Commentary on Sections Overview Chapter 2: Contracts to which this Part applies Section 581: “Future”
1530.This section defines the term “future”. It is based on paragraph 12(1), (6), (7) and (10) of Schedule 26 to FA 2002.
1531.Subsections (3) and (4) exclude cash-settled futures from the scope of the definition in the same way that section 580(2) and (3) does for cash-settled options in relation to the definition of “option”. Contracts so excluded also fall within the definition of contracts for differences.