Basis	The difference between the spot or cash price of a commodity, security, currency or index and the futures price of the same or related underlying item. Basis is usually computed to the nearby future and may represent different time periods, product forms, grades and locations depending upon the cash and futures prices used.
Basis point	1/100 of one percent. Used in quoting yield movements in certain interest rate instruments and futures contracts based on them.
Bear	one who expects a decline in prices. The opposite of a bull.
Bear Market	a market characterized by falling prices for securities
Bear Spread	Short the nearby future and long the deferred, in anticipation of a decline in the general level of prices, with the nearby future expected to decline more than the deferred contract.
Beta	A statistical measure of the relationship between the price volatility of an individual stock or stock portfolio and the price volatility of the overall market. Beta is often used in computing hedge ratios for stock index futures positions.
Bid	An offer to buy at a stated price.
Block Trade	the purchase and sale of blocks of securities through brokers, sometimes not members of an exchange, who negotiate between buyers and sellers.
Broker	A person who is paid a fee or commission for executing orders. In futures trading, the term may refer to: (1) a floor broker, i.e., an exchange member who executes orders on the trading floor of an exchange; (2) an account executive or associated person who deals with customers for a futures commission merchant or introducing broker; and (3) a futures commission merchant.
Bull	One who expects a rise in prices. The opposite of a bear.
Bull Market	a market characterized by rising prices for securities
Bull spread	Long the nearby future and short the deferred in anticipation of an increase in the general level of prices, with the nearby future expected to increase more than the deferred contract.