The total commission costs that are associated with buying or opening a position (long position) and also selling or closing that same position (short position). In the futures market, futures brokerage commissions (commissions on futures) are normally charged on a round-trip basis when a position is closed, in whatever way (a purchase, a sale, or a delivery). Commissions on futures options are not charged on a round-trip basis and a client has to pay a commission when he enters as well as when he exits the market. In the forward market, investors conduct transactions directly with dealers, therefore they typically pay no commissions (though costs of paperwork processing are particularly high).
In options trading, round-trip commissions are, likewise, charged on investors on their way in and on the way out of an options trading position.
