ACTUALS

Actual physical commodities as distinguished from futures contracts.

AFEIS

Australian Futures Exchange Information Services Pty Limited.

ARBITRAGE

Involves a purchase in one market and a sale in a different market or different commodity to capitalise on what appear to be temporary distortions in price. Riskless (or almost riskless) arbitrage involves delivery of the actual commodity, but the term is also used to refer to any trading between markets aimed at profiting from price discrepancies. See Spread.

AUTOMATIC EXERCISE

Exercise by Clearing House of an "in-the-money" option at expiration.