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[Effective dates of amendments: February 1, 1988; January 1, 1990; February 13, 2007; June 13, 2016; August 1, 2016; and September 19, 2016.]

Except as provided in this Bylaw, the terms used in these Bylaws shall have the same meaning as in the Articles.

(a) The term "futures" as used in these Bylaws shall include:

    (i) option contracts granted by a person that has registered with the Commission under Section 4c(d) of the Act as a grantor of such option contracts or has notified the Commission under the Commission's rules that it is qualified to grant such option contracts;

    (ii) foreign futures and foreign options transactions made or to be made on or subject to the rules of a foreign board of trade for or on behalf of foreign futures and foreign options customers as those terms are defined in the Commission's rules;

    (iii) leverage transactions as that term is defined in the Commission's rules; and

    (iv) security futures products, as that term is defined in Section 1a(45) of the Act.

(b) The term "forex" as used in these Bylaws means foreign currency futures and options and any other agreement, contract, or transaction in foreign currency that is:

    (i) 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;

    (ii) offered to or entered into with persons that are not eligible contract participants as defined in Section 1a(18) of the Act; and

    (iii) 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).

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