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.

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. 

Additional information

ACCREDITED COURSE

In case you didn’t know, the CFA Institute allows its members to self-determine and report continuing education credits earned from external sources. CFA Institute members are encouraged to self-document such credits in their online CE tracker. CME Institute offers a variety of courses, webinars, and white papers to support your professional education.

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