A commodity exchange in which futures contracts are traded; a market for a trade (e.g., commodities futures contracts and stock options) that is negotiated at the current price but calls for delivery at a future time. — Also termed forward market. See FUTURES CONTRACT. [Cases: Commodity Futures Trading Regulation 6. C.J.S. Securities Regulation § 455.]
leverage contract. An agreement for the purchase or sale of a contract for the future delivery of a specified commodity, usu. silver, gold, or another precious metal, in a standard unit and quantity, for a particular price, with no right to a particular lot of the commodity. • A leverage contract operates much like a
forward contract 远期合同；期货合同；预购合同 在将来某一确定日期依签合同时所定价格和数量清算交割商品、证券、外汇的合同。远期合同属于完全执行的合同，与期权合同相反，因为期权合同的交易者在规定的清算交割日有权对是否执行合同作出选择。 (→futures contract; option)
An option to buy or sell a futures contract. [Cases: Commodity Futures Trading Regulation 10. C.J.S. Securities Regulation §§ 455, 470.]
tax-straddle rule. A rule preventing undue deferral of tax on income or conversion of ordinary income or short-term capital gain into long-term capital gain by disallowing the premature deduction of a loss on sale or disposition of one leg of a straddle position (e.g., a promise to sell offset by a promise to buy, such
spread, n. 1. Banking. The difference between the interest rate that a financial institution must pay to attract deposits and the rate at which money can be loaned. 2. Securities. The difference between the highest price a buyer will pay for a security (the bid price) and the lowest price at which a seller will
take delivery. To receive something purchased or ordered; esp., to receive a commodity under a futures contract or spot-market contract, or to receive securities recently purchased.
front-running, n. Securities. A broker’s or analyst’s use of nonpublic information to acquire securities or enter into options or futures contracts for his or her own benefit, knowing that when the information becomes public, the price of the securities will change in a predictable manner. • This practice is illegal. Front-running can occur in many
London commodity option. An agreement to buy or sell a futures contract for a commodity traded on the London markets, for a particular price and within a particular time.
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Chicago Board of Trade. The commodities exchange where futures contracts in a large number of agricultural products are made. — Abbr. CBT; CBOT. [Cases: Commodity Futures Trading Regulation 3–31. C.J.S. Securities Regulation §§ 453–468, 470, 477, 479–480, 482.]
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