A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
Fungibility describes the extent to which a security or commodity can be substituted for or is interchangeable with another security or commodity. One cargo of West Texas Intermediate (WTI) crude oil is fully fungible with another. So are exchange traded options and futures contracts as their terms are standardised. Forward contracts and swap contracts are not fungible as their terms are tailored to the requirements of the buyer and seller.