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ABANDON	To allow an option to expire worthless.
ACCEPTANCE	Agreement of intention to carry out a transaction.
ACTUALS	The physical commodity.
AMERICAN STYLE	An option which can be exercised by the buyer (holder) at anytime during its life.
ARA	Antwerp, Rotterdam, Amsterdam.
ARBITRAGE	The simultaneous purchase of an instrument in one market and the sale of the same, or similar, instrument in another market in order to exploit price differentials.
ASK	An indication of willingness, to sell a specified amount of a commodity at a specific price (also known as offer).
ASK PRICE	The price at which a seller is prepared to trade.
AT THE MONEY	An option whose exercise price is equal, or close to, the current price in the underlying market.
BACKWARDATION	A market where the price of near delivery months is at a premium to more distant months.
BASIS	The difference between the futures price for a given commodity and the comparable cash or spot price for a commodity. Normally quoted as cash price minus futures price. i.e. a positive number indicates a futures discount; a negative number indicates a futures premium.
BBL	Barrel; also, less frequently, BL
BEARISH	The belief that the market price will fall.
BID	A proposal at a given time on the trading floor to buy a specific amount of a commodity at a specified price.
BID PRICE	The price at which a buyer is prepared to trade.
BULLISH	The belief that a market price is going to rise.
CALL OPTION	An option that gives the buyer (holder) the right but not the obligation to buy a specified quantity of the underlying instrument at a fixed price, on or before a specified date. The seller (writer) of the option has the obligation to deliver the underlying instrument if the holder exercises the option.
CARRYING CHARGES	The costs incurred in warehousing the physical commodity generally including interest, insurance and storage.
CASH & CARRY	An arbitrage transaction involving the simultaneous purchase of a cash commodity with borrowed money and the sale of the appropriate futures contract.
CASH MARKET	The physical market underlying a futures or options contract.
CASH SETTLEMENT	When the physical delivery of futures or options is cumbersome then contracts are settled by attaching a monetary value.
CLASS	All options of the same type pertaining to the same underlying commodity. Calls and puts form two separate classes.
CLEARING	The process of trade match, registration, settlement and provision of a guarantee of exchange traded contracts.
CLEARING FEE	A sum charged by the clearing house for clearing trades through its facilities.
CLEARING MEMBER	A member of a clearing house. All trades executed on the Floor must be registered and held with a Clearing Member.
CLIENT ACCOUNT	Any individual or entity being serviced by an agent (broker) for a commission. Servicing generally includes advice, accounting, and order execution. A customer's business must be distinguished from the brokers principal in house business and may be in a physically segregated account at the clients option
CLOSE OUT	A finalising transaction by which an equal and opposite trade closes an open position.
CLOSING RANGE	A range of closely related prices at which transactions took place at the close of a market.
CODE OF CONDUCT	The trading procedures and etiquette of a market.
COMMISSION	The basic fee charged to a customer by a broker for a purchase or sale transaction. Commissions are negotiable.
COMPLIANCE	(1) Action to comply with rules and regulations. (2) A department responsible for ensuring the maintenance and adherence by Members to the rules and regulations of an exchange.
CONFIRMATION	The process immediately following a transaction whereby the traders confirm the details of the trade.
CONTANGO	Where the cash price of nearby future delivery months is at a discount to more distant months.
CONTRA	A contra is a facility available on the TRS that is used to enable a trade or trades in any contract to be moved from one clearer to another subject to certain criteria. In certain circumstances the contra facility will also be used to delete ("bust") a trade.
CONTRACT	A binding agreement between a buyer and a seller in a transaction or the expression used to relate to particular futures products i.e. Brent Crude futures contract.
CRACK SPREAD	The buying of crude oil whilst taking the reverse position in refined products (for example Brent Crude and Gas Oil). Any combination of energy futures can be used, provided that the number of crude contracts equals the number of product contracts.
CROSS/SELF TRADE	The simultaneous purchase and sale by the same broker in the pit for equal amounts of the same month of a contract at a single price.
DELIVERY	Settlement of a futures contract by delivery of the underlying physical product.
DELIVERY MONTH	The month specified in a given futures contract for delivery of the actual physical spot or cash commodity.
DISCOUNT	The amount by which a future or option is priced below its theoretical or "fair value" or below the price of the underlying instrument. This term is applied to both fair value and crude basis.
DISTANT MONTHS	The far dated delivery months in a futures or option contract.
DMI	Direct Member Input, i.e. a Member can enter his/her own trades into TRS.
EDSP	Exchange Delivery Settlement Price. The settlement price for physical delivery.
EFP/EFS	An EFP (EFS) is the exchange of a futures position for a physical (swap) position. With EFP (EFS) two agreeing parties switch cash (swap) and futures position through the Exchange.
EXECUTION	Refers to the transaction of an order.
EXERCISE	The procedure by which the option buyer (holder) takes up the rights to the contract and is delivered a long (call) or short (put) futures position by the seller (writer).
EXERCISE PRICE	The price at which an option buyer (holder) has the right to buy or sell the underlying commodity.
EXPIRY MONTH	Options terminology for delivery month.
FILL	Refers to the completed execution of an order.
FLOOR COMMITTEE	A delegation of senior traders who are responsible for the following; (1) Recommendation of additions and alterations to the trading rules. (2) Monitor enforcement of the trading rules and standards. (3) Rulings on trading disputes and consideration of individuals for trading status (as recommended by pit committee)
FLOOR MEMBER	A corporate entity who has trading rights on the Exchange.
FLOOR PRICE DISPLAY BOARD	The price display system used on the market floor to reflect all current trading information.
FUTURES CONTRACT	A legally binding agreement on a recognised exchange e.g. IPE, to make or take delivery of a specified instrument, at a fixed date in the future, at a price agreed upon at the time of dealing.
HEDGE	The establishment of a position in one market which is equal and opposite to that held in another market. The reduction of risk.
HIGH	The highest price traded that day.
HISTORICAL VOLATILITY	The measurement given to reflect the degree to which a particular price has fluctuated in the past.
HOLDER	The person who buys an option contract to open a position.
HOUSE ORDER	An order for a Member's proprietary account.
IN THE MONEY	An option which has intrinsic value.
INITIAL MARGIN	The returnable collateral required to establish an options position.
INTRINSIC VALUE	The value to an option buyer (holder) if he were to exercise an option today.
LOCAL MEMBER	A floor trader who can only trade on their own behalf or for other Floor Members.
LONG	The position established by the opening purchase of a contract.
LOW	The lowest price traded that day.
MARK TO MARKET	The process whereby positions are revalued daily using current prices to determine profit/loss and therefore variation margin.
MINIMUM PRICE FLUCTUATION	The minimum movement that a futures price can move. Otherwise known as a tick.
MNEMONIC	The abbreviation of a Member's company name or individual trader used on a trading badge.
OFFER	see ask price
OPEN INTEREST	The number of contracts left open in the market which need to be closed out or taken through to delivery.
OPEN OUTCRY	A trading system in which Members trade openly and verbally on a trading floor.
OPEN POSITION	A long or short position that has not been offset by an equal and opposite position e.g. closed out.
OPENING PROCEDURE	The market procedure to establish the opening level of a particular contract.
ORDER	A buy or sell instruction, or combination thereof.
OUT THE money	M A call (put) option where the exercise price is above (below) the current price of the underlying.
PHYSICAL DELIVERY	The transfer of ownership of an underlying commodity between a buyer and seller party to a futures contract following expiry.
PIT	Trading arena where open outcry takes place.
PIT CARD	The trading card used by traders to detail all elements of trade whilst in the pit.
PIT OBSERVER	An Exchange official responsible for updating PRS, monitoring trading, acting as arbitrator and regulator.
PREARRANGEMENT	The arrangement of a trade to be executed non competitively in the pit. A prearranged trade represents a breach of the Rules (except in the case of cross trade).
PREMIUM	The price paid by the option holder (buyer) to the option writer (seller).
PRS	The Price Reporting System whereby all current pit information is transferred to the Floor Price Display Boards which are then disseminated throughout the world via information vendors.
PUT OPTION	An option that gives the holder the right (but not the obligation) to sell a specified quantity of the underlying instrument at a fixed price, on or before a specified date. The writer of the option has the obligation to take delivery of the underlying instrument if the option is exercised by the holder.
QUOTATION	The method used to express the price of a contract for trading purposes.
RALLY	The rapid rise in a price following a fall.
RFT	Registered Floor Trader.
RISK MANAGEMENT	The application of financial analysis and diverse financial instruments to the control and the reduction of selected types of risk.
ROLL OVER	The transfer of a position from one expiry month to another always involving the purchase (sale) or the nearby month and simultaneous corresponding sale (purchase) of a longer dated expiry month.
ROUND TRIP	The opening purchase (sale) of a contract and the subsequent opposite and closing transaction in the same contract. Transaction costs are usually quoted on a "round trip" basis.
RULE BOOK	The Regulations of the Exchange.
SERIES	All options of the same class which have the same exercise price and expiry date.
SETTLEMENT PRICE	The official price established by the Exchange at the close of each trading day. This figure is used to calculate variation margin.
SHORT	A sale of a contract to open a position.
SPREAD	A trade in which two or more open positions are established in order to trade the differentials and offset risk. Option spreads may use different exercise prices and/or expiry dates.
STANDARD ORDER	The order form used as an official receipt of all incoming orders onto the market floor. These forms must be immediately completed and time
STRIKE PRICE	See "exercise price".
TICK	The standardised minimum price movement of a contract's quotation.
TIDYING UP PERIOD	Refers to the period of time at the clearing up process on the futures contracts.
TIME AND SALES	The bids, offers, traded prices and estimated volume as observed by Exchange Pit Observer and then recorded in the sequence in which they occurred.
TIME STAMP	The time logging machine which records the exact time an order is received and when executed.
TIME VALUE	That part of an options premium not accounted for by intrinsic value.
TRADE DISPUTE	Where two traders or more disagree about a particular trade.
TRADE EXECUTION	The process by which orders are traded on the market floor via open outcry (except EFPs/EFSs).
TRADE PRICE	The price agreed between buyer and seller in the trading pit at which the transaction is executed.
TRADING HOURS	Refers to the hours when a particular contract is open for trading.
TRADING RANGE	The range of prices that have been traded over a particular period of time.
TRS	The Trade Registration System is a real time dual sided matching and account assignment system which allows traders to actively confirm trades.
UNCOVERED / NAKED POSITION	An option position where the writer has no cover against a market move in the holder's favour. The writer of a naked call does not have the underlying commodity to deliver and the writer of a naked put has not sold the commodity short.
VARIATION MARGIN	Profits and losses on open positions which are calculated daily by the mark to market process, which are then paid or collected daily.
VOLUME	The number of transactions of a particular contract made during a specified period of time.
WRITER	The person who sells an option contract to open a position.

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