| Early out trade call |
A notice issued by the exchange requiring firms, brokers, and out trade clerks to be available at a specified time on the Trading Floor to resolve out trades in a particular commodity. Fines are issued against those firms who fail to comply. |
| Edit error |
An error in a trade record, such as an invalid broker or firm, that must be corrected prior to being submitted to the Exchange's matching process. |
| Electronic information |
The data made available to each CME member or clearing member through access to any Regulated Electronic Device, e.g., related database, software, programs, protocols, displays and manuals, including the selection, arrangement, and sequencing of the contents. |
| Electronic trade poster (ETP) |
The application for viewing electronic trades, as well as marking them for post-trade processing such as give-up, average pricing, or mutual offset. ETP displays prior day pit trades not marked for post-trade processing as well as current and prior day pit trades marked for give-up. |
| Electronic trading |
Computerized system for placing orders, bid and offer posting, and trade execution. The CME Globex platform is an example of an electronic trading system. |
| Elliot Wave theory |
A version of technical analysis that studies price wave sequences. |
| Emergency |
Any occurrence or circumstance listed below which, in the opinion of the Exchange, requires immediate action and threatens or may threaten such things as the fair and orderly trading in, or the liquidation of, or delivery pursuant to, any contracts on the Exchange. Occurrences and circumstances which the Exchange may deem emergencies include the following:Any manipulative activity or attempted manipulative activity;Any actual, attempted, or threatened corner, squeeze, congestion, or undue concentration of positions;Any circumstances which may materially affect the performance of contracts traded on the Exchange, including failure of the payment system;Any action taken by the United States or any foreign government or any state or local government body, any other contract market, board of trade, or any other exchange or trade association (foreign or domestic), which may have a direct impact on trading on the Exchange;Any circumstance which may have a severe, adverse effect upon the physical functions of the Exchange including, for example, fire or other casualty; bomb threats; substantial inclement weather; power failures; communications breakdowns; computer system breakdowns; screen-based trading system breakdowns; malfunctions of plumbing, heating, ventilation and air conditioning systems; and transportation breakdowns.The bankruptcy or insolvency of any member or member firm of the Exchange or the imposition of any injunction or other restraint by any government agency, court or arbitrator upon a member of the Exchange which may affect the ability of that member to perform on its contracts;Any circumstance in which it appears that a member or any other person has failed to perform contracts, is insolvent, or is in such financial or operational condition or is conducting business in such a manner that such person cannot be permitted to continue in business without jeopardizing the safety of customer funds, members of the Exchange, or the Exchange; andAny other unusual, unforeseeable and adverse circumstance wit |
| Ending stocks |
The amount of a storable commodity remaining at the end of a year. |
| EOS (Enter Open Stop) Open Outcry |
An instruction to the clearing firm, not the floor broker, to enter a stop order after execution of a previous order. |
| Equals Cleared |
The process by which trades in agreement on all critical fields except quantity are matched up to the extent of the lesser quantity. This only occurs during the final reconciliation. |
| Equity |
Instrument traded on the cash market representing a share in the capital of a company. The net worth of a commodity account as determined by combining the ledger balance with an unrealized gain or loss in open positions as marked to the market. |
| ETH Session (Electronic Trading Hours) |
The trading session during which the CME Globex system is used. Contact the CME Globex Control Center (GCC) for the current schedule of trading hours. |
| Eurex |
A futures and options exchange that is a public company and is owned by Deutsche Börse AG and SWX Swiss Exchange. Aside from operating an electronic trading platform, Eurex provides an automated and integrated joint clearing house for products and participants. |
| Euribor (Euro Interbank Offered Rate) |
The rate at which euro interbank term deposits within the euro zone are offered by one prime bank to another prime bank. |
| European Central Bank (ECB) |
The European Monetary Union's central bank, which governs monetary policy for member countries. |
| European style option |
Type of option contract which can only be exercised on expiration date. |
| Ex Pit Transaction |
Trades made outside the trading pit. There are two types of valid ex pit transactions: 1. An exchange of cash for futures (exchange for physicals) involving the simultaneous purchase of cash commodities in exchange for a futures contract, at a price difference mutually agreed upon.2. A transfer trade involving the transfer of a customer's account between brokerage firms. Ex-pit transactions are not guaranteed by the CME Clearing until the initial settlement is met. |
| Excess |
The dollar amount by which the equity exceeds the margin requirements in a performance bond account. |
| Exchange |
Chicago Mercantile Exchange Inc., including its divisions. |
| Exchange Affiliate |
A corporation in which the exchange holds more than a 50% equity interest, a partnership in which the exchange is a general partner, or a limited liability company or limited liability partnership in which the exchange is a controlling member or controlling partner. |
| Exchange Basis Facility (EBF) Trade |
An Exchange-for-Physical (EFP) trade transacted in the context of interest rate contracts (see definition of Exchange-for-Physical). |
| Exchange For Physicals |
An ex pit transaction in which traders may initiate or liquidate their positions by arranging for the simultaneous purchase or sale of the actual cash commodity pursuant to CME Rule 538 or 719.Example: One party buys the cash market currency and sells a CME FX futures contract, while the opposing party sells the cash currency and buys the CME FX futures contract. |
| Exchange Official |
An employee or member designated by the exchange to perform or execute certain acts. |
| Exchange Source |
The exchange used by the executing broker (e.g., CME or NYMEX) to complete the transaction that generated this fee. See the exchange Table for current values. Original source is the EXEC_SOURCE field within the EFS Trade Record. |
| Exchange Traded Funds |
Shares issued by financial institutions that allow participants to trade benchmark indexes like a stock. |
| Exercise |
To invoke the right granted under the terms of an options contract to buy or sell the underlying futures contract. The option holder (long) is the one who exercises the option. Call holders exercise to buy the underlying future, while put holders exercise to sell the underlying future. The short option position is assigned exercise by the exchange by a process of random selection. CME Clearing removes the option and creates the futures positions on the firms' books on the day of exercise. |
| Exercise notice |
A notice tendered by a brokerage firm to the CME clearing house that exchanges an option for a futures contract. |
| Exercise or strike price |
The price at which the buyer of a call can purchase the commodity during the life of the option, and the price at which the buyer of a put can sell the commodity during the life of the option. |
| Exercise price |
The price at which the holder (buyer) may purchase or sell the underlying futures contract upon the expiration of an option. Also called strike price. |
| Exhaustion gap |
A gap in prices near the top or bottom of a price move that signals an abrupt turn in the market. |
| Expiration |
Corresponds to the expiration date of a contract. The last day on which an option may be exercised into the underlying futures contract. |
| Expiration date |
The date on which the option will expire. Also, the last day of trading for a futures contract. |
| Expire |
Situation in which the expiration date for an option passes without the option being exercised or offset. |