In commodities trading, the standards that a commodity must meet in order to be used for delivery on a futures contract. For example, the Chicago Board of Trade requires silver deliveries to take place with 1,000- or 1,100-ounce bars assaying at a fineness of not less than 0.999.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.