Exchange for Physical (EFP)
An exchange for physical privately pairs a reported futures transaction with a bona fide transfer of a comparable cash-market position.
Futures price limits, exchange-for-physical transactions, price fixation, Section 1256 contract classification, and settlement mechanics.
Contract limits, delivery, and settlement pages explain operating rules that can matter as much as price direction. The rulebook determines price-limit bands, delivery alternatives, exchange-for-related-position reporting, daily settlement, margin, and final contract obligations.
Use this section when execution, reporting, pricing, or classification controls drive the analysis. Limit Up, Limit Down explains locked markets and changing daily limits. Exchange for Physical (EFP) covers privately negotiated futures and cash-market components, reporting, and evidence. Price Fixation covers benchmark methods and contractual pricing elections. Regulated Futures Contract explains the separate U.S. Section 1256 tax classification.
The practical check is simple: identify the exact contract, exchange rule, trading session, delivery month, and current limit status before treating an order, hedge, or delivery plan as executable.
Before acting on a futures rule or settlement term, verify:
Public starting points include CFTC futures basics, CME price limits, and CME’s price-limits and circuit-breakers explainer.
Choose a subsection first. Deeper term pages live inside each subsection, which keeps large topic hubs readable.
An exchange for physical privately pairs a reported futures transaction with a bona fide transfer of a comparable cash-market position.
Limit up and limit down are exchange-defined futures price boundaries, including daily, expanded, and variable price-limit mechanisms.
Price fixation sets a transaction or valuation price using a specified benchmark, auction, date, window, or contractual pricing election.
A regulated futures contract is a defined Section 1256 contract whose margin follows mark-to-market and that is traded on or subject to a qualified board or exchange.