-bottom= :5px;padding-left:5px"><div style=3D"text-align:left;font-family:arial;fon= t-size:14px;color:#000000;line-height:14px;mso-line-height:exactly"><p styl= e=3D"padding: 0; margin: 0;text-align: center;"><span style=3D"font-size: 2= 0px;"><b>SEGUICI SU</b></span></p></div></td>=0A</tr>=0A</table>=0A=0A<tabl= e cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%">=0A<tr>= =0A=0A<td valign=3D"top" style=3D"padding:5px">=0A<table cellpadding=3D"0" = cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"border:0px none">=0A= <tr>=0A=0A<td valign=3D"top" style=3D"padding:5px">=0A<table cellpadding=3D= "0" 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padding:0; width:100% !important;">=0A <tr>=0A <td = class=3D"wrap" align=3D"center" valign=3D"top" width=3D"100%">=0A <cen= ter>=0A <!-- content -->=0A <div style=3D"padding:0px">=0A = <table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"10= 0%">=0A <tr>=0A <td valign=3D"top" style=3D"paddin= g:0px">=0A <table cellpadding=3D"0" cellspacing=3D"0" width= =3D"600" align=3D"center" style=3D"max-width:600px;min-width:240px;margin:= 0 auto" class=3D"email-root-wrapper">=0A <tr>=0A = <td valign=3D"top" style=3D"padding:0px">=0A = <table cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%">= =0A <tr>=0A=0A <td valign= =3D"top" style=3D"padding:5px">=0A <table cellpa= dding=3D"0" cellspacing=3D"0" width=3D"100%">=0A = <tr>=0A <td style=3D"padding:0px">=0A = <table cellpadding=3D"0" cellspacing=3D"0" b= order=3D"0" width=3D"100%">=0A <tr>=0A= =0A <td valign=3D"top" style=3D"paddin= g-top:10px;padding-right:10px;padding-bottom:5px;padding-left:10px">=0A = <table cellpadding=3D"0" cellspacing=3D= "0" width=3D"100%">=0A <tr>=0A = <td style=3D"padding:0px">=0A = <table cellpadding=3D"0" cellspaci= ng=3D"0" border=3D"0" width=3D"100%" style=3D"border-top:1px solid #808080"= >=0A <tr>=0A=0A = <td valign=3D"top">=0A = <table cellpadding=3D"0" cellspacing=3D= "0" width=3D"100%">=0A = <tr>=0A <td style= =3D"padding:0px"></td>=0A = </tr>=0A </table>=0A= =0A </td>=0A = </tr>=0A = </table>=0A </td>= =0A </tr>=0A = </table>=0A=0A </td>= =0A </tr>=0A = </table>=0A=0A <table cellpadding=3D= "0" cellspacing=3D"0" border=3D"0" width=3D"100%">=0A = <tr>=0A <td valign=3D"to= p" style=3D"padding:5px"><div style=3D"text-align:left;font-family:arial;= font-size:12px;color:#808080;line-height:18px;mso-line-height:exactly;mso-t= ext-raise:3px"><p style=3D"padding: 0; margin: 0;text-align: center;"><em>Q= uesta email =C3=A8 stata inviata a info@lessi.it</em></p><p style=3D"paddin= g: 0; margin: 0;text-align: center;"> </p><p style=3D"padding: 0; marg= in: 0;text-align: center;"><em>Martingale Risk - 10408251006</em></p><p sty= le=3D"padding: 0; margin: 0;text-align: center;"><em>Largo del Nazareno n. = 15, Roma, 00187, Lazio, Italia</em></p><p style=3D"padding: 0; margin: 0;te= xt-align: center;"><em>angelica@martingalerisk.com - (+39) 800 057 750</em>= </p></div></td>=0A </tr>=0A = </table>=0A=0A <table= cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%">=0A = <tr>=0A <= td valign=3D"top" style=3D"padding-top:5px;padding-right:5px;padding-left:= 5px"><div style=3D"text-align:left;font-family:arial;font-size:12px;color:= #808080;line-height:18px;mso-line-height:exactly;mso-text-raise:3px"><p sty= le=3D"padding: 0; margin: 0;text-align: center;">Non vuoi pi=C3=B9 ricevere= queste email? <a href=3D"https://mailchef.4dem.it/u.php?p=3D5u8z/rs/dnu/hg= m/58ki/rs/rs" style=3D"color: #404040 !important; text-decoration: underlin= e !important;" target=3D"_blank"><font style=3D" color:#404040;">Clicca qui= </font></a> per disiscriverti</p><p style=3D"padding: 0; margin: 0;text-ali= gn: center;"><span style=3D"font-size:10px;"><a href=3D"https://mailchef.4d= em.it/report_abuse.php?mid=3D5u8z-dnu-aW5mb0BsZXNzaS5pdA%3D%3D-hgm-3sa-rs" = style=3D"color: #404040 !important; text-decoration: underline !important;"= target=3D"_blank"><font style=3D" color:#404040;">Area abuse</font></a></s= pan></p></div></td>=0A </tr>=0A = </table>=0A </td>= =0A </tr>=0A </tabl= e>=0A=0A </td>=0A </tr>=0A = </table>=0A </td>=0A = </tr>=0A </table>=0A </td>=0A </t= r>=0A </table>=0A </div>=0A <!-- content end -->=0A = </center>=0A </td>=0A </tr>=0A</table>=0A</div>=0A=0A=0A<img src= =3D"https://mailchef.4dem.it/app/public/open/3sa/5u8z/58ki/dnu/hgm/rs/rs/c"= width=3D"5" height=3D"2" alt=3D"." style=3D"width:5px !important; height:2= px !important;">=0A=0A</body>=0A</html>=0A --b1_51ae4a74ad2b9cb6e3d07eb9cf6de6b1--
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