Series 3: 1.3.4.4.7. Exchange For Physicals (EFP)

Taken from our Series 3 Online Guide

1.3.4.4.7. Exchange for Physicals (EFP)

Sometimes the holders of a long and short position may participate in the futures market but wish to settle their positions off the exchange. An exchange for physicals (EFP) is a method of delivery on a futures contract in which the long and short agree to delivery terms different from those specified in the contract. It is a negotiated transaction in which the buyer of a commodi

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