Exchange for Related Positions (EFRPs)

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Exchange-for-related-position trades allow investors to exchange futures contracts for related cash, physical instrument or off-exchange derivative positions, such as options or swaps contracts.[1]

Types of EFRP transactions include:

  • Exchange for Physical (EFP) - Exchanging a position in the underlying physical instrument for a corresponding futures position.
  • Exchange for Risk (EFR) - Exchanging a position in an over-the-counter (OTC) swap or other OTC derivative in the same or related instrument for a position in the corresponding futures contract.
  • Exchange of Options for Options (EOO) - Exchanging a position in an OTC option (or other OTC contract with similar characteristics) in the same or related instrument for an option position.[2]


  1. CFTC Finds Fault at CME. The Wall Street Journal.
  2. Exchange for Related Positions (EFRPs). CME Group.