futures contract

futures contract. An agreement to buy or sell a standardized asset (such as a commodity, stock, or foreign currency) at a fixed price at a future time, usu. during a particular time of a month. • Futures contracts are traded on exchanges such as the Chicago Board of Trade or the Chicago Mercantile Exchange. — Often shortened to futures. — Also termed futures agreement; time-bargain. Cf. forward contract under CONTRACT; LEVERAGE CONTRACT; OPTION. [Cases: Commodity Futures Trading Regulation 10. C.J.S. Securities Regulation §§ 455, 470.]

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