P&S (purchase and sale) statement	A statement sent by a brokerage firm to a customer when a futures or options position is offset or extinguished by delivery. A P&S statement typically shows the number of contracts involved, the prices at which and dates on which the contracts were bought and sold, the gross profit or loss, the commission charges, the net profit or loss on the transactions and the account balance.
Position	The amount of a security either owned (which constitutes a long position) or borrowed (which constitutes a short position) by an individual or by a dealer.
Position limit	The maximum position, either net long or net short, in a futures market, an options market or in a futures and its related options market combined, that may be held or controlled by one person as prescribed by an exchange or the CFTC. Such limits can be set for individual expiration months and for all listed expiration months combined. Because hedgers often are exempt from these limits, they often are termed speculative limits.
Premium	(1) The amount a price would be increased to purchase a better quality commodity; (2) a futures delivery month selling at a higher price than another; (3) cash prices that are above the futures; (4) the money an option buyer pays to an option writer for granting an option.
Put	An option to sell a specified amount of a commodity, security, currency, index or futures contract at an agreed-upon price within a specified period of time.
Put Option	an option to sell an asset for a certain price by a certain date