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For example, in a call bull spread, the purchased option has a lower exercise price than the sold option. (2) The simultaneous purchase and sale of two futures contracts in the same or related commodities with the intention of profiting from a rise in prices but at the same time limiting the potential loss if this expectation is wrong.
In agricultural commodities, this is accomplished by buying the nearby delivery and selling the deferred.
In a theoretical efficient market, there is a lack of opportunity for profitable arbitrage. A process for settling disputes between parties that is less structured than court proceedings.
The National Futures Association arbitration program provides a forum for resolving futures-related disputes between NFA members or between NFA members and customers.
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.
The contract typically has a “knock-out” price, which, if reached, will trigger the cancellation of all remaining accumulations.
Designation by a clearing organization of an option writer who will be required to buy (in the case of a put) or sell (in the case of a call) the underlying futures contract or security when an option has been exercised, especially if it has been exercised early.
A type of option whose payoff is either a fixed amount or zero.
For example, there could be a binary option that pays 0 if a hurricane makes landfall in Florida before a specified date and zero otherwise. A blind auction, also called a sealed bid auction, is a market structure in which the traders place offers to buy or sell without seeing current bids and offers, as opposed to an order book format where standing bid and offer prices are continuously visible to all market participants.(1) A large transaction that is negotiated off an exchange’s centralized trading facility and then executed on the trading facility, as permitted under exchange rules.
A three-legged option spread in which each leg has the same expiration date but different strike prices.
For example, a butterfly spread in soybean call options might consist of one long call at a .50 strike price, two short calls at a .00 strike price, and one long call at a .50 strike price.