EFP

An Exchange For Physical (EFP) is the undertaking of a physical transaction in conjunction with an offsetting futures transaction with the same counterparty, at a price negotiated between the counterparties. EFPs are not transacted at market and therefore do not have to be traded within the current market bid and offer and are thus omitted from the calculation of first, high, low and last prices.

EXCHANGE TRADED OPTION

An option to take up a futures position. This type of option has standardised exercise prices set by the Exchange, enabling transfer of option positions to third parties.

EXERCISE PRICE (OR STRIKE PRICE)

The price at which the buyer of a call option can purchase a futures contract during the life of the option, or the price at which the buyer of a put option can sell a futures contract during the life of the option.

EXPIRY MONTH

A specified month during which the futures contract expires and actual delivery of the commodity takes place, or settlement is made in cash.