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Fungibility
Interchangeability resulting from standardization. Futures and options contracts for the same commodity and delivery month are fungible due to their standardized specifications for quality, quantity, delivery date and delivery locations. Futures and options listed on national exchanges are fungible, while over-the-counter options generally are not.
Fungibility
The substitutability of listed options, which is dependent upon their common expiration dates and strike prices. The congruence of expiration dates and strike prices lets investors close positions by offsetting transactions through the options clearing corporation.
Fungibility
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