The Houston Futures Exchange (Houfex) has rolled out an exchange of futures for physicals (EFP) transaction facility. The commodity exchange will initially offer EFP in gold and gold mini, silver and silver mini, copper, zinc, aluminum, nickel, lead and wheat.

Through an EFP deal, a new futures position can be created, existing futures positions shut or futures positions exchanged with physical commodity positions. Market participants can also separate the logistics of commodity trade from the pricing of commodities, allowing them to optimize both independently.

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