Wholesale Trading - Against Actuals and Exchange for Swaps

Commodities (NYSE Liffe) - Against actuals - Introduction

Against Actuals

The Against Actuals (AA) facility allows you to organize and execute futures transactions that relate directly to an identifiable underlying transaction in the same or similar physical commodity. Specifically, an AA is a transaction between two parties involving the purchase and sale of a futures contract and either:

a)The simultaneous price fixing of a directly related physical contract for sale or purchase;

or

b)The hedging of a directly related physical contract for sale or purchase.

AA transactions enable you to eliminate the execution risk associated with trading in the Central Order Book.

The AA facility is available for Cocoa, Robusta Coffee, White Sugar and Feed Wheat futures. 

For full details of the AA facility, please see section 4.4 of the NYSE Liffe Trading Procedures.

Contact Information

Commodities: London
Phone: +44 (0)20 7379 2588
Email: commodities@nyx.com

 

 

 

 

 

Exchange for Swaps

The Exchange for Swaps (EFS) facility allows market participants to organize and execute a futures transaction as an offset to an identifiable over-the-counter (OTC) swap transaction in a similar commodity or a direct product of such commodity.

When you execute an EFS transaction, you should retain documentary evidence of the OTC contract. Make sure to include the following information:

  • Fixed price or fixed price formulas of the swap, and who pays
  • Floating price or floating price formulas of the swap, and who pays
  • Termination/maturity date
  • Effective (start) date of the swap
  • Quantity of the swap position relating to the underlying commodity or the direct product of such commodity
  • Referenced futures delivery month

An EFS transaction enables you to eliminate the execution risk associated with trading in the Central Order Book.

The EFS facility is available for Cocoa, Robusta Coffee, White Sugar and Feed Wheat futures.

For full details of the EFS facility, please see section 4.2 of the NYSE Liffe Trading Procedures.

Contact Information

Commodities: London
Phone: +44 (0)20 7379 2588
Email: commodities@nyx.com