Common use of TRANSACTIONS IN FOREIGN CURRENCIES Clause in Contracts

TRANSACTIONS IN FOREIGN CURRENCIES. 8.1 In the event that the Client directs Galaxy International Futures to enter into any contract on an Exchange or other market on which such Transactions are effected in a foreign currency, (a) any profit or loss arising as a result of fluctuation in the Exchange rate affecting such currency will be entirely for the Account and risk of the Client; (b) all initial and subsequent deposits for margin purpose shall be made in such currency in such amounts as Galaxy International Futures may at the sole discretion of Galaxy International Futures require; and (c) when such a contract is liquidated Galaxy International Futures shall debit or credit the Client’s account in the currency in which such account is denominated at an exchange rate (where the relevant contract is denominated in currency other than that of the account) determined by Galaxy International Futures at the sole discretion of Galaxy International Futures on the basis of the then prevailing money market rates of exchange between such currencies.