CURRENCY FOREX TRADING Clause Samples

CURRENCY FOREX TRADING. Foreign currency transactions (hereinafter referred to as “Currency Forex”) are traded on the “interbank” system, and not on regulated exchanges like commodities. The interbank system consists of counterparties that exchange currency positions with each other. A counterparty may be, but need not be, a bank. For purposes of Currency Forex trading, Daily Cutoff shall mean the time selected each Business Day by PFG after which any Transaction entered into will be considered to have as its trade date the next Business Day. The Daily Cutoff will occur at a time selected solely by PFG and may vary from day to day. Business Day shall mean, with respect to the United States, any day on which banks are open for business (other than a Saturday or Sunday) in New York City, and with respect to any other country other than the United States, any day on which banks are open for business (other than a Saturday or Sunday) in the principal financial center of the relevant country.