Open contracts
Open contracts. This term means: (1) Positions in contracts of purchase or sale of any commodity made by or for any person on or subject to the rules of a board of trade for future delivery during a specified month or delivery period that have neither been fulfilled by delivery nor been offset by other contracts of purchase or sale in the same commodity and delivery month; (2) Positions in commodity option transactions that have not expired, been exercised, or offset; and (3) Positions in Cleared Swaps, as 22.1 of this chapter defines that term, that have not been fulfilled by delivery; not been offset; not expired; and not been terminated.