Offer	An indication of willingness to sell at a given price; opposite of bid.
Offset	(1) Liquidating a purchase of futures or options through the sale of an equal number of contracts of the same delivery month, or liquidating a sale of futures or options through the purchase of an equal number of contracts of the same delivery month; (2) matching total long with total short contracts for the purpose of determining a net long or net short position; (3) non-competitively matching one customer's order with another, a practice that is permissible only when executed in accordance with the Commodity Exchange Act, CFTC regulations and rules of the futures exchange.
Open interest	All futures or options contracts that have been entered into and not yet liquidated by an offsetting transaction or by delivery.
Open Position	An option or futures contract that has been bought or sold and that has not yet been offset or settled through delivery
Option	A contract that gives the buyer the right but not the obligation to buy or sell a futures contract or a specified quantity of a commodity, security, currency or index at a specific price within a specified period of time, regardless of the current market price of the underlying item.
Original Margin	The deposit the clearinghouse requires of clearing members when futures contracts are presented for clearance; parallel to the initial margin required of customers by exchanges and collected by FCMs when futures positions are originated.
Out-of-the-money	A call option with a strike price higher or a put option with a strike price lower than the current market price of the underlying commodity, security, currency, index or futures contract.
Out-trade	A trade that cannot be cleared by the associated exchange clearing house because of discrepancies between the data submitted by both parties on the opposite sides of a transaction.
Over-the-Counter (OTC)	Not listed or available on an officially recognized stock exchange but traded in direct negotiation between buyers and sellers