Maintenance Margin - See Margin.

Managed Account - See Controlled Account and Discretionary account

Margin -The amount of money or collateral deposited by a customer with his broker, by a broker with a clearing member, or by a clearing member with the clearinghouse, for the purpose of insuring the broker or clearinghouse against loss on open futures contracts. The margin is not partial payment on a purchase. (1) Initial margin is the total amount of margin per contract required by the broker when a futures position is opened; (2) Maintenance margin is a sum which must be maintained on deposit at all times. If the equity in a customer's account drops to, or under, the level because of adverse price movement, the broker must issue a margin call to restore the customer's equity. See Variation Margin.

Margin Call - (1) A request from a brokerage firm to a customer to bring margin deposits up to initial levels; (2) a request by the clearinghouse to a clearing member to make a deposit of original margin, or a daily or intra-day variation payment, because of adverse price movement, based on positions carried by the clearing member.

Market Correction - In technical analysis, a small reversal in prices following a significant trending period.

Marketer - See Distributor.

Market Maker - A professional securities dealer who has an obligation to buy when there is an excess of sell orders and to sell when there is an excess of buy orders. By maintaining an offering price sufficiently higher than their buying price, these firms are compensated for the risk involved in allowing their inventory of securities to act as a buffer against temporary order imbalances. In the commodities industry, this term is sometimes loosely used to refer to a floor trader or local who, in speculating for his own account, provides a market for commercial users of the market. See Specialist System.

Market-on-Close - An order to buy or sell at the end of the trading session at a price within the closing range of prices. See Stop-Close-Only Order.

Market-on-Opening - An order to buy or sell at the beginning of the trading session at a price within the opening range of prices.

Market Order - An order to buy or sell a futures contract at whatever price is obtainable at the time it is entered in the ring or pit. See At-The-Market.

Mark-to-Market - Daily cash flow system used by futures exchanges to maintain a minimum level of margin equity for a given futures or option contract position by calculating the gain or loss in each contract position resulting from changes in the price of the futures or option contracts at the end of each trading day.

Maturity - Period within which a futures contract can be settled by delivery of the actual commodity.

Maximum Price Fluctuation - See Limit (Up or Down).

Member Rate - Commission charged for the execution of an order for a person who is a member of the exchange.

Minimum Price Contract - A hybrid commercial forward contract for agricultural products which includes a provision guaranteeing the person making delivery a minimum price for the product. For agricultural commodities, these contracts became much more common with the introduction of exchange-traded options on futures contracts, which permit buyers to hedge the price risks associated with such contracts.

Minimum Price Fluctuations - Smallest increment of price movement possible in trading a given contract.

Momentum - In technical analysis, the relative change in price over a specific time interval. Often equated with speed or velocity and considered in terms of relative strength.

Money Market - Short-term debt instruments.