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.
- Trade Order Processing System
AKA: TOPS TOPS is an electronic order entry, routing, and fill reporting system that expedites the flow of orders from a firm’s desk or directly from its customers to its exchange floor operations. It is jointly owned by the CME and the CBOT - member firms are currently using TOPS Route at both exchanges. The system enables its users to improve the speed and accuracy of order processing. Because the system electronically routes orders and fills, TOPS greatly reduces the telephone calls between customers, order desks, and the trading floor. In addition to routing, the system generates fill reports and transmits trade records to member firms’ back office systems. TOPS order status inquiry and open order management features offer an efficient means for firms to manage their open orders.