EXCHANGEFORPHYSICAL TRADE
Exchange-For-Physical (EFP) Trade
An EFP refers to a privately negotiated and simultaneous exchange of a futures position for a corresponding cash position ( i.e., a basis trade) apart from the public auction market in the context of a non-interest rate contract. An EFP may be executed on or off the Exchange trading floor. These trades are also referred to as "Transfers of cash for futures". " Cash for Futures", or "vs. cash" transactions These trades are governed by Rule 538, TRANSFER OF SPOT FOR FUTURES or Rule 719, TRANSFER OF CASH FOR FUTURES AFTER TERMINATION OF CONTRACT. Chicago Mercantile Exchange Glossary