Fungibility

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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

The state of being interchangeable. For example, money has fungibility because there is no difference between one dollar and another dollar. Likewise, stocks of the same type in the same company and commodities of the same quality are generally fungible. On the other hand, assets like land or baseball cards are not fungible because each unit has unique qualities that add or subtract value.
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