A transaction involving a futures contract that is executed away from the trading floor (pit) where it is usually traded. Such transactions take place by way of closing out a futures position directly by the two parties to the transaction (the long and short). The result is a private deal in the cash market, without the use of equal and opposite contracts. Without executing a trade on the floor, the parties notify the exchange of their request to terminate the contract, either by physical delivery, offsetting the positions, or adjust open interest.

This transaction is very rare in practice.

It is also known as an ex-pit transaction, an EFP transaction, an exchange-for-physicals transaction or an against-actuals transaction.