Home of the World’s Largest Regulated FX Marketplace
Whether you want to hedge your currency exposure or seek to profit on changes in exchange rates, consider CME FX futures. For over 45 years, CME Group has been defining, developing and diversifying access to FX markets via futures for customers around the world, nearly around the clock.
Find currencies across key emerging markets and all the majors, including these most actively traded pairs:
|
EUR/USD |
JPY/USD |
GBP/USD |
CAD/USD |
AUD/USD |
MXN/USD |
NZD/USD |
EUR/GBP |
Product |
Euro |
Japanese Yen |
British Pound |
Canadian Dollar |
Australian Dollar |
Mexican Peso |
New Zealand Dollar |
Euro/British Pound |
Product Symbol |
6E |
6J |
6B |
6C |
6A |
6M |
6N |
RP |
Contract Size |
125,000 euro |
12.5 million yen |
62,500 pounds |
100,000 Canadian dollars |
100,000 Australian dollars |
500,000 pesos |
100,000 New Zealand dollars |
125,000 euro |
Expirations |
Quarterly, monthly |
Quarterly, monthly |
Quarterly, monthly |
Quarterly, monthly |
Quarterly, monthly |
Quarterly |
Quarterly |
Quarterly, monthly |
Minimum Tick Size |
$0.00005 per euro increments |
$0.0000005 per yen increments |
$0.0001 per pound increments |
$0.00005 per CAD increments |
$0.00005 per AUD increments |
$0.00001 per peso increments |
$0.00005 per NZD increments |
0.00005 GBP per euro increments |
Dollar Value of a Tick |
$6.25 |
$6.25 |
$6.25 |
$5.00 |
$5.00 |
$5.00 |
$5.00 |
6.25 GBP |
Trading Hours |
Sun – Fr 5:00pm – 4:00pm CT with a 60-minute break each day beginning at 4:00pm CT |
|||||||
Liquidity
$100B in daily notional FX liquidity, 3M in OI, and tight bid/ask spreads can help lower trading costs
Capital, credit efficiencies of futures
Free up capital via lower margin requirements, futures leverage, shorter margin period of risk, margin offsets with other FX contracts
Safety & security
CME Clearing backs all trades, mitigating counterparty credit risk so you can trade with confidence
Transparency
See the same prices, quotes, trades as everyone else in the marketplace
Nearly 24-hour access
Act as market-moving world news and events unfold
Largest regulated marketplace
Every trade is CFTC-regulated, supervised & backed by CME Market Reg to ensure integrity
Flexibility
Trade how you need to: central limit order book; blocks; Exchange for Physicals
Easily Roll OTC Positions Into Futures
CME FX Link connects OTC FX and FX futures with one Globex spread, so you can add efficiency and better manage FX exposures.
Benefit |
Futures |
Cash FX |
|---|---|---|
Liquidity & 24-Hour Access |
Yes |
Yes |
Regulated, Centralized Market |
Yes |
No |
Level-Playing Field |
Yes |
No |
Fully Disclosed Fees |
Yes Plus known, universal margin requirements |
No |
Safety & Security |
Yes |
No
|
| Speed & Performance | Yes |
Depends |
Benefit |
Futures |
CFDs |
|---|---|---|
24-Hour Access |
Yes |
Yes |
Centralized, Transparent Marketplace |
Yes |
No |
Additional Finance Cost |
No |
Yes Daily interest charged on open positions, often on full face value of the interbank rate plus a markup for long positions (e.g., 3%) |
Conflict of Interest |
No |
Yes |
Safety & Security |
Yes |
No |
Liquidity You Can Count On |
Yes |
No
|
Availability by Regulation |
Yes |
No /Limited Banned in many countries, including U.S. and Belgium |
Standardized Contract |
Yes Certainty of size, quantity, date, etc. promotes greater trading certainty |
No |
Leveraged/Margin Trading |
Yes |
Yes |
Explore the advantages that CME FX futures can offer traditional market practitioners in the OTC FX markets. See how to use CME FX futures to replicate cost-efficient, manageable synthetic exposure to OTC FX spot, forwards, and swaps.
A December 2017 Greenwich Associates study assessed the value and viability of FX futures as a proxy for OTC FX and found that, in certain circumstances, FX futures can generate upwards of 75% savings* over OTC FX markets.
- Economic benefits of using futures
- Quantitative total cost analysis (TCA) model comparison -- based on interviews with 41 buyside institutions and 9 major FX sell side institutions
- Analysis of regulatory impact to the FX market
* Results will vary based on type of institution, trading style, holding time, currency pairs involved, and more
Any world events /news
Financial crises and elections create financial uncertainty and, in turn, impact value of a country’s currency
Central Bank monetary policy announcements Will affect size/growth rate of a nation’s money supply and, in turn, interest rates; can include key interest rate changes, buying/selling government bonds, reserve requirements changes
FOMC (Federal Open Markets Committee)
Meets 8 times a year to set U.S. monetary policy and key interest rate changes; impacts value of U.S. dollar, world’s reserve currency
U.S. Dollar Index
Measures the value of U.S. dollar relative to a basket of currencies for the U.S.’s most significant trading partners
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