Definition of "fungibility" [fungibility]

• The property of a good or a commodity whereby individual units are capable of mutual substitution. (noun)

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• "The key work is "fungibility" -- the ability to move in and out of like systems and processes."
• "As long as rival exchanges' contracts are not fully interchangeable with those traded on NYSE and Deutsche Börse's markets—a process known as fungibility—the incumbents' existing critical mass will win out."
• "European and U.S. cash equities markets are "horizontal" in that securities can trade on any venue -- called fungibility -- and they are cleared on separate entities such as London-based LCH.Clearnet."