Mini: Mini (e-Mini) refers to a futures contract that has a smaller contract size than an otherwise identical futures contract.
Contract: Contract is a term of reference describing a unit of trading for a commodity future or option. At the same time contract is an agreement to buy or sell a specified commodity, detailing the amount and grade of the product and the date on which the contract will mature and become deliverable.
Electronic Trading Facility: Electronic Trading Facility is a trading facility that operates by an electronic or telecommunications network instead of a trading floor and maintains an automated audit trail of transactions.
Exchange: A central marketplace with established rules and regulations where buyers and sellers meet to trade futures and options contracts or securities. Exchanges include designated contract markets and derivatives transaction execution facilities.
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Naked options trading is very risky - many people lose money trading them. It is recommended contacting your broker or investment professional to find out about trading risk and margin requirements before getting involved into trading uncovered options.