BYLAW 1507(b). DEFINITIONS.
[Effective dates of amendments: February 1, 1988; January 1, 1990; and February 13, 2007.]
Except as provided in this Bylaw, the terms used in these Bylaws shall have the same meaning as in the Articles.
(b) The term "forex" means:
(1) foreign currency futures and options and any other agreement, contract, or transaction in foreign currency that is offered or entered into on a leveraged or margined basis, or financed by the offeror, the counterparty, or a person acting in concert with the offeror or counterparty on a similar basis;
(2) offered to or entered into with persons that are not eligible contract participants as defined in Section 1a(12) of the Act; and
(3) not executed on or subject to the rules of a contract market, a derivatives transaction execution facility, a national securities exchange registered pursuant to Section 6(a) of the Securities Exchange Act of 1934, or a foreign board of trade.
Provided, however, that the term does not include any security that is not a security futures product, any contract of sale that results in actual delivery within two days, or any contract of sale that creates an enforceable obligation to deliver between a seller and buyer that have the ability to deliver and accept delivery, respectively, in connection with their line of business, unless the transaction involves a futures contract or an option.
Such contracts are hereby declared to be proper subjects of NFA regulation and oversight (see Article XVIII, paragraph (k)).