Futures Trading Glossary
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Source: National Futures Association; published here with permission. This publication (Glossary of Futures Terms - An Introduction to the Language of the Futures Industry)
is the property of the National Futures Association.
Electronic Order
An order placed electronically (without the use of a broker) either via the Internet or electronic trading system.
Electronic Trading Systems
Systems that allow participating exchanges to list their products for trading after the close of the exchange's open
outcry trading hours (i.e., Chicago Board of Trade's Project A, Chicago Mercantile Exchange's GLOBEX and New York
Mercantile Exchange's ACCESS.)
Equity
The value of a futures trading account if all open positions were offset at the current market price.
Exchange
See Contract Market
Exchange for Physicals (EFP)
A transaction generally used by two hedgers who want to exchange futures for cash positions. Also referred
to as Against Actuals or Versus Cash.
Exercise
The action taken by the holder of a call option if he wishes to purchase the underlying futures contract or by
the holder of a put option if he wishes to sell the underlying futures contract.
Exercise Price
See Strike Price.
Expiration Date
Generally the last date on which an option may be exercised. It is not uncommon for an option to expire
on a specified date during the month prior to the delivery month for the underlying futures contracts.
Extrinsic Value
See Time Value
Source: National Futures Association; published here with permission. This publication (Glossary of Futures Terms - An Introduction to the Language of the Futures Industry)
is the property of the National Futures Association.
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