Off-Exchange Transactions. In some jurisdictions, companies are permitted to effect off- exchange Transactions. In such a case, the company with which the Client is dealing may act as its counterpart's to the Transaction. It may be difficult or impossible to liquidate an existing position, to assess the value, determine a fair price or to gauge the exposure to risk. As a result, these Transactions may involve increased risks. Off-exchange Transactions may be less regulated or subject to a separate regulatory regime. Before undertaking such Transactions, the Client should familiarise itself with the applicable rules and associated risks and bear such risks. 22.9
