Welcome to the RJO Futures trading terms glossary. Within this glossary, you will find an expansive list of trading terms covering commodity, option, and futures trading terminology. Bookmark this section as a quick reference for definitions of trading terms as you browse the Internet and our site for more information on futures and options trading within the financial and commodities markets.



Less than par. If a future delivery is selling at a discount to the spot delivery, then it’s selling for a lower price than the spot price. See Premium.