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Glossary

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Crush spread
The spread between soya beans and soya bean products created by buying soya bean futures and selling soya bean oil and soya bean meal futures.
Cum
Latin for 'with' (used in the abbreviations cum cap, cum div, cum rights, etc), to indicate that the buyer of a security is entitled to participate in the forthcoming capitalisation issue, dividend or rights issue.
Cum all
A stock trading with the right to all supplementary advantages attached to the share.
Cum capitalisation
The purchaser of stock which is cum capitalisation is entitled to receive an issue of new shares made fully paid by the capitalisation of reserves and given free of charge in proportion to his or her existing holdings.
Cum dividend
The purchaser of a stock which is cum dividend is entitled to receive the declared dividend.
Cum period
A period during which a buyer of securities is entitled to the dividend regardless of whether or not he is on the register at the record date.
Cum rights
The purchaser of a stock trading cum rights is entitled to buy shares of a new issue of stock in direct proportion to his or her existing holdings.
Current delivery month
The most current calendar month in which a futures contract comes to maturity and becomes deliverable. Also known as the spot month.
CUSIP code
The CUSIP numbering system is the standard method for identifying securities throughout the US financial industry. The CUSIP number is a 9-digit alphanumeric number which is permanently allocated to each issue and identifying that single issue and no other issue. CUSIP numbers are also assigned to most Canadian securities. (Exceptions being issues of purely domestic interest such as municipal debt securities. Such securities are issued CUSIP compatible codes by the Canadian Depository for Securities Ltd.)
Customer margin
Within the futures industry, financial guarantees required of both buyers and sellers of futures contracts and sellers of options contracts to ensure fulfilling of contract obligations. FCMs are responsible for overseeing customer margin accounts. Margins are determined on the basis of market risk and contract value. Also referred to as performance-bond margin.