Fungibility definitions

The interchangeability of financial instruments, such as futures and options, because the instruments have identical terms. Fungibility allows a trader with an open position to close it out with an identical contract. For example, an S&P 500 futures contract is fungible with another contract that has the same expiration date.
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The property of a good or a commodity whereby individual units are capable of mutual substitution.
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Origin of fungibility

From fungible + -ity.