Futures-Equivalent Law and Legal Definition
According to 17 CFR 150.1 [Title 17 -- Commodity And Securities Exchanges; Chapter I -- Commodity Futures Trading Commission; Part 150 -- Limits On Positions], futures-equivalent means “an option contract which has been adjusted by the previous day's risk factor, or delta coefficient, for that option which has been calculated at the close of trading and published by the applicable exchange.”
