“standardized future” means an agreement traded on a futures exchange pursuant to standardized
conditions contained in the by-laws, rules or regulations of the futures exchange, and cleared by a clearing
corporation, to do one or more of the following at a price established by or determinable by reference to the
agreement and at or by a time established by or determinable by reference to the agreement:
(1) Make or take delivery of the underlying interest of the agreement.
(2) Settle the obligation in cash instead of delivery of the underlying interest;