Exchange of futures for physicals
In finance, an exchange of futures for physicals (EFP) is a transaction between two parties in which a futures contract on a commodity is exchanged for the actual physical good. This transaction involves a privately negotiated exchange of a futures position for a corresponding position in the underlying physical. An EFP is similar to an EFS, except that it involves a physical contract rather than a cash swap contract. An EFP gives the market participants the ability to manage risk.{{cite web
| title =Exchange of Futures for Physical (EFP) Explained - Part One
| work =Silver Axis: Today in Silver
| date =Jul 30, 2009
| url =http://silveraxis.com/todayinsilver/2009/07/30/exchange-of-futures-for-physical-efp-explained-part-one/
| title =Exchange for Physicals (EFP)
| work =Risk Limited
| url =http://www.risklimited.com/Exchange-for-Physicals.pdf
| title =EFP, EFR and EOO Trades
| work =CME Group
| url =http://www.cmegroup.com/clearing/trading-practices/efp-efr-eoo-trades.html
}}