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IB See Introducing Broker.
ICE Futures U.S. ICE Futures U.S., formerly known as the New York Board of Trade (NYBT or NYBOT)
Immunity Exemption from a legal duty, penalty or prosecution.
In the Money Option An option having intrinsic value. A call is in the money if its strike price is below the current price of the underlying futures contract. A put is in the money if its strike price is above the current price of the underlying futures contract.
Independent Introducing Broker An introducing broker that is subject to minimum capital and financial reporting requirements. This type of IB may introduce accounts to any FCM. See also Guaranteed Introducing Broker.
Index Arbitrage The simultaneous purchase (sale) of stock index futures and the sale (purchase) of some or all of the component stocks which make up the particular stock index to profit from sufficiently large intermarket spreads between the futures contract and the index itself.
Indictment A formal accusation of a felony, issued by a grand jury after considering evidence presented by a prosecutor.
Indirectly Crossing Orders A trader executes buy and sell orders opposite the same trader at the same price.
Indirectly Taking the Other Side A trader executes a customer order on one side of the market opposite a local and executes a trade for his personal account on the opposite side of the market with the same local at the same time.
Inelasticity A characteristic that describes the interdependence of the supply, demand and price of a commodity. A commodity is inelastic when a price change does not create an increase or decrease in consumption; inelasticity exists when supply and demand are relatively unresponsive to changes in price.
Initial Decision A decision setting forth findings of fact and conclusions of law and the imposition of a penalty. An Initial Decision becomes a Final Decision within a specified time period unless it is appealed or stayed.
Initial Deposit See Intitial Margin.
Initial Determination A formal, written document stating whether it is determined, based on the written record as a whole, that a registrant is disqualified from registration under the Commodity Exchange Act. Following the issuance of an Initial Determination, the registrant may request an oral hearing.
Initial Margin Customers' funds put up at the time a futures market position is established to act as security for a guarantee of contract fulfillment. See also Original Margin.
Initial Performance Bond The funds required when a futures position (or a short options on futures position) is opened.
Injunction A prohibitive, equitable order, either permanent or temporary, issued by a court forbidding a person to commit some action that he is attempting to commit, or restraining him in the continuance of some action.
Intercommodity Spread A spread in which the long and short legs are in two different but generally related commodity markets. Also called an Intermarket Spread.
Interdelivery Spread A spread involving two different months of the same commodity. Also called an Intracommodity Spread.
Interest Rate Futures Futures contracts traded on fixed income securities such as U.S. Treasury issues, or CDs. Currencies are excluded from this category, even though interest rates are a factor in currency values.
Interim Order A formal, written document stating that it is determined that a registrant is disqualified from CFTC registration under the Commodity Exchange Act. The issuance of an Interim Order suspends the registrant's registration and orders the registrant to show cause why his registration should not be revoked.
Intermarket Spread See Spread and Intercommodity Spread.
International Commodities Clearinghouse An independent organization that serves as a clearinghouse for most futures markets in London, Bermuda, Singapore, Australia, and New Zealand.
International Swaps and Derivatives Association A New York-based group of major international swaps dealers, which has published the Code of Standard Wording, Assumptions and Provisions for Swaps, or Swaps Code, for U.S. dollar interest rate swaps, as well as standard master interest rate and currency swap agreements and definitions for use in connection with the creation and trading of swaps.
Intracommodity Spread See Interdelivery Spread.
Intrinsic Value The absolute value of the in-the-money amount; that is, the amount that would be realized if an in-the-money option were exercised.
Introducing Broker (IB) A firm or individual that solicits and accepts futures orders from customers but does not accept money, securities or property from the customer. An IB must be registered with the Commodity Futures Trading Commission and must carry all of its accounts through a futures commission merchant on a fully disclosed basis.
Inverted Market A futures market in which the nearer months are selling at premiums over the more distant months; characteristically, a market in which supplies are currently in shortage.
Invisible Supply Uncounted stocks of a commodity in the hands of wholesalers, manufacturers and producers which cannot be identified accurately; stocks outside commercial channels but theoretically available to the market.

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