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Offer An expression indicating a desire to sell a commodity at a given price; the opposite of Bid.
Office Recordkeeping Action Type A violation arising from failure to make or preserve required office records.
Offset To take a second futures or options position opposite to the initial or opening position.
Omnibus Account An account of an originating FCM carried by a clearing FCM that combines the transactions of two or more accounts of the originating FCM in the name of the originating FCM rather than designating the accounts separately. The identity of the individual accounts is not disclosed to the carrying broker.
Open Interest The sum of all long or short futures contracts in one delivery month to one market that have been entered into and not yet liquidated by an offsetting transaction or fulfilled by delivery. Also known as Commitments.
Open Order An order that remains in force until it is canceled or until the futures contracts expire. See also Good 'Til Canceled Order and Good This Week Order orders.
Open Outcry A method of public auction for making bids and offers in the trading pits of futures exchanges.
Open Trade Equity The unrealized gain or loss on open positions.
Opening (The) The period at the beginning of the trading session officially designated by the exchange during which all transactions are considered made "at the opening."
Opening Price (or Range) The price (or price range) recorded during the period designated by the exchange as the official opening.
Opinion The reason given for a decision maker's finding or conclusion, as opposed to the decision, which is the judgment itself. The opinion is commonly contained in the Decision.
Option Buyer The person who buys calls, puts, or any combination of calls and puts.
Option Contract A contract which gives the buyer the right, but not the obligation, to buy or sell a specified quantity of a commodity at a specific price within a specified period of time. The seller of the option has the obligation to sell the commodity or futures contract or buy it from the option buyer at the exercise price if the option is exercised.
Option Grantor The person who originates an option contract by promising to perform a certain obligation in return for the price of the option. Also known as Option Writer.
Option Premium The price a buyer pays for an option. Premiums are arrived at through open competition between buyers and sellers on the trading floor of the exchange.
Option Seller The person who sells an option in return for a premium and is obligated to perform if the holder exercises his right under the option contract. Also referred to as the Option Writer.
Option Spread The simultaneous purchase and sale of one or more options contracts, futures, and/or cash positions.
Option Writer See Option Seller.
Oral Argument An opportunity for lawyers to orally summarize their position before the court and also to answer questions from the judge(s).
Order A direction of the adjudicating body on some matter.
Original Margin Term applied to the initial deposit of margin money each clearing member firm is required to make according to clearing house rules based upon positions carried, determined separately for customer and proprietary positions; similar in concept to the initial margin or security deposit required of customers by exchange regulations.
Out Trade A trade which cannot be cleared by a clearing house because the data submitted by the two clearing members involved in the trade differs in some respect.
Out of the Money A call option with a strike price higher or a put option with a strike price lower than the current market value of the underlying asset.
Over the Counter Market A market where products such as stocks, foreign currencies, and other cash items are bought and sold by telephone and other means of communication.
Overbought A technical opinion for which the market price has risen too steeply and too fast in relation to underlying fundamental factors. Opposite of Oversold.
Overnight Trade A trade which is not liquidated on the same trading day in which it was established.
Oversold A technical opinion for which the market price has declined too steeply and too fast in relation to underlying fundamental factors. Opposite of Overbought.

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