- A - Aggregation Arbitrage Arbitration Associated Person (AP) At-the-Money-Option - B - Backwardation Basis Bear Market/Bearish Bid Board of Trade Broker Bucketing Bull Market - C - Call Option Carrying Broker Carrying Charge Cash Commodity Cash Market Cash Settlement Charting Churning Circuit Breaker Clear Clearing House Clearing Member Closing Price Closing Range Commission Commission House Commodity Exchange Act (CEA) Commodity Futures Trading Commission Commodity Pool Commodity Pool Operator (CPO) Commodity Trading Advisor (CTA) Confirmation Statement Contango Contract Market Contract Month Convergence Cost of Carry Covered Option Cross Hedging Customer Segregated Funds - D - Day Order Day Trader Default Deferred Delivery Month Delivery Delivery Month Derivative Designated Self-Regulatory Organization (DSRO) Disclosure Document Discount Discretionary Account Dual Trading - E - Electronic Order Electronic Trading Systems Equity Exchange for Physicals (EFP) Exercise Exercise Price Expiration Date Extrinsic Value - F - First Notice Day Floor Broker Floor Trader Forward (Cash) Contract Frontrunning Full Disclosed Fundamental Analysis Futures Commission Merchant (FCM) Futures Contract Futures Industry Association - G - Grantor Guaranteed Introducing Broker - H - Hedging High Holder - I - In-The-Money Option Independent Introducing Broker Initial Margin Intrinsic Value Introducing Broker (IB) Inverted Market - L - Last Trading Day Leverage Limit Liquidate Liquidity Local Long Low

- M - Maintenance Margin Managed Account Managed Funds Association (MFA) Margin Margin Call Mark-to-Market Market Order Maximum Price Flucuation Mediation Minimum Price Flucuation - N - Naked Option National Futures Association (NFA) National Introducing Brokers Association (NIBA) Nearby Delivery Month Net Asset Value Net Performance Notice Day - O - Offer Offset Omnibus Account Open Open Interest Open Outcry Open Trade Equity Opening Range Option Buyer Option Contract Option Premium Option Seller Out-of-the-Money Option Out Trade Over-the-Counter-Market (OTC) Overbought Oversold - P - Par Pit Pool Position Position Limit Prearranged Trading Premium Price Discovery Price Limit Purchase and Sale Statement (PS) Put Option Pyramiding - Q - Quotation - R - Range Regulations Reparations Reportable Positions Round Turn Rules - S - Scalper Segregated Account Self-Regulatory Organization (SRO) Settlement Price Short Speculator Spot Spot Month Spreading Stop Order Strike Price Swap - T - Technical Analysis Tick Time Value - U - Uncovered Option Underlying Futures Contract - V - Variable Limit Varation Margin Volatility Volume - W - Warehouse Receipt Wire House Writer - Y - Yield Yield Curve

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.