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Rally An upward movement of prices.
Random Walk An economic theory that price movements in the commodity futures markets and in the securities markets are completely random in character (i.e., past prices are not a reliable indicator of future prices).
Range The difference between the high and low price of a commodity during a given trading session, week, month, year, etc.
Ratio Hedge The number of options compared to the number of futures contracts bought or sold in order to establish a hedge that is risk neutral.
Ratio Spread This strategy, which applies to both puts and calls, involves buying or selling options at one strike price in greater number than those bought or sold at another strike price.
Reaction The downward price movement tendency of a commodity after a price advance.
Receiver A person appointed by the court to receive and preserve the property or funds that are the subject of litigation.
Recovery An upward price movement after a decline.
Registered Representative A person employed by, and soliciting business for, a commission house or futures commission merchant. See also Associated Person.
Registrant A person or firm who had properly applied for and received approval to operate in one or more of the following capacities: futures commission merchant, introducing broker, commodity trading advisor, commodity pool operator, leverage transaction merchant, agricultural trade option merchant, floor broker, floor trader, or associate person.
Registration Action Type A violation arising from failing to properly register with a regulatory body or being statutorily disqualified from registration.
Regulatory Action A disciplinary or remedial action taken by a regulatory body, such as the exchanges, NFA and the CFTC in enforcing its rules and the requirements of the Commodity Exchange Act.
Remand When an appellate body sends a case back to a lower body for further proceedings.
Reparations Compensation payable to a wronged party in a futures or options transaction. The term is used in conjunction with the CFTC's customer claims procedure to recover civil damages.
Reply A written response to a counterclaim or a cross-claim.
Reportable Position The number of open contracts specified by the CFTC at which one must begin reporting total positions by delivery month to the authorized exchange and/or the CFTC.
Reporting Level Sizes of positions set by the exchanges and/or the CFTC at or above which commodity traders or brokers who carry these accounts must make daily reports about the size of the position by commodity, by delivery month, and whether the position is controlled by a commercial or non-commercial trader.
Representative An attorney or other person who assists a party in an arbitration.
Resistance In technical trading, a price area where new selling will emerge to dampen a continued rise.
Respondent A person or firm named in a disciplinary or remedial action; a person or firm alleged to have been the cause of rule violations; a person or firm against whom a claim is asserted in an arbitration or reparations matter.
Response to Notice of Intent A written response to a Notice of Intent submitted by the named applicant or registrant.
Resting Order An order to buy at a price below or to sell at a price above the prevailing market that is being held by a floor broker. Such orders may either be day orders or open orders.
Restitution The act of making good, or of giving the equivalent, for any loss, damage or injury.
Restraining Order An order often granted without notice or hearing, requiring the preservation of the status quo until a hearing can be held to determine the propriety of any injunctive relief, temporary or permanent. A restraining order is always temporary in nature and thus is often called a TRO or Temporary Restraining Order.
Resumption The reopening the following day of specific futures and options markets that also trade during the evening session.
Retender In specific circumstances, some contract markets permit holders of futures contracts who have received a delivery notice through the clearing house to sell a futures contract and return the notice to the clearing house to be reissued to another long; others permit transfer of notices to another buyer. In either case, the trader is said to have retendered the notice.
Reversal A change of direction in prices. In a legal context, when an appellate body sets aside the decision of a body because of an error. A reversal is often followed by a remand.
Reverse Conversion With regard to options, a position created by buying a call option, selling a put option, and selling the underlying futures contract. Also referred to as Reversal.
Reverse Crush Spread The sale of soybean futures and the simultaneous purchase of soybean oil and meal futures.
Revoke To recall a power or authority previously conferred, or annul, repeal, rescind or cancel privileges or registration. In the case of Commodity Futures Trading Commission registration proceedings, to take away a previously granted registration.
Riding the Yield Curve Trading in interest rate futures according to the expectations of change in the yield curve.
Ring A circular area on the trading floor of an exchange where floor traders and floor brokers stand while executing futures trades.
Risk/Reward Ratio The relationship between the probability of loss and profit. This ratio is often used as a basis for trade selection or comparison.
Roll-Over The process of lifting a futures or options position and re-establishing it in a more deferred delivery month.
Round Lot A quantity of a commodity equal in size to the corresponding futures contract for the commodity.
Round Turn A completed futures transaction involving both a purchase and a liquidating sale, or a sale followed by a covering purchase.
Runners Messengers who rush orders they receive from phone clerks to floor brokers for execution in the pit or ring.