Exchange for Related Positions (EFRPs)
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.