Expiration Time Change for CME FX Options

Everything about CME FX options remains the same, except the time they expire. Expiry is changing from 2 p.m. Chicago to 10 a.m. New York Time.

The Logic

In 2017, CME Group surveyed participants across the market and around the world. We wanted to determine if aligning our market more closely with the OTC market convention, and moving to 10 a.m. New York, would make it easier to access the liquidity, capital efficiencies and security of our markets.

Of all respondents, 71% stated it would, and requested we make this change to our market structure. 

Simply put, the market asked, and we delivered.

The Convention

CME Group is changing our expiration time to 10 a.m. New York, to bring our FX options in line with the primary OTC market convention.

All the codes you use today will remain the same.

CME Group systems will continue to refer to the Chicago time convention for consistency. Thus 10 a.m. New York (10 a.m. ET) will appear as 9 a.m. CT in our clearing and trading systems.

The Two Minute Overview

Everything You Need to Know in Less Than Two Minutes

Watch this video to understand why this change is happening, when it is happening, and how it may benefit you.

The Schedule

The expiration time will change to 10 a.m. New York (10 a.m. ET) for all contracts expiring after June 7, 2019, nearly a year from now. 

However, some contracts will begin trading sooner. The first contract affected will be the September 2019 quarterly, which is listed, and starts trading, on September 9, 2018. Market participants need to be aware of the contract listing schedule.

The Fix

The 10 a.m. New York (9 a.m. CT) fix value will determine CME Group’s FX option auto-exercise process.

View fix calculation methodology.

The 10 a.m. New York Fix (9 a.m. CT)

Date Euro-FX Japanese Yen British Pound Canadian Dollar Swiss Franc Australian Dollar Mexican Peso
- - - - - - -

The fixing calculation is published real time in market data and can be sourced by listening to channel 320, for fix tag 269 = W (fixing) and 270 = fixing price

Vendor Codes for the CME Fix

Bloomberg CME Fixing Codes
  AUD/USD CAD/USD EUR/USD GBP/USD CHF/USD JPY/USD
9 a.m. CT Fixing CMFXADF1 CMFXCDF1 CMFXCEF1 CMFXBPF1 CMFCSFF1 CMFXADF1

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