backwardation: noun; °The situation in a futures market where prices for future delivery are lower than prices for immediate (or nearer) delivery. Generally arising from a near-term shortage of a commodity.

"1991: gold has never gone into backwardation in any currency — Reginald H. Howe, The Golden Sextant"; °(obsolete London Stock Exchange) fee paid by a seller on settlement day either to the buyer or to a third party who lends stock, when the seller wishes to defer settlement until the next settlement day.

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