The Against Actual (AA) facility allows physical market participants to exchange futures contracts outside of the central order book in order to price directly related physical contracts. Against Actuals are also known as Exchange For Physicals (EFPs).

Undertaking an AA eliminates the execution risk associated with trading in the central order book, while the value at which the AA is executed is not made available to the market.

For details of how to transact an AA, please refer to section 4.4 of the Liffe's Trading Procedures.