Singapore: What is “business day” under “excluded currency contract”?

“Business day” is based on Singapore calendar. While a holiday in a foreign jurisdiction  may affect the settlement of a contract, it is not MAS’ intention to subject a bona fide  “excluded currency contract” to reporting requirement.  

For example, if the intention of both parties is for the contract for USD/EUR to be settled  by actual delivery within 2 business days from the contract execution day, a delay in  settlement (e.g. due to a bank holiday in the US) does not affect the regulatory treatment  of the contract, i.e. such a contract would still be a bona fide “excluded currency  contract”, and be excluded from reporting. Conversely, if the intention of both parties is  for actual delivery to take place after 2 business days from execution of the contract, such  a contract is not a bona fide “excluded currency contract”, and is thus subject to reporting  requirement.  

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