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C
Conventions of a Market
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Most OTC financial and physical commodity products and markets have adopted standard terms or default provisions that are part of any agreement unless parties agree to a different provision (examples include $ LIBOR as the default reference index rate in interest rate swaps and Telerate as the standard source of Treasury rates). In contrast to over-the-counter markets and instruments, the conventions of an exchange market ordinarily cannot be modified by a simple agreement of the parties to a contract.
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Glossary *
C
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