Micro FX futures, from CME Group, are standardized contracts. An exchange-traded futures contract specifies the quality, quantity, delivery type, minimum price fluctuation, and settlement for the given product. The specifications of the contract are identical for all participants.
Micro FX futures can be physically or financially settled depending on the contract. The settlement type of the contract can be found on the contract specifications page.
Micro FX futures are quoted in either European or American terms – some are consistent with their quoting conventions in the over the counter (OTC) market. Micro FX futures have a smaller contract size than the standard contract, generally 1/10 smaller.
|MICRO EUR/USD||MICRO AUD/USD||MICRO GBP/USD||MICRO USD/CAD||MICRO USD/JPY||MICRO USD/CHF||MICRO INR/USD|
|Underlying Currency||Euros||Australian dollars||British pounds||U.S. dollars||U.S. dollars||U.S. dollars||Indian rupees|
|Contract Size||12,500 euros||10,000 Aussie dollars||6,250 pounds||$10,000||$10,000||$10,000||1M rupee|
|Ratio to Standard Contract||1/10||1/10||1/10||N/A||N/A||N/A||1/10|
|Minimum Tick/Price Fluctuation||0.0001 USD per EUR||0.0001 USD per AUD||0.0001 USD per GBP||0.0001 CAD per USD||0.01 JPY per USD||0.0001 CHF per USD||0.01 U.S. cents per 100 INR|
|Value of One Tick||$1.25 per contract||$1 per contract||$0.625 per contract||1 CAD||100 JPY||1 CHF||$1 per contract|
|Trading Hours||Sunday - Friday 5:00 p.m. - 4:00 p.m. CT with a 60-minute break each day beginning at 4:00 p.m. CT|
The price of a Micro FX futures product is based on the currency pair’s spot rate and a short-term interest differential. The pricing formula is similar to how FX forwards are priced in the OTC market.
Micro FX futures are available to trade on CME Globex from Sunday through Friday, nearly 24 hours a day. It’s important for traders to be aware of the contract specifications for any product they are trading.