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Round Lot A quantity of a commodity equal in size to the corresponding futures contract for the commodity. Disclosure Document: A statement that must be provided to prospective customers that describes trading strategy, potential risk, commissions, fees, performance, and other relevant information. Foreign Exchange Forward A transaction that solely involves the exchange of two different currencies on a specific future date at a fixed rate agreed upon on the inception of the contract covering the exchange. For example, the exchange rate between Japanese yen and Euros would be considered a cross rate in the.S. Fungibility The characteristic of interchangeability. (B) Further definition The Commission, by rule or regulation, may include within, or exclude from, the term futures commission merchant any person who engages in soliciting or accepting orders for, or acting as a counterparty in, any agreement, contract. The four codes are: (1) trading by a person who holds trading privileges for his or her own account or an account for which the person has discretion; (2) trading for a ; (3) trading for another person who holds. 1 Not beating the market edit The foreign exchange market is a zero-sum game 2 in which there are many experienced, well-capitalized professional traders (e.g. A price may be agreed upon in advance, or there may be agreement that the price will be determined at the time of delivery.
At such time, the order is automatically canceled. Maximum Price Fluctuation See and. Security Future A contract for the sale or future delivery of a single security or. The bond or note that has the highest is considered cheapest to deliver. Initial Margin Customers' funds put up as security for a guarantee of contract fulfillment at the time a futures market position is established. The date on which an contract automatically expires; the last day an option may be exercised. Trading at Settlement (TAS) An exchange rule which permits the parties to a futures trade during a trading day to agree that the price of the trade will be that days (or the settlement price plus or minus a specified differential). Lookback options allow the buyer to pay or receive the most favorable underlying price during the lookback period. Bust An executed trade cancelled by an exchange that is considered to have been executed in error. Soft (1) A description of a price that is gradually weakening; or (2) this term also refers to certain 'soft' commodities such as sugar, cocoa, and coffee.
Major Swap Participant (MSP) A designation in the as amended by the for large traders in markets that are not. Therefore, the longer the time remaining until expiration of the option, the greater its time value. Grantor The maker, writer, or issuer of an contract who, in return for the paid for the option, stands ready to purchase the underlying commodity (or ) in the case of a option or to sell the underlying commodity. This mechanism subjects all incoming orders to price verification and rejects all orders with clearly erroneous prices. Omnibus account titles must clearly show that the funds and trades therein belong to customers of the originating FCM. Accumulator, a contract in which the seller agrees to deliver a specified quantity of a commodity or other asset to the buyer at a pre-determined price on a series of specified accumulation dates over a specified period of time. Pegging Effecting transactions in an instrument underlying an option to prevent a decline in the price of the instrument shortly prior to the option's so that previously written put options will expire worthless, thus protecting previously received.
Public In trade parlance, non-professional as distinguished from and professional speculators or traders. In a typical inflation-indexed instrument, the principal amount is adjusted monthly based on an inflation index such as the Consumer Price Index. Capping Effecting transactions in an underlying an option shortly before the option's to depress or prevent a rise in the price of the instrument so that previously written call options will expire worthless, thus protecting previously received. For example, an OCO order might consist of an order to buy 10 calls with a of 50 at a specified price or buy 20 calls with a strike price of 55 (with the same expiration date) at a specified price. Commodity Futures Trading Commission cftc : The Federal regulatory agency established by the Commodity Futures Trading Act of 1974 to administer the. Crack Spread (1) In energy futures, the simultaneous purchase of crude oil futures and the sale of petroleum product futures to establish a refining margin. Gold Fixing (Gold Fix) The setting of the gold price at 10:30.m. Event Market A market in whose payoff is based on a specified event or occurrence such as the release of a macroeconomic indicator, a corporate earnings announcement, or the dollar value of damages caused by a hurricane. In practice, security-based swaps base their payments on variables that are closely tied to the major categories of securities that are regulated by the SEC, including swaps based on a single equity or debt security, single name credit default swaps.
Foreign Board of Trade A futures exchange based outside the United States. In some cases, this phrase denotes the period already passed in which trading has already occurred. Fast Market An market situation in which transactions in the or take place in such volume and with such rapidity that price reporters fall behind with price"tions, label each" 'fast' and show a range of prices. Sometimes referred to as a synthetic asset. For details see 77 Fed. The term is sometimes used to denote closing out a position, but this is more often referred to as covering. The date on which the commodity or instrument of must be delivered to fulfill the terms of a contract. Inflation-Indexed Debt Instrument Generally a debt instrument (such as a bond or note) on which the payments are adjusted for inflation and deflation. The Commodity Exchange Commission, like its predecessor, consisted of the Secretary of Agriculture, Secretary of Commerce, and the Attorney General. Open Interest The total number of or in a or market that has been entered into and not yet liquidated by an transaction or fulfilled. Stop Order This is an order that becomes a market order when a particular price level is reached.
These serve as indicators of the profit margin or lack of profit in feeding animals to market weight. Producer (AP) A large trader that declares itself a Producer on cftc Form 40, which provides as examples, farmer and miner. See Commodity-Linked Bond A bond in which payment to the investor is dependent to a certain extent on the price level of a commodity, such as crude oil, gold, or silver,. Member Rate Commission charged for the execution of an order for a person who is a member of or has trading privileges at the exchange. Federal Energy Regulatory Commission (ferc An independent agency of the.S. Unlike, permitted transactions can be executed on SEFs using any method of execution. In commodity futures trading, the term may refer to: (1), a person who actually executes orders on the trading floor of an exchange; (2) Account executive or, the person who deals with customers in the offices of futures commission merchants; or (3) the. Cross-Margining A procedure for related securities, and contracts jointly when different clear each side of the position. 3, in January 2010, the cftc proposed new rules limiting leverage to 10 to 1, based on " a number of improper practices" in the retail cftc data forex foreign exchange market, "among them solicitation fraud, a lack of transparency in the pricing and execution. Position Trader A commodity trader who either buys or sells contracts and holds them for an extended period of time, as distinguished from a, who will normally initiate and offset a futures position within a single trading session. Trader (1) A merchant involved in cash commodities; (2) a professional who trades for his own account and who typically holds exchange trading privileges.
Enumerated Agricultural Commodities The commodities specifically listed in Section 1a(9) of the : wheat, cotton, rice, corn, oats, barley, rye, flaxseed, grain sorghums, mill feeds, butter, eggs, Solanum tuberosum (Irish potatoes wool, wool tops, fats and oils (including lard, tallow. Registered Entity Any of several types of organizations that facilitate activity in derivatives markets and are registered with the cftc, including (DCMs (DCOs (SEFs and (SDRs). In contrast to platforms, one-to-many platforms are not considered under the. The contract typically has a knock-out price, which, if reached, will trigger the cancellation of all remaining accumulations. Commodity Futures Trading Commission (cftc which loosely regulates the foreign exchange market in the United States, has noted an increase in the amount of unscrupulous activity in the non-bank foreign exchange industry.
Fill The execution of an order. Backwardation Market situation in which futures prices are progressively lower in the distant delivery months. Beta (Beta Coefficient) A measure of the variability of rate of return or value of a stock or portfolio compared to that of the overall market, typically used as a measure of riskiness. Bull One who expects a rise in prices. Traditional are many-to-many platforms. Impose upon each party the risk that the counterparty will default, but executed on a designated are guaranteed against default by the. Legal Definition of Mixed Swap (D) Mixed swap The term security-based swap includes any agreement, contract, or transaction that is as described in section 3(a 68 A) of the Securities Exchange Act of 1934 (15.S.C. Once posted, the cftc does not revise this information to reflect any amended financial information subsequently received. Physical Delivery A provision in a futures contract or other derivative for cftc data forex delivery of the actual commodity to satisfy the contract. A person that satisfies any one of them is an MSP: 1) A person that maintains a 'substantial position' in any of the major swap categories, excluding positions held for hedging or mitigating commercial risk and positions maintained. Euro The official currency of most members of the European Union. Volatility A statistical measurement (the annualized standard deviation of returns) of the rate of price change of a, security, or other instrument underlying. The degree to which the market is efficient depends on the quality of information reflected in market prices.
Black-Scholes Model An initially developed by Fischer Black and Myron Scholes for securities options and later refined by Black for options on futures. Grades Various qualities. Y Z _ Warehouse Receipt A document certifying possession of a commodity in a licensed warehouse that is recognized for purposes by an exchange. On certain other exchanges, the term designates the trading area for commodity contract. The term also refers to a price established by the exchange to even up positions which may not be able to be liquidated in regular trading. Single Dealer Platform An electronic trading venue in which one dealer is the counterparty to and market maker for all trades. Legal Definition of Swap Data Repository (48) Swap data repository The term swap data repository means any person that collects and maintains information or records with respect to transactions or positions in, or the terms and conditions. One-to-Many Refers to a proprietary trading platform in which the platform operator posts cftc data forex and for commodities, derivatives, or other instruments and serves as a to every transaction executed on the platform.
Specific types include and as well as unusually large purchases or sales of a commodity or security in a short period of time in order to distort prices, cftc data forex and putting out false information in order to distort prices. EIA data includes weekly inventory statistics for crude oil and petroleum products as well as weekly natural storage data. It defines a price trend as a continued movement in one direction until a reversal of a predetermined criterion is met. These include foreign currency options, commodity options, non-deliverable forwards in foreign exchange, cross-currency swaps, contracts for differences, and forward swaps. After a round of bidding has closed, submitted bids are compared and the person with the highest bid wins the award and pays the amount of his bid to the seller. The rules by which netting occurs can have important ramifications for margin requirements. For example, in a bull spread, the purchased option has a lower than the sold option. Strategy-Based Margining A method for setting requirements whereby the potential for gains on one position in a portfolio to offset losses on another position is taken into account only if the portfolio implements one of a designated set.
Random Walk An economic theory that market price movements move randomly. (2) The simultaneous purchase and sale of two futures contracts in the same or related commodities with the intention of profiting from a decline in prices but at the same time limiting the potential loss if this expectation does not materialize. Cox-Ross-Rubinstein Option Pricing Model An developed by John Cox, Stephen Ross, and Mark Rubinstein that can be adopted to include effects not included in the (e.g., early exercise and price supports). The reverse (upside-down) formation is cftc data forex called a head and shoulders bottom (which is considered predictive of a price rally). Liquidation The closing out of a position. (1) is the amount of margin required by the broker when a futures position is opened; (2) is an amount that must be maintained on deposit at all times. Volatility" Trading Refers to the"ng of bids and offers on contracts in terms of their rather than as prices. (3) Any 'financial entity' that is 'highly leveraged relative to the amount of capital such entity holds and that is not subject to capital requirements established by an appropriate Federal banking agency' and that maintains a 'substantial position' in any of the major swap categories. While MMTs are commonly equated with, they may include and other managed accounts as well as hedge funds.
The buyer of a FRA is a notional borrower,.e., the cftc data forex buyer commits to pay a fixed rate of interest on some notional amount that is never actually exchanged. quot;tion The actual price or the bid or ask price of either cash commodities or futures contracts. Cost of storing a physical commodity or holding a financial instrument over a period of time. Commodity Option An on a commodity. The futures-equivalent of an option position is the number of options multiplied by the previous day's risk factor or for the. Deliverable Supply The total supply of a commodity that meets the delivery specifications of a futures contract. Segregation of Funds The requirement that FCMs keep customer funds such as margin deposits separate from the firms own funds. In some variations of forex trading, the customers do not obtain normal fungible futures, but instead make a contract with some named company. Interest Rate Swap A swap in which the two agree to exchange interest rate flows.