Cheapest to Deliver (CTD)
The least expensive underlying product that can be delivered upon expiry to satisfy the requirements of a derivative contract.

Investopedia Says:
Certain derivative products provide contract holders the right to deliver different grades of underlying stocks, bonds, or commodities at specific delivery or expiry points. Because investors will always want to deliver the cheapest available underlying, the price of derivatives will always factor the CTD product.

Related Terms:
Actual
Commodity
Delivery Date
Derivative
Futures
Index Future
Underlying

• Discretionary Income
• Discretionary Order
• Diseconomies Of Scale
• Disequilibrium
• Disgorgement
• Dishonor
• Disinflation
• Disintermediation
• Disinvestment
• Dismal Science
• Disparity Index
• Dispersion
• Displaced Moving Average
• Displaced Moving Average
• Display Book
• Disposable Income
• Disposition
• Distressed Sale
• Distressed Securities
• Distributable Net Income (DNI)
• Distribution
• Distribution In Kind
• Distribution Reinvestment
• Divergence
• Diversification