Futures contract

A standardized term contract whereby the buyer undertakes to purchase the Underlying Asset at an agreed price (Future Price) on a future date (Settlement Date). In return, the seller undertakes to sell the same Underlying Asset at the same agreed price (Future Price) and on the same future date (Settlement Date). Until this date or until a closing transaction is carried out, daily profit and loss accounts are prepared. The obligation to buy and sell the Underlying Asset on the future date can be replaced by the obligation to engage in Settlement by Offset, in cases where the asset is not deliverable or the delivery can be made by offset.