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Ginzy Trading - A trade practice in which a floor broker, in executing an order-particularly a large order, will fill a portion of the order at one price and the remainder of the order at another price to avoid an exchange's rule against trading at fractional increments or "Split ticks." In In re Murphy, [1984-86 Transfer Binder] Comm. Fut L. Rep. (CCH) at PP 31,353-4 (Sept.25, 1985), the Commission found that ginzy trading was a noncompetitive trading practice in violation of Section 4c(a)(B) of the Commodity Exchange Act and CFTC Regulation 1.38(a).

Give Up - A contract executed by one broker for the client of another broker that the client orders to be turned over to the second broker. The broker accepting the order from the customer collects a wire toll from the carrying broker for the use of the facilities. Often used to consolidate many small orders or to disperse large ones.

Globex - An international electronic trading system for futures and options that allows participating exchanges to list their products for trading after the close of the exchanges' open outcry trading hours. Developed by Reuters Limited for use by the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT), Globex was launched on June 25, 1992, for certain CME and CBOT contracts. Various MATIF ( Marche a Terme International de France) contracts are scheduled to begin trading in early 1993, and, at this writing - August, 1992, several New York and European exchanges have expressed an interest in participating in Globex.


Gold Certificate - A certificate attesting to a person's ownership of a specific amount of gold bullion.

Gold Fixing (Gold Fix) - The setting of the gold price at 10:30 AM (first fixing) and 3.00 PM (second fixing) in London by five representatives of the London Gold Market. See London Gold Market.

Gold/Silver Ratio - The number of ounces of silver required to buy one ounce of gold at current spot prices.

Good This Week Order (GTW) - Order which is valid only for the week in which it is placed.

Good 'Til Cancelled Order (GTC) - Order which is valid at any time during market hours until executed or cancelled. See Open Order.

GPM - See Gross Processing Margin.

Grades - Various qualities of a commodity.

Grading Certificates - A formal document setting forth the quality of a commodity as determined by authorized inspectors or graders.

Grain Futures Act - Federal statute which regulated trading in grain futures, effective June 22, 1923; administered by the U.S. Department of Agriculture; amended in 1936 by the Commodity Exchange Act.


Grantor - The maker, writer, or issuer of an option contract who, in return for the premium paid for the option, stands ready to purchase the underlying commodity (or futures contract) in the case of a put option or to sell the underlying commodity (or futures contract) in the case of a call option.

Gross Processing Margin (GPM) -Refers to the difference between the cost of a commodity and the combined sales income of the finished products which result from processing the commodity. Various industries have formulas to express the relationship of raw material costs to sales income from finished products. See Crack and Crush.

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