wash sale
n.— «To tackle the problem, the European market set up a system that allowed market participants to simultaneously liquidate a Eurodollar position on the CME and rebuild the same one on Euronext.liffe. However, a CME rule prohibited a harmful market practice known as “wash sales,” or pre-arranged trades meant to offset each other. Euronext.liffe’s system met the description of a wash trade, even though its purpose was not meant to harm market quality.» —“ICE focused on future” by Isabelle Clary Pensions & Invesments (New York City) Apr. 16, 2007. (source: Double-Tongued Dictionary)
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