Abbreviations Flashcards
1
Q
A
A
Offer (Ask) - Price offering terminology when trading
2
Q
ACC
A
Accepted - Term used in reference give-up transactions, accepted by the claiming firm
3
Q
ACS
A
Allocation Claim System - A CME system used by firms involved in the allocation and claiming of five-up transactions. Many firms also use one of the middleware systems available to automate this process (GL Clearvision, Emos, ATEO)
4
Q
ACSSS
A
American Council of State Savings Supervisors - Part of State Liaison Committee (SLC), along with CSBS and NASCUS
5
Q
AD
A
Australian Dollar - FX currency
6
Q
ADN
A
Alternate Delivery Notice
7
Q
ADV
A
Average Daily Volume - the average amount of contracts traded in any given product
8
Q
AEM
A
All employee meeting
9
Q
AML
A
Anti-money Laundering - related to the ‘Know Your Customer” policies
10
Q
ANC
A
Adjusted Net Capital
11
Q
AON
A
All or None - a style of order designed to fill the complete quantity, not partially fill it
12
Q
APN
A
Accept Pending - A designation/message on a give-up transaction indicating the current status as pending. It will remain this way until the claiming firm rejects or accepts the transaction
13
Q
APS
A
Average Price System - A System used by firms/traders to group a series of trades made up of the same criteria (buy or sell of the same contract) to obtain a single average price across the whole group. Frequently used by fund managers to ensure all accounts receive the same price
14
Q
ARR
A
Allocation Reversal Request - A designation/message on a give-up transaction indicating the current status as reversal requested. It will remain in this status until the executing firm accepts or rejects the reversal transaction. This may occur because of bad price allocated, allocated to the wrong firm, incorrect buy/sell code, etc
15
Q
AS A/C
A
Asset Account
16
Q
ASEF
A
Alternate Swaps Execution Facility
17
Q
ATIS
A
A Thorn in my Side - A back office proprietary bookkeeping system, orginally developed by O’Connor & Sons
18
Q
ATM
A
At the Money - term used to describe a position instructions to exercise
19
Q
ATS
A
Alternative strike price which is the same as the underlying settlement price. In this situation the position would not be automatically exercised, client/firm must submit specific Trading Systems
20
Q
AUD
A
Australian Dollar - FX currency
21
Q
B
A
Bid - price offering terminology when trading
22
Q
BAU
A
Business as usual
23
Q
BBH
A
Brown Brothers Harriman - A settlement bank used by CME Group clients
24
Q
BCP
A
Business Continuity Planning - Group responsible for all Disastor Recovery (DR) planning within CME Group
25
BDS
Business Development services
26
BEI
Business Entity Identifiers - (SWIFT related)
27
BFCC
Business Function Combined Commodity
28
BIA
Business Impact Analysis
29
BIC
Business Instructional Code - Specific code designated to banks used in transaction messaging by various Clearing House Departments
30
BIS
Bank for International Settlements - an FX related institution
31
BK trades
Broker Reassignment - allow an IOM member, trading outside his/her division to be recorded as the filling broker on the futures leg of the options/futures combination trades
32
BKE
Bilateral Key Exchange
33
BKR
Broker - person who acts as an intermediary between a buyer and a seller, usually charging a commission
34
BOMA
Building Owners and Managers Association - Works closely with CME group to ensure that our evacuationa dn facility security plans are current and accurate
35
BONY
Bank of New York - A settlement bank used by CME group clients
36
BP
British Pound (also GBP) - an FX currency
37
BPM
Business Performance Management
38
BR
Brazilian Real - an FX currency
39
BRPA
Business Resumption Planners Association - an independant professional association of people employed in all aspects of disastor recovery, contingency, and business continuity planning
40
C21
Clearing 21 - The C21 system suppors a variety of functions that enable member firms to view settlement information by origin and settlement account. Firms can also obtain Margin call and cash release information online using the settlement system
41
CAB
Cabinet Trades - A cabinet trade is an obtion trade executed in a deep out-of-the-money obtion at a permium value less than the standard minimum tick. Each option product chapter defines the standard minimum tick increment and the allowable cabinet increments applicable to that product
42
CAD
Canadian Dollar - an FX currency (also CD)
43
CAM
CME Auction Markets - A market utilizing the Auction system through which CME AM makes Auction Instruments available to auction participants
44
CBOE
Chicago Board Options Exchange - Exchange which ises the OCC as their clearing corporation
45
CBOT
Chicago Board of Trade - Merged with CME to form CME Group in 2007
46
CCS
CME Clearing Support group - department within the Clearing House
47
CCP
Central Counterparty
48
CD
Canadian Dollars - an FX currency (also CAD)
49
CDD
Cooling Degree Day - weather contract related - an average of temperature for that particular city over the course of the month
50
CDM
Clean Development Mechanism - where CER's contracts are held in temporary accounts
51
CDS
Credit Default Swaps
52
CEA
Commodity Exchange Act
53
CER
Certified Emission Reduction - Emissions Futures Contract (Euro Denominated)
54
CEM
Current Exchange Method - Relates to the calculations in regards to the CME guarantee funds
55
CF
Clearing Fee - Fees charged to exchange members and non-members alike for various clearing transactions
56
CFI
Center for Innovation - CFI creates and sponsors thought provoking original programming that identifies, showcases, and fosters examples of significant innovation and creative thinging across multiple industries
57
CFPB
Consumer Financial Protection Bureau - Part of the FFIEC council. The council is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions
58
CFTC
Commodity Futures Trading Commision - The US government agency responsible for regulating domestic futures and options exchanges and their members
59
CH
Clearing House - the administrative center of a market through which all transactions are cleared. In addition to administering trades, the clearing house guarantees the performance of contracts. It becomes the counter party to both the buyer and seller when a trade is matches, greatly reducing counterparty risk. Other functions include ensuring the underlying financial instruments or commodities are actually delivered to fulfill futures contracts, and maintaining the margin accounts
60
CHF
Swiss Franc - an FX currency
61
ChicagoFIRST
ChicagoFIRST - a non-profit dedicated to Homeland Security and Emergency Management issues affecting financial institutions requiring a coordinated response. It is a coalition of private sector financial institutions and several local, state, and federal agencies
62
CIG
Corporate Initiative Group
63
CIKR
Critical Infastructure Key Resources - Cyber securty risk management collaboration
64
CIL
Client Internet Link
65
CISCP
Cyber Information Sharing and Collaboration Program - Align and mature government and CIKR cyber security risk management colloaboration
66
CIT
Clearing Information Technology - IT support for the Clearing House
67
CITL
European Community Transaction log - a link to the ITL
68
CLAR
Customer Line Alternative Routing - Enables firms to faciliate give-up trade processing via MQM/TREX as an alternative to entering data via our on-line Give-up System, GUS
69
CLR
Normal Clearing - A day in which clearing follows it's regular schedule of trade processing, with no special considerations for holiday processing
70
CLS
Continuous Link Settlement - Banking system used to match deliveries in foreign currency futures for real-time settlement of both sides of the transaction
71
CM
Clearing Member - a member of the clearing house organization
72
CMA
Credit Market Analysis, Ltd.
73
CMB
Common message board - application used by the CH to maintain and moniter firm's queues for both incoming and out going messages
74
CMAC
Competitive Markets Advisory Council
75
CME
Chicago Mercantile Exchange
76
CME AM
CME Alternative Marketplace Inc. - a subsidiary of CME which is not regulated by the CFTC.
77
CMECE
CME Clearing Europe - represents the London CME Clearing House
78
CMF
Clearing Member Firm - member firm, or FCM of a clearing house organization
79
CMT
Crisis Management Team - related to business continuity group
80
CMU
Client Member Update - reference to approval process for new clearing firms
81
CORE
Clearing Online Risk Engine - clearing member and client risk application
82
CSBS
Conference of State Bank Supervisors - Part of the SLC, along with ACSS and NASCUS
83
Cseg/Cust
Customer Segregated - certification support for Electronic Trading Group that supports the Certification and New Release Environments
84
CST
Central Standard Time - Time zone of chicago, also known as CDT during daylight savings
85
CTI
Customer Type Indicator - Bookkeeping clearing code which indicates one of the following: CTI 1 = Broker/trader trading own account; CTI 2 = Broker/trader trading for house account; CTI 3 = Broker/trader trading for the account of another broker/trader present on the trading floor or for an account controlled by such a broker/trader; CTI 4 = Broker/trader trading for any other customer's account
86
CTM
Clearing Trade Management
87
CTR
Computerized Trade Reconstruction - The market regulation department will conduct audits of clearing members to verify that required audit trail information has been accurately recorded and submitted.
88
CUSIP
Committee on Uniform Securities Identification Procedures - a CUSIP number identifies most securities. The CUSIP system facilitates the clearing and settlement process of securities. The number consists of nine characters unique to each company or issuer
89
Cust
Customer Origin
90
DAT
Damage Assesment Team - related to Business Continuity Group
91
DCE
Data Center Engineering - Computer room security for equipment, location, and access
92
DCO
Derivatives Clearing Organization
93
DCM
Designated/Derivates Clearing Member - a CME Clearing Member approved for the purpose of entering orders to an Auction on behalf of auction participants together with the duties, rights, and privileges attendant to membership in the CH
94
DDoS
Distributed Denial of Service - Infosec related to cyber/Internet attack of customer and/or public facing url's
95
DHS
Department of Homeland Security
96
DIP
Delivery Instructions Process - the process and protocol firms follow when involved with deliveries. These protocols vary depending on the product being delivered
97
DISCR
Discretionary - Order indicator giving the executing broker a level of discretion on what price a particular order is filled
98
DMA
Direct Market Access - refers to traders with direct access to Globex
99
DMAIC
A QPE Guideline to improve processes across the CH - Define, Measure, Analyze, Improve, and Control
100
DME
Dubai Mercantile Exchange
101
DMS
Deal Management System - OTC product/deal related
102
DNS
Deliver Notice Server
103
DSRO
Designated Self Regulatory Organization - CME Group Audit department performs risk based regulatory examinations of clearing members for which is has DSRO
104
DTC
Depository Trust Company - the worlds largest central securities depository, it accepts deposits of over 2 million equity and debt securities issues from over 65 countries for custody
105
DTCC
Depository Trust Clearing Corporation - through its subsidiaries, provides post-trade clearing, settlement, custody and information services for equities, corporate and municipal debt, money market instruments, American depository receipts, ETFs, and other securities
106
DVA
Daily Value Adjustment
107
E/A
Exercise/Assignment - the process whereby the option buyer asserts his/her right and goes long the underlying futures. Assignment refers to the obligations of sellers to take the opposite futures position of the buyers
108
EBOT
Exempt Board of Trade - Clearing Members eligible to clear CME products and Special CME Clearing Members eligible to clear CBOT products may clear Eligible Products traded on CME AM, at the discretion of the CH
109
EC
Euro Currency - an FX currency
110
ECC
Emergency Change Control - a system modification in any environment that must happen outside of the normal weekend maintenance window
111
ECN
Electronic Communications Networks - electronic systems used to trade securities
112
ECP
Eligible Contract Participants - Trading on the EBOT is restricted to eligible contract participants
113
ED
Euro Dollar - the most widely traded interest rate futures product in the world. It enables traders to hedge fluctuations on Eurodollars - U.S. dollars deposited in commercial banks outside the US
114
EEP
Excess Emissions Penalty - A delivery penalty related to Emissions Futures Contract (Euro Denominated)
115
EFP
Exchange for Physical - a privately negotiated, non-competitive futures trade transacted apart from the public auction market of a futures exchange but submitted for clearing through a futures clearing house
116
EFR
Exchange for Risk - a futures market transaction that provides market participants a way to unwind existing OTC positions into new OTC positions. Similar to an EFP transaction, except that it involves an exchange of a futures position for an OTC position rather than an exchange for a physical commodity. EFR transactions facilitate an easy, efficient entry or exit from the OTC position
117
EFS
Exchange Fee System - Exchange system used by firms to manage exchange and clearing fees
118
EFS
Exchange for Swap - a practice similar to EFP, used by exchange market participants as an additional instrument to add flexibility to trading and risk management portfolios. Allows market participants to exchange a futures contract position for a cash-settled position instead of a physical commodity. Also gives market participants the ability to liquidate a swap position in a market that may have limited liquidity
119
EMA's
Federal and State Emergency Management Associations
120
EOD
End of Day - Signifies the end of the trading day and is often associated with firms' processing schedule
121
EOM
Unit of Measure
122
ePRS
Electronic Price Reporting System
123
EREP
Enterprise Reports - Client facing report repository which replaced Document Direct
124
ES
Enterprise Solutions - working group within the CME
125
ERT
Emergency Response Team - related to Business Continuity Group
126
ETF
Exchange Traded Funds
127
ETH
Electronic Trading Hours - trading hours on electronic markets opposed to open outcry markets
128
ETP
Electronic Trade Poster
129
ETPA
Electronic Trade Posting Application - Electronic Trading Production Assurance Group who supports all production components and systems
130
EUA
European Union Allowance - Emmissions Futures Contract (Euro Denominated)
131
EU ETS
European Union Emissions Trading Scheme - Emmisions Futures Contract (Euro denominated)
132
EUR
Euro
133
EY
Euro-Yen
134
FBIIC
Financial Banking and Infrastructure Information Committee - Sister council of the FSSCC, made up of public sector and regulatory organizations and chaired by the US treasury department
135
FCC
Federal Communications Commission
136
FCM
Futures Commission Merchant
137
FDIC
Federak Depository Insurance Corporation - Part of the FFIEC council, a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions
138
FEC
Front End Clearing - provides a web-interface for management of the clearing process
139
FERF
FIXML Entity Reference File
140
FEST
Fixtures for Easy Software Testing
141
FFCB
Federal Farm Credit Bank
142
FFIEC
Federal Financial Institutions Examination Council - a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the FRB, FDIC, NCUA, OCC, CFPB.
143
FHLB
Federal Home Loan Bank
144
FHLMC
Federal Home Loan Mortgage Corporation aka: Freddie Mac
145
FIA
Futures Industry Association - the CME has participated in the execution and planning of all Futures Industry Recovery exercises sponsered by the FIA
146
FICC
Fixed Income Clearing Corporation
147
FIMS
Facilities Information Management System - a tool that first responders are going to use as a reference when an event is occuring
148
FIX
Financial Information Exchange - Financial exchange protocol for transmitting order entry messages
149
FIX/FAST
Financial Exchange Protocol - Financial Exchange Protocol for transmitting market data messaging compressed using the FAST algorithm
150
FIXML
Financial Information Exchange Markup Language
151
FLEX
Flex Options Contracts
152
FNMA
Federal National Mortgage Association aka: Fannie Mae
153
FOB
An Adornment that hangs from a watch chain
154
FRB
Federal Reserve Board - FFIEC Council segment. a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions
155
FS-ISAC
Financial Services Information Sharing and Analysis Center - established in response to a mandate that the public and private sectors share information about physical and cyber security threats and vulnerabilities to help protect critical US Infrastructure
156
FSSCC
Financial Services Sector Coordinating Council - One of the DHS coordinating councils set up to provide homeland security and infrastructure protection. CME Group is a member of this financial sector council.
157
FUT
Future
158
FX
Foreign Exchange
159
FXMS
Foreign Exchange MarketSpace
160
GBP
British Pounds
161
GBX
Globex
162
GCC
Globex Control Center
163
GCF
General Collateral Finance
164
GCM
General Clearing Member - Clearing house member who is entitled to clear its own transactions, those of its customers and those of floor brokers whom it sponsers
165
GEM
Growth and Emerging Markets Division
166
GETS
Government Emergency Telecommunications Service - Part of DHS, utilized to help CME respond to NS/EP when we are unable to complete emergency calls through normal means during a DR situation or event
167
GFX
Globex Foreign Exchange
168
GIS
Global Information Security
169
GNMA
Ginnie Mae
170
GSA
Goldman Sachs of America
171
GSCI
Goldman Sachs Commodity Index
172
GSE
Government Sponsered Enterprise
173
GSEMB
Government Sponsered Enterprise Mortgage Backed
174
GSEOTH
Goverment Sponsered Enterprise Other
175
GU
Give up
176
GUI
Graphical User Interface
177
GUS
Give-up System
178
HFS
High Frequency Trading - usually associated with traders that use an algorithm for trading
179
HOUSE
House Origin - also known as NSEG or proprietary
180
HSM
High Security Manager - related to SWIFT security
181
HTB
Harris Trust Bank
182
HW
Hardware
183
IBAN
International Bank Account Number
184
ICM
Individual Clearing Member - Clearing house member who is entitled to clear its own transactions, those of its direct customers and those of the locals, but not the transactions of floor brokers
185
ICPS
iClear Position Services
186
IDB
Inter-Dealer Broker - interact with a multitude of clients, often across many asset classes. They provide important services to the OTC market, and increased regulatory and industry focus on electronic confirmation presents opportunities to work with your clients to deliver a solution for broker confirmations within minutes of execution
187
IEF
Interest Earning Facility
188
iLink
CME Group FIX front-end system for automated connectivity to the FIX Gateway. It connects over an IP address and port using TCP/IP
189
IM
Initial Margin - The amount a futures market participant must deposit at the time he places an order to buy or sell a contract
190
IMM
International Monetary Market - The Financial Futures Market that is part of the CME
191
ITL
International Transaction Log - Operated by the UN Framework Convention on Climate Change
192
IOM
Index and Options Market Division
193
IR Study
Infrared Electrical Inspection - a study of our electrical gear, done annually
194
IRS
Interest Rate Swaps
195
IRT
Incidence Response Team - relates to the team on the forefront in the event of a DR situation, comprised of various CME staff
196
ISG
Information Services Group
197
ISV
Independant Software Vendor
198
ITC
Inter-Exchange Technical Committee
199
ITD
Intra-day (settlement cycle)
200
ITM
In the money - an option that would yield a positive value is exercised now
201
ITSM
IT Service Management
202
JPY
Japanse Yen, an FX currency
203
JY
Japanese Yen, an FX currency
204
KYC
Know your customer - shorthand used in emails and other correspondence
205
LCH
London Clearing House
206
LDRPS
Living Disaster Recovery Planning System - BCP group application to maintain all DR plans per department across the CME
207
LIBOR
London Interbank Offered Rate
208
LID
Last Intent Day - Final day that firms are allowed to enter their delivery intent to the Clearing House
209
LIFFE
London International Financial Futures Exchange
210
LOC
Letter of Credit - letter from a bank authorizing payment of a certain sum to a person or company, usually in another country
211
LOV
Long Option Value - the monetary value of long option positions marked to the settlement price of the underlying contract
212
LOX
Large Order Execution
213
LP
Long Position - any long/buy position held by a firm during any given delivery cycle which is reportable and becomes eligible for delivery assignment
214
LSOC
Legally Separated, Operationally Commingled - the basis for the complete legal segragation model, which determines how margin for cleared swaps will be held for the benefit of customers of a futures commission merchant
215
LTD
Life to Date - Indicates statistical Information totaled for the life of an account to the current date
216
MA
Margin Analyst - Member of financial unit team
217
MBR
Member
218
MBS
Service-Mortgage-Backed Securities
219
MDP
Market Data Platform - produces market data messages
220
MMMF
Money Market Mutual Fund
221
MOBS
Market Observations - reference to snapshots taken of prices and positions for the Risk team to monitor clients and market conditions
222
MOS
Mutual Offset - agreement between the CME and SGX. Trades executed on one exchange can be transferred to the books of a firm on the exchange.
223
MOSSX
Simex Mutual Offset - Same as MOS
224
MP
Mexican Peso, an FX currency
225
MQM
Message Queuing Middleware - used by the CME to transmit trade data from and to clearing member firms on a real-time basis
226
MRS
Member Reporting System - method used by floor brokers to receive their out trade sheets
227
MSFT
Microsoft
228
MTD
Month to Date - Indicates statistical information totaled for the month to the current date
229
MTM
Marked to Market - refers to open opsitions marked to the latest settlement price to determine valuation
230
MXN
Mexican Peso - an FX currency
231
NAR
No Action Required
232
NASCUS
National Association of State Credit Union Supervisors - Part of the SLC, along with CSBS and ACSSS
233
NCM
Non-clearing member
234
NCUA
National Credit Union Administration - Part of FFIEC, a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions
235
NDF
Non-deliverable forwards - OTC US FX products via CME Clearport application
236
NE
New Zealand Dollar - an FX currency
237
NFA
National Futures Association
238
NOIA
Notice of Intention to Accept - reference to emission reduction deliveries
239
NOID
Notice of Intention to Delivery - Reference to emission reduction deliveries
240
NOV
Net Option Value - The value of open option positions on a net basis
241
NOK
Norwegian Krone - an FX currency
242
NRML
Normal
243
NSEG/House
House non-segregated - describes proprietary in house firm accounts
244
NS/EP
National Security/Emergency Preparedness
245
NYCC
New York Clearing Corporation
246
NYMEX
New York Mercantile Exchange
247
NYPC
Ney York Portfolio Clearing
248
NZD
New Zealand Dollar - an FX currency
249
OB
Or better - order execution type
250
OC
Office Communicator
251
OCC
Options Clearing Corporation
252
OCC
Office of the Comptroller of the Currency - part of the FFIEC council, a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions
253
OEMC
Local Office of Emergency Management and Communications - Fire and Police Departments
254
OI
Open Interest - represents contracts left open on both long and short positions
255
OIA
Office of Investigations & Audits
256
ONA
Organization and Account
257
OOB
Out of Balance - used to describe reconciliation discrepencies for either contracts or monetary balances
258
OOF
Option on Future
259
OOO
Out of office
260
OOP
Option on Physical
261
OP
Option premium - amount paid to the seller from the buyer for an option transaction
262
OPPT
Option Premium Pass Thru
263
ORC
Opportunity Resource Committee - High level executive corporate team tasked with measuring and evaluating large scale projects across the CME
264
OTC
Over the counter - a non exchange transaction between two parties
265
OTI
Order type Indicators
266
OTM
Out of the Money
267
OTP
Order to Pay
268
P&S
Purchase and Sale
269
P&L
Profit and Loss
270
PB
Performance Bond
271
PB A/C
Performance Bond Account
272
PCS
Gross Position Change Submission
273
PCTL
Production Control
274
PMP
Performance Management Process
275
PIN
Personal Identification Number
276
PLA
Project Leadership Associates
277
PNT
Privately Negotiated Trades
278
POC
Proof of Concept or Point of Contact
279
POP
Point of Presence Report
280
POS A/C
Position Account
281
PRS
Price Reporting System
282
PSTN
Public Switched Telephone Network
283
QIS
Quantitative Impact Study
284
QPE
Quality and Process Excellence
285
RA
Risk Analysis
286
RACF
Resource Access Control Facility
287
RAP
Rapid Access Point
288
RDC
Remote Data Center
289
REBS
Regulatory Exchange Business Systems
290
RFQ
Request for Quote
291
RM
Relationship Manager
292
RMA
Relationship manager Applicatication
293
RQMTS
Requirements
294
RTH
Regular Trading Hours
295
RTO
Recovery Time Objective
296
RU
Russian Ruble
297
SAG
Settlements are Good / SWIFT Alliance Gateway
298
SAN
Storage Area Network
299
SDR
Swap Data Repository
300
SEC
Securities and Exchange Commission
301
SECR
Security Deposit
302
SEF
Swap Execution Facilities
303
SEG
Segregated Account
304
SEK
Swedish Krona
305
SET A/C
Settlement Account
306
SFU
Senior Financial Unit Staff
307
SGX/SIMEX
Signapore Exchange
308
SI
Solutions Implementation
309
SIPN
SWIFT Secure IP Network
310
SLA
Service Level Agreement
311
SLC
State Liaison Committee
312
SLEDS
Single line entry of Differential Spreads
313
SMDPs
Securities market data providers
314
SME
subject matter expert
315
SOD (2)
start of day or Securities on Deposit
316
SOM
Short Option Minimum
317
SOP
Standard Operating Procedures
318
SOV
Short Option Value
319
SP
S&P 500
320
SPAN
Standard Portfolio Analysis of Risk
321
SPOF
Single points of failure
322
SSCP
SWIFT's Security Control Policy
323
SSF
Single Stock Futures
324
SSL
Secure Sockets Layer
325
STP
Straight through Processing
326
SVDA
Settlement Variation Daily Adjustment
327
SVIEF
Settlement Variation Interest Earning Facility
328
SVOP
Settlement Variation Option Premium
