Before you begin trading you should be familiar with specialized words that are used in the futures industry. This glossary does not give you every definition, but simply provides a general background. Terms specific to trading options on futures are not included. If you’re already an active equity trader, you’ll find you know several of these terms, but those germane to the futures industry will be new to you. In addition, your PFG broker can help you understand any terms you might come across while trading that are not included here.

These general definitions are not intended to state the absolute legal significance or meaning of any term. For definitive legal interpretations, contact the Commodity Futures Trading Commission or the National Futures Association.

Glossary