Table of Terms

switch to abbreviated table of terms

This section shows futures instruments. These are a standardized, transferable, exchange-traded contract that requires delivery of a commodity, bond, currency, or stock index, at a specified price, on a specified future date.

Line Term type Term Definition Synonym Simple Type Related Thing Multiples Business Justification Term Origin Definition Source Consensus Last Modified
1 Thing Bond Future  A future instrument where the underlying is a bond.              PSP = Bond Future   SR Draft   Review   30-Jun-10
2 Parent Is a       Interest Rate Future           30-Jun-10
3 Relationship fact has underlying  The bond security which is the underlyer for the futures instrument.        Bond Future Underlying     PSP = Underlyer   SR Draft   Review 30-Jun-10
4 Simple fact Conversion factor    The conversion factor is the price of the delivered bond/note ($1 par value) to yield a fixed rate.  The conversion factor is used to calculate a final delivery price.     number      The factor used to "equalize" for the difference in issue terms between the notional bond underlying a bond futures contract and the real bonds eligible for delivery. When multiplied by a bond futures price, the conversion factor translates the futures price to an actual delivery price for a given deliverable bond, as at the delivery date of the corresponding contract. An alternative way of explaining the conversion factor is to see it as the means of calculating the price of a deliverable bond, on the delivery date, given a market yield of six percent.  Detailed notes URL:  http://www.eurexchange.com/documents/glossary_en.html?id=Conversion+Factor   PSP = Conversion Factor   PSP   Review  30-Jun-10
5 Thing Bond Future Standardized Terms Set  A set of standard terms for bond futures contracts, as set out by the derivatives exchange. Bond Futures contracts issued by and traded on that exchange will take on these terms or override them.                 Review   30-Jun-10
6 Parent Is a       Interest Rate Future Standardized Terms Set         Review 30-Jun-10
7 Relationship fact becomes terms of   The standard terms become part of the bond future contract when it is issued. Individual terms may be overridden for an individual contract.        Bond Future         Review  30-Jun-10
8 Simple fact Conversion Factor    The conversion factor is the price of the delivered bond/note ($1 par value) to yield a fixed rate.  The conversion factor is used to calculate a final delivery price.     number            Review  30-Jun-10
9 Thing Bond Future Underlying  The Bond which is the underlying instrument of a Bond Future contract.              PSP = Underlyer   SR Draft   Review   30-Jun-10
10 Parent Is a       Interest Rate Future Debt Underlying           30-Jun-10
11 Relationship fact identity  The underlying is a Bond.       Bond     FIBIM = UnderlyingInformation   SR Draft   Review  30-Jun-10
12 Thing Commodity Future  A futures contract tied to the movement of a particular commodity.  This enables contract buyers to buy a specific amount of a commodity at a specific price on a particular date in the future.           The price of the contract is determined using the "Open Outcry" system on the floor of a commodity exchange such as the Chicago Board of Trade or the Commodity Exchange in New York.   There are commodity futures contracts based on meats such as cattle and pork bellies; grains such as corn, oats, soybeans and wheat; metals such as gold, silver and platinum; and energy products such as heating oil, natural gas and crude oil.   PSP = Commodities Futures   Barrons   Review   30-Jun-10
13 Parent Is a       Future Instrument         Yes 30-Jun-10
14 Relationship fact has underlying  The underlying for this product. This takes the form of some negotiable commodity.        Futures Commodity Underlying     PSP = Underlyer   SR Draft   Review 30-Jun-10
15 Relationship fact Notional Amount The total value of a leveraged position's assets.        Monetary Amount    This term is commonly used in the options, futures and currency markets because in them a very little amount of invested money can control a large position (have a large consequence for the trader).   PSP = Notional Amount   PSP   Review  30-Jun-10
16 Simple fact Lot Size    How many of the underlying commodity can be sold. The groupings of certain units of measure in the underlying commodity.      number      For example the number of ounces of Gold on London exchange. This is a fact which is set by the exchange. Instrument listing facts can overrride a default for the Exchange.    SMER   SMER   Review  30-Jun-10
17 Thing Derivatives Exchange  Exchange where futures contracts and options on futures contracts are traded.           Exchanges may trade commodities, financial derivatives, or a combination of the two, as well as futures and options on indices and equity products.   SR Modeling   Barrons   Review   30-Jun-10
18 Parent Is a       Securities Exchange         Yes 30-Jun-10
19 Relationship fact holds        Futures Trading Margin           30-Jun-10
20 Simple fact Even Lot Size    Unit of trading in a commodity, established by an exchange, and to which official price quotations from that exchange apply.      whole number        SR Modeling   SR Draft   Yes  30-Jun-10
21 Simple fact Open Outcry    Whether trading on the exchange is by way of open outcry in the form of physical interaction between participants. No means that trading is carried out electronically.      yes/no      Review whether we should add information about trading sessions / trading facilities (see LME which has three methods of trading, including "The Ring" (open outcry), telephone and electronic. This might also invalidate the Yes/no option here unless we ad a separate electronic Yes/no term.    MB research   MB draft   Action  30-Jun-10
22 Thing Equity Future  A Futures instrument which is based on an equity security or securities, specifically a publicly issued and traded share.              PSP = Equity Future   MB Draft   Review   30-Jun-10
23 Parent Is a       Financial Future         Yes 30-Jun-10
24 Relationship fact has underlying  The underlying equity for this product.        Equity Future Share Underlying   This is a share and not for example another class of Equity Instrument such as a funds unit or GDR.    PSP = Underlyer   SR Draft   Review 30-Jun-10
25 Relationship fact Notional Amount The total value of a leveraged position's assets.        Monetary Amount    This term is commonly used in the options, futures and currency markets because in them a very little amount of invested money can control a large position (have a large consequence for the trader).   PSP = Notional Amount   PSP   Review    30-Jun-10
26 Thing Equity Future Share Underlying  A share which is the underlying of an Equities Future contract.             PSP = Underlyer   SR Draft   Review    30-Jun-10
27 Parent Is a       Future Underlying           30-Jun-10
28 Relationship fact identity  The underlying is a publicly issued and traded share.        Issued Share     FIBIM = UnderlyingInformation   SR Draft   Review  30-Jun-10
29 Thing Equity Future Standardized Terms Set  A set of standard terms for equity futures contracts, as set out by the derivatives exchange. Equity Futures contracts issued by and traded on that exchange will take on these terms or override them.                 Review   30-Jun-10
30 Parent Is a       Financial Future Standardized Terms Set         Review 30-Jun-10
31 Relationship fact becomes terms of   The standard terms become part of the equity future contract when it is issued. Individual terms may be overridden for an individual contract.        Equity Future         Review  30-Jun-10
32 Simple fact Contract Size    The number of share units underlying the futures contract.      whole number          LIFFE Sample Terms   Review  30-Jun-10
33 Thing Financial Future  A futures contract based on a financial instrument.           Typically a financial futures contract is based on an underlying debt instrument. Examples of instruments underlying financial futures contracts include Treasury bills, Treasury notes, Government National Mortgage Association (Ginnie Mae) pass-throughs, foreign currencies, and certificates of deposit. Such contracts usually move under the influence of interest rates.  As rates rise, contracts fall in value; as rates fall, contracts gain in value.   Trading in these contracts is governed in the U.S. by the federal Commodities Futures Trading Commission.  Traders use these futures to speculate on the direction of interest rates.  Financial institutions use them to hedge financial portfolios against adverse fluctuations in interest rates.   SR Modeling   Barrons   Review   30-Jun-10
34 Parent Is a       Future Instrument         Yes 30-Jun-10
35 Simple fact Unit of Trading    How many of the underlying securities can be sold.      whole number      See Euronext. Equivalent to Lot size in Commodity Futures. Multiply by tick size to get margin.    SMER   adapted from Commodities Future Lot Size.   Review  30-Jun-10
36 Thing Financial Future Standardized Terms Set  A set of standard terms for financial futures contracts, as set out by the derivatives exchange. Financial Futures contracts issued by and traded on that exchange will take on these terms or override them.                 Review   30-Jun-10
37 Parent Is a       Standardized Futures Terms Set         Review 30-Jun-10
38 Relationship fact becomes terms of   The standard terms become part of the contract when it is issued. Individual terms may be overridden for an individual contract.        Financial Future         Review  30-Jun-10
39 Simple fact Unit Of Trading    The pre-determined unit in which financial futures will be traded on this exchange.      whole number      See Euronext. Equivalent to Lot size in Commodity Futures. Multiply by tick size to get margin.      EDMC SMER feedabck   Review  30-Jun-10
40 Thing Future Instrument  Agreement to buy or sell a specific amount of a commodity, a currency or a financial instrument at a particular price on a stipulated future date.  A futures contract obligates the buyer to purchase the underlying commodity, currency or financial instrument and the seller to sell it unless the contract is sold to another before settlement date which may happen if a trader waits to take a profit or cut a loss.           This contrasts with options trading in which the option buyer may choose whether or not to exercise the option by the exercise date.  Unlike options, futures convey an obligation to buy. The risk to the holder is unlimited, and because the payoff pattern is symmetrical, the risk to the seller is unlimited as well. Dollars lost and gained by each party on a futures contract are equal and opposite. In other words, futures trading is a zero-sum game. Futures contracts are forward contracts, meaning they represent a pledge to make a certain transaction at a future date. The exchange of assets occurs on the date specified in the contract. Futures are distinguished from generic forward contracts in that they contain standardized terms, trade on a formal exchange, are regulated by overseeing agencies, and are guaranteed by clearinghouses. Also, in order to insure that payment will occur, futures have a margin requirement that must be settled daily. Finally, by making an offsetting trade, taking delivery of goods, or arranging for an exchange of goods, futures contracts can be closed. Hedgers often trade futures for the purpose of keeping price risk in check.   FIBIM = FutureV02   Barrons, adapted by EDMC SMER.    Yes   30-Jun-10
41 Parent Is a       Derivative Contract         Yes 30-Jun-10
42 Parent Is a       Bilateral Contract           30-Jun-10
43 Parent Is a       Exchange Traded Security         Yes 30-Jun-10
44 Relationship fact has account holder  The party that is the counterparty to an exchange traded futures contract.        Futures Trading Account Holder     SR Modeling   SR Draft      30-Jun-10
45 Relationship fact has provider  The party which is the principal of the Futures contract. This is the party that sets the terms of the contract.        Futures Trading Account Provider     SR Modeling   SR Draft      30-Jun-10
46 Relationship fact pricing determined by  The method by which the price of the contract is determined during its life.        Futures Price Determination Method     SR Modeling   SR Draft   Review  30-Jun-10
47 Relationship fact has underlying  The item (commodity, reference, index, instrument etc.) that forms the underlying upon which the Futures contract is based.        Future Underlying     SR Modeling   SR Draft   Review 30-Jun-10
48 Relationship fact has listing  The listing of this futures contract on an exchange.        Futures Listing one Futures are listed on one exchange only, so there is one listing of the security on one exchange.    FIBIM = ListedSecurityTradingIdentification   SMER   Review 30-Jun-10
49 Simple fact Security Description    The name of the security that uniquely identifies it amongst all other securities.      text      For futures this is usually a combination of the issuer name and descriptive information on the type of future.   PSP = Security description   PSP   Review  30-Jun-10
50 Relationship fact First Delivery Date The start date of the range of dates by which the underlying for a futures contract must be delivered in order for the terms of the contract to be fulfilled.        Date      PSP = Delivery Date Range (part)   PSP   Review  30-Jun-10
51 Simple fact Last Delivery date    The last date in the range of dates by which the underlying for a futures contract must be delivered in order for the terms of the contract to be fulfilled.      Date        FIBM = LastDeliveryDate; PSP = Delivery Date Range (part)   PSP   Review  30-Jun-10
52 Simple fact First Notice Date    The first date at which a delivery notice can be issued.     Date        SR Modeling   SR Draft   Review  30-Jun-10
53 Simple fact Last Notice Date    The last date at which a delivery notice can be issued.     date        PSP = Last Notice Date   PSP   Review  30-Jun-10
54 Simple fact Settlement Arrangement    The action by which an underlying commodity, security, cash value, or delivery instrument covering a contract is tendered and received by the contract holder.     Derivatives Delivery Type Selection      This determines what is delivered to the holder when the future is exercised.    FIBIM = Delivery; DerivativesDeliveryCode   EDMC SMER Research   Yes  30-Jun-10
55 Relationship fact Tick Size The minimum value of the upward or downward movement of the price of the contract.        Monetary Amount    See also Lot size. This differes in that for example Gold futures will tend to trade in a lot of 100 Oz. The contract size is denominated as a multiple of the lot size in the case of a commodity future. For financial futures it is the number of units of the underlying security. The Tick Size multiplies this figure by the monetary "Tick Value".   See for exanmple LIFFE terms (Equity Contract) for a contract which represents 100 shares:   "Minimum price movement (tick size and value) = €0.001/€0.1, Italy €0.001/€1.00, Sweden SEK 0.001/SEK 0.1, Switzerland CHF 0.01 / CHF 1"  Additional notes from Investopedia explaining tick sizes and relation to contract movements:   Prices on futures contracts have a minimum amount that they can move. These minimums are established by the futures exchanges and are known as "ticks." For example, the minimum sum that a bushel of grain can move upwards or downwards is a quarter of one U.S. cent. For futures investors, it's important to understand how the minimum price movement for each commodity will affect the size of the contract in question. If you had a wheat contract for 5,000 bushels, the minimum price movement would be $12.50 ($0.0025 x 5,000).  FIBIM Mappoing: This term does not exist in the WG11 FIBIM, which has "Tick" alone. Current FIBIM has "Minimum Size" which has the meaning of this term.    FIBIM = MinimumSize   SMER   Review  30-Jun-10
56 Relationship fact Tick Value The minimum value of the upward or downward movement of the contract. This is the contract size multiplied by the tick size.       Monetary Amount    Baron's just has Tick, agrees with FIBIM. Bmb has two. Tick size = min size of contract price change; Tick value is the value of the min size of the price.   See for exanmple LIFFE terms (Equity Contract) for a contract which represents 100 shares:   "Minimum price movement (tick size and value) = €0.001/€0.1, Italy €0.001/€1.00, Sweden SEK 0.001/SEK 0.1, Switzerland CHF 0.01 / CHF 1"  Therefore the tick value is obtained by multiplying the tick size (for the contract) by the contract size to get a value in the movement of the underlying.   Further notes from Investopedia (see Tick Size for note) confirms this. The Tick Value is a property of the Futures contract; the Tick Size is set by the exchange for that kind of commodity or underlying, and is multiplied by the Contract Value to get a Tick Value. The Tick Value is then the minimum movement of price for the actual contract itself.    FIBIM = Tick   SMER   Review  30-Jun-10
57 Simple fact Contract Size    The deliverable quantity of goods or commodities underlying the futures contract. This is denominated as a multiple of the lot size in the case of a commodity future. For financial futures this is the number of units of the underlying security.      whole number        FIBIM = ContractSize   SMER   Review  30-Jun-10
58 Relationship fact Contract Value The deliverable value of goods, instruments or commodities underlying the futures contract.       Monetary Amount      SMER   SMER   Review    30-Jun-10
59 Simple fact Maturity    The date at which the security settlement must occur. It is the end of the life of the future contract.     date        PSP = Maturity   PSP   Review  30-Jun-10
60 Thing Future Underlying  The item (commodity, reference, index, instrument etc.) that determines the value of the Futures contract and in most cases forms the deliverable when the contract expires.                    30-Jun-10
61 Parent Is a       Derivative Underlying           30-Jun-10
62 Thing Futures Commodity Underlying  A negotiable commodity as the underlying of a Futures contract.              PSP = Underlyer   SR Draft   Review   30-Jun-10
63 Parent Is a       Future Underlying           30-Jun-10
64 Relationship fact identity  The underlying is a negotiable commodity.        Negotiable Commodity     FIBIM = UnderlyingInformation   SR Draft   Review  30-Jun-10
65 Thing Futures Index Underlying  An economic rate which is the underlying of a Futures contract.              PSP = Underlyer   SR Draft   Review   30-Jun-10
66 Parent Is a       Future Underlying           30-Jun-10
67 Relationship fact identity  The underlying is an economic reference rate.       Economic Rate     FIBIM = UnderlyingInformation   SR Draft   Review  30-Jun-10
68 Thing Futures Listing  A listing of a futures instrument on a derivatives exchange.              SR Modeling   SR Draft   Review   30-Jun-10
69 Parent Is a       Derivatives Listing           30-Jun-10
70 Relationship fact is at  The exchange on which this listing exists.        Derivatives Exchange one   FIBIM = ApplicableTrading Market   SR Draft   Review  30-Jun-10
71 Simple fact Margin Provision    An amount necessary to cover the purchase of the underlying security since delivery is mandatory, be it physical or cash. Failing to provide a sufficient provision will result in a margin call.     Monetary Amount      This is not a property of the instrument but is  connected to the rules of the market concerning a type of instrument. Therefore this is a fact about the listing on the market.   SMER   SMER   Review  30-Jun-10
72 Simple fact Margin Call    A broker's demand on an investor using margin to deposit additional money or securities so that the margin account is brought up to the minimum maintenance margin. This is sometimes called a 'fed call' or 'maintenance call'.     yes/no      Different margins for different securities e.g. equities, futures may have a variable margin rate, for instance 5:1 margin with your futures account, under certain circumstances, that margin amount might be adjusted down if there are periods if high volatility or be adjusted for retail customer.   Summary: Trigger will be different for different types of instruments or different exchanges.   You would receive a margin call from a broker if one or more of the securities you had bought (with borrowed money) decreased in value past a certain point. You would be forced either to deposit more money in the account or to sell off some of your assets.   SMER   SMER   Yes  30-Jun-10
73 Thing Futures Price Determination Method  Method by which the price of a futures contract is determined.              SR Modeling   SR Draft   Review   30-Jun-10
74 Parent Is a       Method         Review 30-Jun-10
75 Simple fact Price Determination Method    The method by which the price is determined, for example open outcry.      Derivatives Price Determination Method Selection        SR Modeling   SR Draft   Review  30-Jun-10
76 Thing Futures Trading Account Provider  The party which is the principal of the Futures contract. This is the party that sets the terms of the contract.            This party is by definition a futures trading exchange or derivatives exchange.    SR Modeling   SR Draft       30-Jun-10
77 Parent Is a       Contract Principal           30-Jun-10
78 Relationship fact identity  The principal party to an exchange traded futures contract is a derivatives exchange.        Derivatives Exchange     SR Modeling   SR Draft      30-Jun-10
79 Thing Index Future  A futures contract on a stock or financial index. For each index there may be a different multiple for determining the price of the futures contract.              PSP = Index Future   PSP   Review   30-Jun-10
80 Parent Is a       Financial Future         Yes 30-Jun-10
81 Relationship fact has underlying  The index which is the underlyer for this product.        Futures Index Underlying   Note that as modeled this is any published economic indicator, and would need to be specialized if it is required to differentiate between stock indices and (other) economic performance indices.    PSP = Underlyer   SR Draft   Review 30-Jun-10
82 Simple fact Multiple    The multiple for determining the price of the futures contract in relation to the underlying index rate.     number        PSP Wording in Index Future   SR Draft   Review  30-Jun-10
83 Thing Index Future Standardized Terms Set  A set of standard terms for index futures contracts, as set out by the derivatives exchange. Index Futures contracts issued by and traded on that exchange will take on these terms or override them.                 Review   30-Jun-10
84 Parent Is a       Financial Future Standardized Terms Set         Review 30-Jun-10
85 Relationship fact becomes terms of   The standard terms become part of the index future contract when it is issued. Individual terms may be overridden for an individual contract.        Index Future         Review  30-Jun-10
86 Simple fact Multiple    The multiple for determining the price of the futures contract in relation to the underlying index rate.     number            Review  30-Jun-10
87 Thing Interest Rate Future  An Interest Rate Future is a futures contract with an interest-bearing instrument as the underlying asset.             PSP = Interest Rate Future   PSP   Review   30-Jun-10
88 Parent Is a       Financial Future         Yes 30-Jun-10
89 Relationship fact has underlying  The underlying security for this Future contract.        Interest Rate Future Debt Underlying   As Interest Rate Futures all have an interest-bearing instrument as the underlying, it is assumed that this can be any Debt instrument, at this level. Different classes of Interest Rate Future will have different debt instruments as underlyings. This model does not cover having an interest rate directly as an underlying.    PSP = Underlyer   SR Draft   Review 30-Jun-10
90 Relationship fact Notional Amount The total value of a leveraged position's assets.        Monetary Amount    This term is commonly used in the options, futures and currency markets because in them a very little amount of invested money can control a large position (have a large consequence for the trader).   PSP = Notional Amount   PSP   Review  30-Jun-10
91 Thing Interest Rate Future Debt Underlying  The debt instrument which is the underlying of an Interest Rate Future contract.              PSP = Underlyer   SR Draft   Review   30-Jun-10
92 Parent Is a       Future Underlying           30-Jun-10
93 Relationship fact identity  The underlying is a traded debt instrument.       Tradable Debt Instrument     FIBIM = UnderlyingInformation   SR Draft   Review  30-Jun-10
94 Thing Interest Rate Future Standardized Terms Set  A set of standard terms for interest rate futures contracts, as set out by the derivatives exchange. Interest Rate Futures contracts issued by and traded on that exchange will take on these terms or override them.                 Review   30-Jun-10
95 Parent Is a       Financial Future Standardized Terms Set         Review 30-Jun-10
96 Relationship fact becomes terms of   The standard terms become part of the interest rate future contract when it is issued. Individual terms may be overridden for an individual contract.        Interest Rate Future         Review  30-Jun-10
97 Thing Money Market Future  A future instrument where the underlying is a money market instrument.              PSP = Money Market Future   SR Draft   Review   30-Jun-10
98 Parent Is a       Interest Rate Future           30-Jun-10
99 Relationship fact has underlying  The money market security which is the underlyer for the futures instrument.        Money Market Future Underlying     PSP = Underlyer   SR Draft   Review 30-Jun-10
100 Thing Money Market Future Standardized Terms Set  A set of standard terms for money market futures contracts, as set out by the derivatives exchange. Money Market Futures contracts issued by and traded on that exchange will take on these terms or override them.                 Review   30-Jun-10
101 Parent Is a       Interest Rate Future Standardized Terms Set         Review 30-Jun-10
102 Relationship fact becomes terms of   The standard terms become part of the money market future  contract when it is issued. Individual terms may be overridden for an individual contract.        Money Market Future         Review  30-Jun-10
103 Thing Money Market Future Underlying  The money market instrument which is the underlying of a Money Market Futures contract.              PSP = Underlyer   SR Draft   Review   30-Jun-10
104 Parent Is a       Interest Rate Future Debt Underlying           30-Jun-10
105 Relationship fact identity  The underlying is a money market instrument.       Money Market Instrument     FIBIM = UnderlyingInformation   SR Draft   Review  30-Jun-10
106 Thing Standardized Commodity Future Terms Set  Standard terms for a commodity futures contract, determined in advance by the exchange. These will become terms of an individual futures contract.            These may be varied or overridden for individual contracts.        Review   30-Jun-10
107 Parent Is a       Standardized Futures Terms Set         Review 30-Jun-10
108 Relationship fact becomes terms of   The standard terms become part of the commodity future contract when it is issued. Individual terms may be overridden for an individual contract.        Commodity Future         Review  30-Jun-10
109 Simple fact Lot Size    How many of the underlying commodity can be sold. The groupings of certain units of measure in the underlying commodity.      number      For example the number of ounces of Gold on London exchange. This is a fact which is set by the exchange. Instrument listing facts can overrride a default for the Exchange.        Review  30-Jun-10
110 Simple fact Unit Of Measure    The unit in which the underlying commodity is to be measured.     text      This is modeled as text at this level in the model. It may be possible to model individual types of unit in relation to individual types of commodity, e.g. the various units of measurement for oil, grain and so on, though these are usually one default worldwide one type of commodity.        Review   30-Jun-10
111 Thing Standardized Futures Listing Terms Set  Standard terms set out by the exchange which will apply to any listing of a futures contract on this exchange.            Individual listings will take on these standard terms but they are not contractual terms of the futures contract, they are facts about that listing on that exchange.        Review   30-Jun-10
112 Parent Is a       Published Information         Review 30-Jun-10
113 Relationship fact defined by  The exchange which sets out the standard terms for listing of futures instruments that are created by that exchange.        Derivatives Exchange         Review  30-Jun-10
114 Relationship fact become features of  The standard listing terms will become features of the listing of the future contract on the exchange.        Futures Listing         Review  30-Jun-10
115 Simple fact Margin Call Applicable    Whether or not a Margin Call may be applicable to the listing.      yes/no            Review  30-Jun-10
116 Thing Standardized Futures Terms Set  A set of standard terms for futures contracts, as set out by the derivatives exchange. Futures contracts issued by and traded on that exchange will take on these terms or override them.           Standard symbology for the commodities are standardized by the exchanges as part of their standard contracts, for example trading in standard bushels, commonly defined kinds of oil and so on. These give the units in which lot sizes are described and defined.    SR Modeling   SR Draft   Review   30-Jun-10
117 Parent Is a       Standardized Terms Set         Review 30-Jun-10
118 Relationship fact defined by  The exchange which sets out the standard terms for futures instruments that are created by that exchange.        Derivatives Exchange     SR Modeling   SR Draft   Review  30-Jun-10
119 Relationship fact pricing to be determined by  The method by which the price of the contract is to be determined during its life.        Futures Price Determination Method     SR Modeling   SR Draft   Review  30-Jun-10
120 Relationship fact becomes terms of   The standard terms become part of the future contract when it is issued. Individual terms may be overridden for an individual contract.        Future Instrument     SR Modeling   SR Draft   Review  30-Jun-10
121 Simple fact Delivery    Type of delivery for contracts. This determines what is delivered to the holder when the future is exercised.      Derivatives Delivery Type Selection        SR Modeling   SR Draft   Review  30-Jun-10
122 Simple fact Contract Size    The deliverable quantity of goods or commodities underlying the futures contract. This is denominated as a multiple of the lot size in the case of a commodity future. For financial futures this is the number of units of the underlying security.      whole number        EDMC SMER Feedback   EDMC SMER Feedback   Review  30-Jun-10
123 Simple fact Tick Size    The minimum value of the upward or downward movement of the price of the contract.      Monetary Amount        FIBIM = MinimumSize   SMER   Review  30-Jun-10
124 Simple fact Tick Value    The minimum value of the upward or downward movement of the contract. This is the contract size multiplied by the tick size.     Monetary Amount        FIBIM = Tick   SMER   Review  30-Jun-10