An agreement to purchase or sell a commodity for delivery in the future: (1) at a price that is determined at initiation of the contract; (2) that obligates each party to the contract to fulfill the contract at the specified price; (3) that is used to assume or shift price risk; (4) that is cleared through a central counterparty; and (5) that may be satisfied by delivery or cash settlement, or may be offset prior to delivery
Status: Published
Version date: 7 October 2011 - onwards
Version 1 of 1