DOCUMENT
A Guide to the Language of the Futures Industry
617 definitions by U.S. Commodity Futures Trading Commission

AbandonAbandonAccommodation TradingAccumulatorAccumulatorActive FundActive FundActualsActualsAggregationAggregationAgricultural CommoditAgricultural CommodityAgricultural Trade OptionAgricultural Trade OptionAgricultural Trade OptionAgricultural Trade Option MerchantAgricultural Trade Option MerchantAgricultural Trade Option MerchantAllowancesAllowancesAmerican OptionAnonymous BiddingApproved Delivery FacilityArbitrageArbitrationArtificial PriceAsian OptionAskAskAssignable ContractAssignmentAssociated Person (AP)At-the-MarketAt-the-MoneyAudit TrailAutomatic ExerciseBack MonthsBack OfficeBack pricingBack SpreadBackwardationBanging the CloseBanker's AcceptanceBasisBasis GradeBasis PointBasis QuoteBasis RiskBasis SwapBearBear MarketBear Market RallyBear SpreadBear Vertical SpreadBermuda OptionBespoke SwapBeta (Beta Coefficient)BidBid-Ask Spread or Bid-Offer SpreadBinary OptionBlack-Scholes ModelBlind AuctionBlock TradeBoard of TradeBoiler RoomBona Fide Hedging TransactionsBooking the BasisBook TransferBox SpreadBreakBroad-Based Security IndexBrokerBroker AssociationBucketingBucket ShopBullBullionBull MarketBull SpreadBull Vertical SpreadBunched OrderBunched OrderBustButterfly SpreadBuyerBuyer's CallBuyer's MarketBuying Hedge (or Long Hedge)Buy (or Sell) On CloseBuy (or Sell) On OpeningCalendar SpreadCallCall AuctionCalledCappingCarrying BrokerCarrying ChargesCarry TradeCascadeCash CommodityCash MarketCash PriceCash SettlementCentral Limit Order Book (CLOB)Certificated or Certified StocksCertificate of Deposit (CD)C & FChartingChartistCheapest-to-DeliverChooser OptionChurningCircuit BreakersClass (of options)ClearingClearing MandateClearing MemberClearing OrganizationClose or Closing PeriodClosing-OutClosing Price (or Range)Co-LocationCombinationCommercialCommercial Grain StocksCommercial PaperCommissionCommitments of Traders Report (COT)CommodityCommodity Credit CorporationCommodity Exchange Act (CEA)Commodity Exchange AuthorityCommodity Exchange Commission (CEC)Commodity Futures Trading CommissionCommodity IndexCommodity Index FundCommodity Index SwapCommodity Index TraderCommodity-Linked BondCommodity OptionCommodity PoolCommodity Pool Operator (CPO)Commodity Trading Advisor (CTA)Confirmation StatementCongestionConsignmentContangoContractContract GradesContract SizeControlled AccountConvergenceConversionConversion FactorsCore PrincipleCornerCorrectionCost of TenderCounterpartyCounterparty RiskCounter-Trend TradingCoupon (Coupon Rate)CoverCovered OptionCox-Ross-Rubinstein Option Pricing ModelCrack SpreadCrack SpreadCredit Default OptionCredit Default SwapCredit DerivativeCredit EventCredit RatingCredit SpreadCredit Spread OptionCrop YearCross-HedgeCross-MarginingCross RateCross TradingCrush SpreadCTI (Customer Type Indicator) CodesCurb TradingCurrency SwapDaily Price LimitDay OrderDay TraderDealer/Merchant (AD)DeckDefaultDeliverable StocksDeliverable SupplyDeliveryDelivery, CurrentDelivery DateDelivery InstrumentDelivery MonthDelivery, NearbyDelivery NoticeDelivery OptionDelivery PointDelivery PriceDeltaDelta Margining or Delta-Based MarginingDelta NeutralDe minimis ThresholdDerivativeDerivatives Clearing Organization (DCO)Designated Contract Market (DCM)Designated Self-Regulatory Organization (DSRO)Diagonal SpreadDifferentialsDirectional TradingDiscountDiscretionary AccountDisruptive Trading PracticeDodd-Frank ActDominant FutureDouble HedgingDual TradingDurationDutch AuctionECNEconomically Deliverable SupplyEfficient MarketElectronic Trading FacilityEligible Commercial EntityEligible Contract ParticipantE-LocalEmergencyEnd User ExceptionEnergy Information Administration (EIA)Enumerated Agricultural CommoditiesEquityEURIBOR (Euro Interbank Offered Rate)EuroEurocurrencyEurodollarsEuropean OptionEven LotEvent MarketExchangeExchange for Physicals (EFP)Exchange of Derivatives for Related Positions (EDRP)Exchange of Futures for Swaps (EFS)Exchange of Options for Options (EOO)Exchange RateExchange Risk FactorExchange Traded Fund (ETF)Excluded CommodityExempt CommodityExempt Foreign FirmExercise Price (Strike Price)Exotic OptionsExpiration DateFAB (Five Against Bond) SpreadFAN (Five Against Note) SpreadFast MarketFederal Energy Regulatory CommissionFeed RatioFibonacci NumbersFictitious TradingFill or Kill Order (FOK)Final Settlement PriceFirst Notice DayFixed Income SecurityFloor BrokerFloor TraderF.O.B. (Free On Board)Forced LiquidationForce MajeureForeign Board of TradeForeign ExchangeForeign Exchange ForwardForeign Exchange SwapForexForward ContractForward MarketForward MonthsForward Rate Agreement (FRA)Front MonthFront RunningFront SpreadFundamental AnalysisFund of FundsFungibilityFutures Commission Merchant (FCM)Futures ContractFutures-equivalentFutures Industry Association (FIA)Futures PriceGammaGinzy TradingGive UpGold Fixing (Gold Fix)Gold/Silver Ratio`Good This Week Order (GTW)Good Till Canceled Order (GTC)Grading CertificatesGrain Futures ActGrantorGross Processing Margin (GPM)Guaranteed Introducing BrokerHaircutHard Position LimitHead and ShouldersHeavyHedge ExemptionHedge FundHedgerHedge RatioHenry HubHidden Quantity OrderHistorical VolatilityHorizontal Spread (also called Time Spread or Calendar Spread)Hybrid InstrumentImplied Repo RateImplied VolatilityIndex ArbitrageIndirect BucketingInflation-Indexed Debt InstrumentInitial MarginIn PositionIn SightInstrumentInteraffiliate TradesIntercommodity SpreadInterdealer BrokerInterdelivery SpreadInterest Rate FuturesInterest Rate SwapInterest Rate SwapIntermediaryInternational Swaps and Derivatives Association (ISDA)In-the-MoneyIntrinsic ValueIntroducing Broker (IB)Inverted MarketInvisible SupplyInvoice PriceJob LotKnock-InKnock-OutLarge TradersLast Notice DayLatencyLeapsLeverageLIBORLicensed WarehouseLife of ContractLimit OnlyLimit OnlyLimit (Up or Down)LiquidationLiquid MarketLocalLocked-InLocked LimitLondon Gold MarketLongLong the BasisLong the BasisLookalike SwapLookback OptionManaged Money Trader (MMT)ManipulationManufacturer (AM)Manufacturer (AM)MarginMargin CallMarket-if-Touched (MIT) OrderMarket MakerMarket MicrostructureMarket-on-CloseMarket-on-OpeningMarket OrderMarking the CloseMark-to-MarketMatching AlgorithmMaturityMember RateMiniMinimum Price ContractMinimum Price Fluctuation (Minimum Tick)Minimum Trading FunctionalityMMBTUMomentumMoney MarketNaked OptionNarrow-Based Security IndexNational Futures Association (NFA)Nearby Delivery MonthNegative CarryNet Asset Value (NAV)NettingNext DayNOB (Note Against Bond) SpreadNominal Price (or Nominal Quotation)Notice DayNotice of Intent to DeliverNotional PrincipalOfferOffsetOmnibus AccountOne Cancels the Other (OCO) OrderOne-to-ManyOn Track (or Track Country Station)OpeningOpening Price (or Range)Open InterestOpen Order (or Orders)Open OutcryOpen Trade EquityOptionOption BuyerOption WriterOrder BookOriginal MarginOut-of-the-MoneyOutrightOut TradeOverboughtOvernight TradeOversoldOver-the-Counter (OTC)Paper Profit or LossParPath Dependent OptionPay/CollectPeggingPermitted TransactionPhysicalPhysical CommodityPhysical DeliveryPitPoint-and-FigurePoint BalancePoint BalancePonzi SchemePork BelliesPortfolio Compression ServicePortfolio InsurancePortfolio MarginingPosition AccountabilityPosition TraderPosition TraderPositive CarryPost-Trade TransparencyPrearranged TradingPremiumPremiumPre-Trade TransparencyPrice BandingPrice BasingPrice DiscoveryPrimary MarketProducer (AP)Program TradingPrompt DateProprietary AccountProprietary Trading GroupProp ShopP&S (Purchase and Sale Statement)PublicPublic ElevatorsPutPyramidingQualified Eligible Person (QEP)QuotationRallyRandom WalkRangeRatio HedgeRatio SpreadReactionReal-Time ReportingReference AssetRegistered EntityRegular WarehouseReplicating PortfolioRepo or Repurchase AgreementReporting LevelRequest for QuoteRequired TransactionResistanceResting OrderRetail CustomerRetenderRetracementReversalReverse Conversion Or ReversalReverse Crush SpreadRiding the Yield CurveRisk Mitigation ServiceRisk/Reward RatioRoll-OverRound LotRound TurnRulesRunnersSample GradeScale Down (or Up)ScalperSealed Bid AuctionSeatSecurities and Exchange Commission (SEC)SecuritySecurity-Based SwapSecurity-Based Swap DealerSecurity FutureSecurity Futures ProductSeller's CallSeller's MarketSeller's MarketSeller's OptionSelling Hedge (or Short Hedge)Series (of Options)SettlementShipping CertificateShock AbsorberShortShort SellingShort the BasisShort the BasisShort the BasisSingle Stock FutureSmall TradersSoftSoft CommoditiesSPAN (Standard Portfolio Analysis of Risk®)Spark SpreadSpecialist SystemSpeculative BubbleSpeculative Position LimitSpeculatorSplit CloseSpot CommoditySpot MonthSpot PriceSpread (or Straddle)SqueezeStop-Close-Only OrderStop Limit OrderStop Logic FunctionalityStop OrderStraddleStraight Through ProcessingStrangleStrategy-Based MarginingStreet BookStrike Price (Exercise Price)StripSTRIPS (Separate Trading of Registered Interest and Principal Securities)SupportSwapSwap Data Repository (SDR)Swap DealerSwap Execution Facility (SEF)Swaps GuaranteeSwaptionSwitchSynthetic FuturesSystematic RiskSystemic RiskTechnical AnalysisTed SpreadTenderTerminal ElevatorTerminal MarketTIBOR (Tokyo Interbank Offered Rate)TickTime DecayTime SpreadTime ValueTo-Arrive ContractTotal Return SwapTrade OptionTraderTrading ArcadeTrading at Settlement (TAS)Trading FacilityTrading FloorTransactionTransferable Option (or Contract)Transfer NoticeTransfer TradesTransparencyTreasury Bills (or T-Bills)Treasury Bonds (or T-Bonds)Treasury NotesTreasury NotesTrendTrendUnableUnderlying CommodityVariable Price LimitVariation MarginVegaVertical SpreadVisible SupplyVoice BrokerVolatilityVolatility Quote TradingVolatility Quote TradingVolcker RuleVolumeWarehouse ReceiptWarrantWarrant or Warehouse Receipt for MetalsWash TradingWild Card OptionWinter WheatWork-UpWriterYield CurveYield to MaturityZero Coupon
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Date
2014-04-21
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