Alpha	A measure of a mutual fund's risk relative to the market.
Arbitrage	Simultaneous purchase of cash commodities or futures in one market against the sale of cash commodities or futures in a different market, to profit from a discrepancy in prices. In some definitions, arbitrage refers only to riskless transactions in which the entire investment is made with borrowed funds.
Ask	The price a seller is willing to accept for a security, also known as the offer price. Along with the price, the ask quote will generally also stipulate the amount of the security willing to be sold at that price.
Associated Person (AP)	Category of persons, associated with firms or other entities, who must be registered under the Commodity Exchange Act.
At-the-money	An option whose strike price equals the current price of the underlying commodity, security, currency, index or futures contract.
Average daily volume	The number of shares or bonds traded daily, on average, during a period of time, generally one year. Average daily volume serves as a basis to determine if trading in a security is unusually heavy.