Hours:
The dealing desk is continually open between Sunday 5:00 PM New York time and Friday 4:00 PM New York time.

Mode of Dealing:
Quotations, Order Placements, and Confirmations available only via the Internet.

Order Sizes:
Trades are executed in standard sizes of 10,000 base currency. Each unit of 10,000 is called a "lot".

 U.S. Dollar/ Japanese Yen (10,000 U.S. Dollars)
 U.S. Dollar/ Swiss Franc (10,000 U.S. Dollars)
 U.S. Dollar / Canadian Dollar (10,000 U.S. Dollars)
 Euro/ U.S. Dollar (10,000 Euros)
 Euro/ Great Britain Pound (10,000 Euros)
 Euro/ Japanese Yen (10,000 Euros)
 Euro / Swiss Franc (10,000 Euros)
 Euro / Canadian Dollar (10,000 Euros)
 Euro / Australian Dollar (10,000 Euros)
 Great Britain Pound/ U.S. Dollar (10,000 Great Britain Pounds)
 Great Britain Pound/ Swiss Franc (10,000 Great Britain Pounds)
 Great Britain Pound/ Japanese Yen (10,000 Great Britain Pounds)
 Swiss Franc / Japanese Yen (10,000 Swiss Francs)
 Australian Dollar / U.S. Dollar (10,000 Australian Dollars)
 Australian Dollar / Canadian Dollar (10,000 Australian Dollars)
 Australian Dollar / Japanese Yen (10,000 Australian Dollars)
 New Zealand Dollar / U.S. Dollar (10,000 New Zealand Dollars)

Types of Orders:
Market, Entry, Stop-Loss, and Limit.

Margin:
Refco FX enables foreign exchange trading to be conducted on a highly leveraged basis. Every client is able to select the degree of leverage or gearing that the client wishes to employ in trading. Unless the client specifies otherwise, Refco FX sets the leverage level at Refco FX�s most lenient requirement. The requirements for leverage vary with account size.

-Minimum $50 in equity per open lot (0.5%)

Equity is the value of funds in the account adjusted for floating positions. One lot has an approximate market value of $10,000. A requirement of $50 in equity per open lot is, therefore, approximately equal to a maximum leverage or gearing of 200:1.

Clients are fully responsible for monitoring the activity in their accounts.

In the event that an account exceeds its maximum allowable leverage, the dealer has the right and will liquidate all positions in the account. This liquidation of all positions will occur, regardless of the size or the nature of positions held within the account.

Rollover/Interest Policy:
In the spot forex market, trades must be settled in two business days. If a trader sells 10,000 euros on Tuesday, the trader must deliver 10,000 euros on Thursday, unless the position is rolled over. As a service to our traders, Refco FX automatically rolls over all open positions to the next settlement date at 5:00 PM New York time. There is a $1 US Dollar Rollover charge per 1 lot.