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InvestHub.com's
Finance Dictionary and Glossary of Investment Terms

fungible  

Definition 1.

Interchangeable. The term is often used to apply to financial instruments which are indentical in specifications. For example, options and futures contracts are highly fungible, since they are highly standardized arrangements. On the other hand, forwards and swaps are not, since they are customized arrangements. Instruments that are highly fungible tend to be very liquid, and so transaction costs tend to be low.
 
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