The standard grades of commodities or instruments listed in the rules of the exchanges that must be met when delivering cash commodities against futures contracts.

The maximum price range set by the exchange cash day for a contract.

Speculators who take positions in futures or options contracts and liquidate them prior to the close of the same trading day.

The more distant month(s) in which futures trading is taking place, as distinguished from the nearby (delivery) month.

The transfer of the cash commodity from the seller of a futures contract to the buyer of a futures contract. Each futures exchange has specific procedures for delivery of a cash commodity.

The third day in the delivery process at the Jakarta Futures Exchange, when the buyer's clearing firm presents the delivery notice with a certified check for the amount due at the office of the seller's clearing firm.

A specific month in which delivery may take place under the terms of a futures contract. Also referred to as contract month.

The locations and facilities designated by a futures exchange where stocks of a commodity may be delivered in fulfillment of a futures contract, under procedures established by the exchange.

A measure of how much an option premium changes, given a unit change in the underlying futures price. Delta often is interpreted as the probability that the option will be in-the-money by expiration.

The relationship between product demand and price.

Price differences between classes, grades, and delivery locations of various stocks of the same commodity.

A method of paying interest by issuing a security at less than par and repaying par value at maturity. The difference between the higher par value and the lower purchase price is the interest

The interest rate charged on loans by the Federal Reserve Bank.

An arrangement by which the holder of the account gives written power of attorney to another person, often his broker, to make trading decisions. Also known as a controlled or managed account.