Glossary of Terms

In addition to the definitions which appear in the Glossary of Terms, Standards General Information, the following terms apply to category 6 Commodities messages:

Consideration   

Funds paid by the Buyer of the commodity to the Seller of the commodity. This is calculated by multiplying the quantity of the commodity bought/sold by the price per unit and if applicable, adjusted for amounts such as commissions.

Commodity Account   

An account, also referred to as an Exchange or Holding Account, and related to one specific type and/or form and/or purity of commodity.