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IM

It stands for initial margin; the cash (broadly, monetary assets) which a futures trader has to deposit in a margin...

VM

It stands for variation margin; the extra money which is required to top off the balance in a margin account...

Commodity-for-Interest Swap

A swap (fixed-for-floating swap/ fixed-for-fixed swap) that entails payment of a return based on the commodity price against a payment...

Non-Centrally Cleared Derivative

A derivative that is not cleared through a central counterparty (CCP). Non-centrally cleared derivatives include interest rate, credit, commodity, FX...

Centrally Cleared Derivative

A derivative that requires the out-of-the-money counterparty (the counterparty holding the out-of-the-money position) to periodically transfer an amount of variation...

Cash Commodity

The physical or actual commodity, as differentiated from the futures contract in which such a commodity is used to be…

Gas-at-the-Pump Futures

A futures contract in which the underlying is the retail price of gasoline. The gas-at-the-pump futures is designed to track…

Equity Index Derivative

An index derivative whose performance is based on or tied to an underlying benchmark equity index. In other words, the...

Index Derivative

A derivative instrument whose performance is based on or tied to an underlying benchmark index. In other words, the underlying...

Index Option

An option whose underlying is a financial index, i.e., the entire performance of a specific index. This option gives the...