A futures market is an exchange where futures contracts are traded by participants interested in buying or selling these derivatives.
In the US, futures markets are largely regulated by the Commodity Futures Trading Commission (CFTC), with futures contracts being standardized by exchanges.
Today, most trading in the futures markets takes place electronically, including, for example, CME and ICE.
Unlike most stock markets, futures markets can trade 24 hours a day.
Futures contracts are financial derivatives that oblige the buyer to purchase some underlying asset (or the seller to sell that asset) at a predetermined price and date in the future.
A horizontal spread is a simultaneous long and short position in derivatives for the same underlying asset and strike price, but with different expiration dates.
centner (abbreviated as CWT) is a standard unit of weight or mass used in some commodity markets. It can also be used to determine the price of small batches of goods.
Tick size - the minimum change in the price increment of a trading instrument.
– Tick sizes used to be in fractions (e.g. 1/16th of $1), but today they are mostly decimal based and expressed in cents.