UNSPSC 64111704: Futures contract, commodity

A standardized contract between two parties, usually on the floor of a futures exchange, to buy or sell a specified bulk commodity --agricultural, extractive, industrial or services-- of standardized quantity and quality for a price agreed upon today --the futures price-- with delivery and payment occurring at a specified future date, the delivery date, making it a type of derivative instrument. The contracts are negotiated at a futures exchange, which acts as an intermediary between the two parties and serves to minimize the risk of default by either party.

Thus the exchange requires both parties to put up an initial amount of cash --performance bond--, called the margin.

UNSPSC 64111704 Futures contract, commodity is a Commodity code that, despite its abstract title, sees recent state and local activity concentrated in treasury, banking, and custodial services for municipal finance operations rather than commodity futures trading. State and local procurement under this code spans master banking services (lockbox, merchant card, purchasing card, treasury operations, and third-party custodian/safekeeping), arbitrage compliance and rebate calculations for tax-exempt bond issuances, program administration and investment management for state-facilitated retirement savings programs, commercial paper liquidity facilities, cryptocurrency custody and liquidity services, and underwriting services. The issuing bodies include county finance departments (Broward County, Florida; Okaloosa County, Florida), state treasuries and their affiliated entities (Texas Comptroller of Public Accounts, Texas Water Development Board, Washington Saves Governing Board), cities (Dallas), and independent school districts (Manor ISD, Texas). Broward County and the state of Texas appear as repeat buyers in the recent block, with Texas entities (Comptroller, Water Development Board) and Dallas both soliciting financial services over the past four months.

The geographic spread centers on Florida and Texas, with secondary activity in Washington State. Representative recent opportunities include Broward County Finance and Administrative Services' RFP for Master Banking Services (GEN2131264P1, response due October 13, 2026 at 2:00 p.m.) covering lockbox, merchant card, purchasing card, treasury, and custodian services across five service groups with an estimated $150 million in annual merchant card processing and $7 billion in securities under management; the Texas Comptroller's RFP for custody and liquidity services for the Texas Strategic Bitcoin Reserve (908-26-1778WS, responses due July 10, 2026) requiring Texas Money Transmitter License and SOC 2 Type II compliance; and the Texas Water Development Board's RFQ for arbitrage compliance services covering 39 outstanding bond issues with a maximum project cost not to exceed $363,000 (58026RFQ0016, responses due May 28, 2026). The Dallas Commercial Paper Liquidity Provider procurement (BEZ2600030089 and BEZ2500030089, responses due May 22, 2026) sought providers for GO, airport expansion, and stormwater programs with up to $775 million total authorization across three capital programs, structured under the City's DRIVE SBE participation policy with 3.71% SBE goals and local preference scoring.