foreign currency contract

(A)The term “foreign currency contract” means a contract— (i)which requires delivery of, or the settlement of which depends on the value of, a foreign currency which is a currency in which positions are also traded through regulated futures contracts, (ii)which is traded in the interbank market, and (iii)which is entered into at arm’s length at a price determined by reference to the price in the interbank market. (B)The Secretary shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of subparagraph (A), including regulations excluding from the application of subparagraph (A) any contract (or type of contract) if its application thereto would be inconsistent with such purposes.


26 USC § 1256(g)(2)(A)

Scoping language

For purposes of this section
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