Mexican Peso (MXN) futures
- What is CME Group’s MXN futures contract?
- Why MXN futures?
- What is the size of one contract?
- What are the CME Globex / CME ClearPort codes for MXN futures?
- What are the Bloomberg / Refinitiv / CQG codes for MXN futures?
- What is the value of one tick?
- Which calendar months are available?
- If taken to final settlement, are MXN futures physically deliverable or financially settled?
- Can futures positions be rolled forward?
- Are there position limits?
- Are MXN futures margined in USD or MXN?
- Are MXN options available?
- Can MXN futures/options be traded “OTC-style” in a large size at a risk transfer price?
Brazilian Real (BRL) futures
- What is CME Group’s BRL futures contract?
- Why BRL futures?
- What is the size of one contract?
- What are the Globex / ClearPort codes for BRL futures?
- What are the Bloomberg / Refinitiv / CQG codes for BRL futures?
- What is the value of one tick?
- Which calendar months are available?
- If taken to final settlement, are BRL futures physically deliverable or financially settled?
- Can futures positions be rolled forward?
- Are there position limits?
- Are BRL futures margined in USD or BRL?
- Are BRL options available?
- Can BRL futures/options be traded “OTC-style” in a large size at a risk transfer price?
Other LATAM currencies
1. What is CME Group’s MXN futures contract?
CME Group’s MXN futures contract is a derivative based on the exchange rate between the Mexican peso and the U.S. dollar (MXN/USD).
In Q4 2023, an average of $2.2 billon notional of MXN futures traded daily, a new record.
2. Why MXN futures?
MXN is fast becoming one of the most traded currencies outside of the G5 currencies. With local and international themes in focus, traders can use MXN futures to hedge against, or position for, moves in the MXN/USD exchange rate.
3. What is the size of one contract?
500,000 MXN
4. What are the CME Globex / CME ClearPort codes for MXN futures?
Globex code: 6M
ClearPort code: MP
5. What are the Bloomberg / Refinitiv / CQG codes for MXN futures?
Bloomberg code: PEA <Curncy>
Refinitiv code: 0#MP
CQG code: MX6
6. What is the value of one tick?
CME Globex (electronic central limit order book) one tick is 0.00001 USD per MXN, or USD $5.00 per contract.
CME ClearPort (submission for bilateral block or EFRP futures trades) one tick is 0.000001 USD per MXN, or USD $0.50 per contract.
7. Which calendar months are available?
Futures listed for 13 consecutive months and two additional quarterlies.
8. If taken to final settlement, are MXN futures physically deliverable or financially settled?
If a position is held until final settlement, MXN futures physically deliver into the respective currencies through the CLS settlement system. View more details.
9. Can futures positions be rolled forward?
Yes. CME Group lists FX calendar spreads which allow for the simultaneous purchase and sale of two different expiry months in the same product, allowing traders to efficiently roll positions rather than taking them to final settlement.
10. Are there position limits?
At time of writing, MXN futures are not subject to position limits.
11. Are MXN futures margined in USD or MXN?
CME Group accepts a wide range of currencies and assets against initial margin obligations. Daily variation margin is in USD; however, clients may have individual arrangements with their FCM to post other currencies of their choosing.
12. Are MXN options available?
Yes, options on MXN futures are available and actively trade. Monthly and weekly European-style options are listed, with expiry time set at 12:30 ET.
Globex codes: 6M (monthly) 1-5M (weekly)
Bloomberg code: PEA <Curncy> OMON
13. Can MXN futures/options be traded “OTC-style” in a large size at a risk transfer price?
Absolutely. MXN futures and options are block-eligible, meaning institutional traders can negotiate and trade directly with market makers, just as they would in the OTC market. The trade is subsequently submitted to the CME for central clearing.
Block trades are subject to Rule 526.
Block trades must be above the minimum block threshold, which at time of writing is 100 contracts for MXN futures and 50 contracts for MXN options.
14. What is CME Group’s BRL futures contract?
CME Group’s BRL futures contract is a derivative based on the exchange rate between the Brazilian real and the U.S. dollar (BRL/USD).
In Q4 2023, an average of $375 million notional of BRL futures traded daily, a new record.
15. Why BRL futures?
BRL futures can be traded as a close proxy to point-of-execution cleared BRL NDFs due to their similar economic characteristics, with the added benefits of central clearing and execution on an electronic CLOB.
16. What is the size of one contract?
100,000 BRL
17. What are the Globex / ClearPort codes for BRL futures?
Globex code: 6L
ClearPort code: BR
18. What are the Bloomberg / Refinitiv / CQG codes for BRL futures?
Bloomberg code: BRA <Curncy>
Refinitiv code: 0#BR
CQG code: BR6
19. What is the value of one tick?
CME Globex (electronic central limit order book) one tick is 0.00005 USD per BRL, or USD $5.00 per contract.
CME ClearPort (submission for bilateral block or EFRP futures trades) one tick is 0.000005 USD per BRL, or USD $0.50 per contract.
20. Which calendar months are available?
Futures are listed for 60 consecutive months.
21. If taken to final settlement, are BRL futures physically deliverable or financially settled?
If a position is held until final settlement, BRL futures are financially settled (“cash settled”) in USD to the reciprocal of the Central Bank of Brazil BRL PTAX rate. View more details.
22. Can futures positions be rolled forward?
Yes. CME Group lists FX calendar spreads which allow for the simultaneous purchase and sale of two different expiry months in the same product, allowing traders to efficiently roll positions rather than taking them to final settlement.
23. Are there position limits?
At time of writing, BRL futures are subject to a 45,000 contract position limit during the last seven trading days of the contract only.
24. Are BRL futures margined in USD or BRL?
CME Group accepts a wide range of currencies and assets against initial margin obligations. Daily variation margin is in USD, however, clients may have individual arrangements with their FCM to post other currencies of their choosing.
25. Are BRL options available?
Yes, options on BRL futures are available and actively trade. Monthly and weekly European-style options are listed.
Globex codes: BR (monthly) 1-5R (weekly)
Bloomberg code: BRA <Curncy> OMON
26. Can BRL futures/options be traded “OTC-style” in a large size at a risk transfer price?
Absolutely. BRL futures and options are block-eligible, meaning institutional traders can negotiate and trade directly with market makers, just as they would in the OTC market. The trade is subsequently submitted to the CME Clearing for central clearing.
Block trades are subject to Rule 526.
Block trades must be above the minimum block threshold, which at time of writing is 50 contracts for BRL futures and options.
27. Does CME Group list futures on other LATAM currencies?
Yes. CME Group lists futures on the Chilean peso versus U.S. dollar exchange rate (CLP/USD).
All data and figures as of 1 March 2024, unless otherwise noted.
All examples in this report are hypothetical interpretations of situations and are used for explanation purposes only. The views in this report reflect solely those of the author and not necessarily those of CME Group or its affiliated institutions. This report and the information herein should not be considered investment advice or the results of actual market experience.
