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Exchange for Physical (EFP)

Trading Term

Maximum allowed values of Exchange for Physical (EFP) trades placed by authorized traders in a Proprietary Trading Group Separate Trading Limit account. You can set the following Exchange for Physical limits:

  • Maximum Nominal Exchange for Physical Per Order – The total value of any one Exchange for Physical (EFP) order, in millions of dollars.
  • Maximum Net Exchange for Physical Per Trades – The net value of EFP buys and sells for an entire trading day, in millions of dollars.
  • Maximum Gross Exchange for Physical Trades – The aggregate value of EFP buys and sells for an entire trading day. For example, if you bought 50 million and sold 15 million in a day, the gross dollar value for that day would be 65 million.

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