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Ease Off - A minor and/or slow decline in the prices of a market.

ECU - See European Currency Unit.

Efficient Market - A market in which new information is immediately available gratis to all investors and potential investors. A market in which all information is instantaneously assimilated and therefore has no distortions.

EFP - Exchange for Physical. See Exchange of Futures for Cash.

Elliot Wave - (1) A theory named after Ralph Elliot, who contended that the stock market tends to move in discernible and predictable patterns reflecting the basic harmony of nature; (2) in technical analysis, a charting method based on the belief that all prices act as waves rising and falling rhythmically.

Equity - The residual dollar value of a futures, option, or leverage trading account assuming it were liquidated at current prices.

Eurocurrency - Certificates of Deposit (CDs), bonds, deposits, or any capital market instrument issued outside of the national boundaries of the currency in which the instrument is denominated (for example, Euro-Swiss francs, Euro-Deutsche marks, Eurodollars, Eurodollar bonds, or Eurodollar CDs).

Eurodollar - U.S. dollar deposits placed with banks outside the U.S. Holders may include individuals, companies, banks and central banks.

Eurodollar Bonds - Bonds issued in Europe by corporate or government interests outside the boundary of the national capital market, denominated in dollars.

Eurodollar CD’s - Dollar-denominated certificates of deposit issued by a bank outside of the United States, either a foreign bank or U.S. bank subsidiary.

European Currency Unit - The official unit of account of the European Monetary System. It is a combination or basket of the currencies from the twelve European Community countries: the Deutsche mark, French franc, British pound sterling, Irish pound, Italian lira, Belgian franc, Dutch guilder, Luxembourg franc, Greek drachma, Spanish peseta, Portuguese escudo, and the Danish krona.

Even Lot - A unit of trading in a commodity established by an exchange to which official price quotations apply. See Round Lot.

Exchange of Futures for Cash - A transaction in which the buyer of a cash commodity transfers to the seller a corresponding amount of long futures contracts, or receives from the seller a corresponding amount of short futures, at a price difference mutually agreed upon. In this way, the opposite hedges in futures of both parties are closed out simultaneously. Also called EFP (Exchange for Physica1), AA (Against Actuals) or Ex-Pit transactions.

Exchange Rate - The price of one currency stated in terms of another currency.

Exchange Risk Factor - The delta value of an option as computed daily by the exchange on which it is traded.

Exercise - To elect to buy or sell, taking advantage of the right (but not the obligation) conferred by an option contract.

Exercise (or Strike) Price - The price specified in the option contract at which the buyer of a call can purchase the commodity during the life of the option, and the price specified in the option contract at which the buyer of a put can sell the commodity during the life of the option.

Exotic Options - Any of a wide variety of options with non-standard pay out structures, including Asian options and Lookback options mostly traded in the over-the-counter market of the option.

Expiration Date - The date on which an option contract automatically expires: the last day an option can be exercised.

Extrinsic Value - See Time Value.

Ex-Pit - See Transfer Trades and Exchange of Futures for Cash.

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