Also called an intra-commodity spread. The simultaneous purchase and sale of the same futures contract, but different contract months. (i.e., buying a September CME S&P 500® futures contract and selling a December CME S&P 500 futures contract.

The Chicago Mercantile Exchange Division of the exchange. Holders of the membership interest associated with Chicago Mercantile Exchange Holdings Inc. Class B-1 Stock, who have been elected to membership, are members of the CME Division.

The first global electronic trading system for futures and options has evolved to become the world's premier marketplace for derivatives trading. With continual enhancements, the platform has effectively enabled CME, already known for innovation, to transform itself into a leading high-tech, global financial derivatives exchange.

CME Globex allows orders to be placed for various different durations. An order entered into the CME Globex system that does not contain an order duration qualifier will be canceled if it is not filled during the trading day in which it was received or, if it was received between trading days, during the next trading day. Current order durations qualifiers are: Day/Session, Good ’Till Canceled (GTC), Good ’Till Date (GTD), Fill or Kill (FOK) and Fill and Kill (FAK).

The one time fee charged by a broker to a customer when the customer executes a futures or option on futures trade through the brokerage firm.

A unique symbol used to identify a particular commodity traded on CME for purposes of submitting data into the Clearing System. This code should not be confused with the ticker symbol, which is the code denoting which commodity price is being quoted.

An agreement to buy or sell an exchange specified amount of a particular commodity or financial instrument at a specified price. Also, a term of reference describing a unit of trading for a commodity future, as in "5 Lean Hog contracts". The contract specifications detail the amount and grade of the product and the date on which the contract will mature and become deliverable and then expire.

The month and year in which a given contract becomes deliverable which are specified in the contract specifications. Also known as the delivery month.

A mixture of hydrocarbons that exists as a liquid in natural underground reservoirs and remains liquid at atmospheric pressure after passing through surface separating facilities. Crude is the raw material which is refined into gasoline, heating oil, jet fuel, propane, petrochemicals, and other products.

The futures contract which matures and becomes deliverable during the present month or the month closest to delivery. Also called the spot month.

A central marketplace with established rules and regulations where buyers and sellers meet to trade futures and options on futures contracts. See futures Exchange.

The last day of trading for a futures contract. The last day on which an option may be exercised and exchanged for the underlying contract.

The first day on which a notice of intent to deliver a commodity in fulfillment of a futures contract can be made by the clearinghouse to a buyer. The clearinghouse also informs the sellers who they have been matched up with

Standardized contracts for the purchase and sale of financial instruments or physical commodities for future delivery on a regulated commodity futures exchange.

A legally binding agreement to buy or sell a commodity or financial instrument at a later date. Futures contracts are standardized according to the quality, quantity and delivery time and location for each commodity.

A board of trade designated by the Commodity Futures Trading Commission to trade futures or option contracts on a particular commodity. Commonly used to mean any exchange on which futures are traded. CME Group includes all its divisions.

The final day on which notices of intent to deliver on futures contracts may be issued.

The futures contract trading in lead month position on the trading floor or electronically; the most current contract month in which delivery may take place, closest to the current point in time.

The day on which trading ceases in futures contract for a particular contract month.

An order placed at any time during the trading session to immediately execute the entire order at the best available offer price (for buy orders) or bid price (for sell orders).

The execution of the buy and sell orders that together consummate a trade; consists of one or more contracts and occurs when the same price is specified by buy and sells orders, for a specified number of contracts.

A naturally occurring mixture of hydrocarbon and non-hydrocarbon gases found in porous rock formations. Its principal component is methane.

The day the buyer with the oldest long position is matched with the seller's intent and both parties are notified of delivery obligations.

As pertaining to an existing futures position, exiting your current delivery month and entering the next expiring month. For example, if long a December contract, offsetting that position (by selling) and entering a position in the next expiration (by buying).

Period within which all executed trades for a given class are cleared on the same day. Hours of trading as determined by the Board for each contract starting with the opening of trading and ending with the close of trading for such contract; this period may very well exceed 24 hours. One or more sessions could take place. Often referred to as clearing day.