Clearing and Settlement of Derivatives

CFD See contract for difference.

CFMA Commodity Futures Modernization Act introduced

in the United States to change the regulatory

environment in derivatives markets.

CFTC The Commodities and Futures Trading Commis-

sion, a US regulatory organisation.

CGO The Central Gilts Office – formerly responsible

for the settlement of UK Government securities

prior to transactions being taken over by

CREST through which UK Bond futures settle

on delivery.

Cheapest to Deliver The cash security that provides the lowest cost

(largest profit) to the arbitrage trader; the Cheap-

est to Deliver instrument is used to price the

futures ...