The Financial Markets Act, 2012 Regulations distinguishes between a ‘client’ and a ‘counterparty’. 

A ‘client’ in relation to an OTC derivative provider is a person other than a counterparty, with whom an OTC derivative provider (i), executes an OTC derivative transaction; or (ii) enters into a relationship with the intention of executing OTC derivative transactions.

A ‘counterparty’ is a party acting in the capacity of an (i) OTC derivative provider, (ii) financial services provider, (ii) person conducting the business of a bank or insurance business (iii) administrator of a collective investment scheme, (iv) a private equity fund, (v) foreign entities acting in a similar capacity to the above, with whom an OTC derivative provider executes an OTC derivative transaction or enters into a relationship with the intention of executing OTC derivative transactions.

You are not a counterparty therefore; you are considered to be a client.

For clients or potential clients who would like a more in-depth analysis of client and counterparty, the definitions for and regulations applicable to client and counterparty can be found here (hyperlink).

Please note:

GT247 only trades with clients and does not allow clients to re-categorise themselves as counterparties.