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GlossaryDictionary A | B | C | D | E | F | G | H | I | L | M | N | O | P | R | S | T | U | V- Affiliated member - a third party that is legal entity and fulfils the conditions of the commodities exchange's Board of Trustees, and therefore achieving the trading right at that commodities exchange. 
- Auction market - the open market organised for sale/procurement of commodities, services or works that need technical specifications in order to be identifiable and saleable.
- Broker - natural entity, attested accordingly to the operational regulations of the commodities exchange for which he works, who has in his exclusive duty to negotiate the offers, to perform transactions and to conclude contracts on behalf and on the account of a brokerage firm, or on behalf of the brokerage firm and on the account of its clients on the cash market, mixed market, or on the clients' behalf and account on the commercial receivables market.
- Brokerage firm - joint stock company established according to law no. 31/1990 regarding the commercial companies republished, recognised as professional intermediate in the commodities exchange, having the status of shareholder or affiliated member of the commodities exchange, having as main activity the provision of brokerage services.
- Brokerage services - refer to the providing of the following activities on its own account or in the account of the clients: - offers' negotiation and transactions' performing on the cash market or/and mixed market; - offers' negotiation and contracts' concluding on the commercial receivables market.
- Cash market - the market on which offers are negotiated and transactions are performed in order to conclude spot and forward contracts.
- Commercial receivables market - the open market organised for sale or procurement of commercial receivables
- Commodities exchange - joint stock company established according to law no. 31/1990 regarding the commercial companies, republished, autonomous related to the participants in the market, which perform services of public utility for its members and clients, as well as for any natural or legal entity, whose activity interacts with the markets managed by the commodities exchange.
- Exchange agent - natural entity mandated by a legal or natural entity to negotiate offers, to perform transactions and to conclude contracts on behalf and on the account of the legal or natural entity mandating him.
- Exchange client - natural or legal entity whose main activity is the commerce with commodities, making the object of the transactions on the cash market or of the contracts on the auction or mixed market, producer or beneficiary of the commodities or person using the commodities in performing his main activity.
- Exchange contract - a spot contract, a forward contract, a contract of sale or supply/provide of commodities, services or works, a contract of receivables cession signed in accordance with the regulations of the commodities exchange, or a contract on the mixed market.
- Forward contract - A contract with suspensive term, having clauses pre-settled by the commodities exchange. The term of a forward contract might be established by the party initiating the offer, but not longer than 18 months and no less than 10 working days.
- Fungible commodities - the commodities generically determined, that can be replaced one with another in the process of executing a contractual obligation.
- Market control - the action or non action of a shareholder member, affiliated member, exchange client, employee, administrator or shareholder in order to induce in error in any way the volume and the quality of an offer or order, considering that those issues have an influence on a exchange contract's elements with the propose of obtaining directly or indirectly advantages or profits.
- Mixed market - a primary cash market; the mixed market is organised any time it is wanted to transfer a commodity from the auction market to the cash market. The mixed market has both auction and cash markets' characteristics, being managed by the commodities exchange for a certain period of time.
- Movable commodities - commodities which are by their nature unmovable, but the contracting parties consider them to be movable, such as the future crops;
- Offer - firmly intention of concluding a contract, realised through an instruction of sale or procurement containing at least the commodity, the price in a determined or determinable form and the modality of negotiating the offer on a market managed by the commodities exchange.
- Order - ensemble containing the offer, the sale or procurement procedure to be used in order to established the winning opposite offer, the qualification conditions for the natural and legal entity answering to the offer, the contract documents containing technical specifications, contracting conditions or the contract and, if needed, other documents such as: the amount representing the guarantee, the maximum or minimum price accepted by the person who register the order. The order is available for auction or mixed market.
- Shareholder member - joint stock company or legal entity having the status of commodities exchange's shareholder and having trading right at that commodities exchange.
- Spot contract - A contract with clauses pre-settled by the commodities exchange, with immediate execution or with execution within maximum 10 working days from the date of the parties' firmly expressed their will act through the transaction performed at the commodities exchange;
- Trading right - the right given to the shareholder, affiliated member or exchange client by the commodities exchange's Board of Trustees to negotiate offers and to perform transactions on the cash market, mixed market and/or to negotiate offers and conclude contracts on the auction market and/or the receivables market.
- Transaction - The will act regarding the concluding of one or more spot / forward contracts, identical inclusively regarding the price; performing a transaction on the cash market or mixed market is equivalent to concluding a contract on the auction market or commercial receivables market.
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