Ask Price of a Leverage Contract Law and Legal Definition

According to 17 CFR 31.4 [Title 17 -- Commodity and Securities Exchanges; Chapter I -- Commodity Futures Trading Commission; Part 31 -- Leverage Transactions], ask price of a leverage contract means “the price at which a leverage transaction merchant sells or is willing to sell a long leverage contract to a leverage customer or the price at which a leverage transaction merchant resells or is willing to resell a short leverage contract to a leverage customer.”