clearing members
61Changer — The name given to a clearing member that is willing to assume the opposite position of a futures contract within a larger alternative exchange, of which it also is a clearing member. A changer commonly refers to clearing members of the CME who… …
62Pay/Collect — An abbreviated reference to the payment or collection of funds (after futures positions have been marked to market) between clearing members and their respective clearing houses. Typically, futures positions are marked to market every evening… …
63Settling Price — The price used daily by clearing houses to clear all trades and settle accounts between clearing members. Also commonly referred to as settlement price. The settling price is calculated daily by the exchanges and used to identify margin… …
64customer margin — Within the futures industry, financial guarantees required of both buyers and sellers of futures contracts and sellers of options contracts to ensure fulfilling of contract obligations. FCMs are responsible for overseeing customer margin accounts …
65managed account — Financial safeguards to ensure that clearing members (usually companies or corporations) perform on their customers open futures and options contracts. Clearing margins are distinct from customer margins that individual buyers and sellers of… …
66performance bond margin — The amount of money deposited by both buyer and seller of a futures contract or an options seller to ensure performance of the term of the contract. Margin in commodities is not a payment of equity or down payment on the commodity itself, but… …
67settlement price — Established by the clearinghouse from the closing range of prices (the last 30 seconds of the day). The settlement price is used to determine the next day s allowable trading range, and to settle all accounts between clearing members for each… …
68GCM — See general clearing member. Dresdner Kleinwort Wasserstein financial glossary See General Clearing Members LIFFE …
69ICM — See individual clearing member. Dresdner Kleinwort Wasserstein financial glossary See Individual Clearing Members LIFFE …
70NCM — See non clearing member. Dresdner Kleinwort Wasserstein financial glossary See Non Clearing Members LIFFE …
