10 Terms
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Commodity exchange
Industry: Financial services
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Commodity exchange
Cancelling order
Financial services; Commodity exchange
An order that deletes a customer's previous order.
Market-if-touched (MIT) order
Financial services; Commodity exchange
An order that becomes a market order when a particular price is reached. A sell MIT is placed above the market; a buy MIT is placed below the market. Also referred to as a board order.
Out-of-the-money option
Financial services; Commodity exchange
An option with no intrinsic value, i.e., a call whose strike price is above the current futures price or a put whose strike price is below the current futures price.
Market order
Financial services; Commodity exchange
An order to buy or sell a futures contract at whatever price is obtainable at the time it is entered in the ring or pit. See At-The-Market.
Lookback option
Financial services; Commodity exchange
An option whose payoff depends on the minimum or maximum price of the underlying asset during some portion of the life of the option.
At-the-money option
Financial services; Commodity exchange
An option with a strike price that is equal, or approximately equal, to the current market price of the underlying futures contract.
Open orders
Financial services; Commodity exchange
An order that remains in force until it is cancelled or until the futures contracts expire. See Good 'Til cancelled and Good This Week orders.
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