GBP/USD Monthly Options Contract Specs

Contract Unit	One futures contract for 62,500 British pounds
Minimum Price Fluctuation	0.0001 per British pound increment = $6.25
Price Quotation	U.S. dollars and cents per British pound increment
Trading Hours	CME Globex:	: Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
	CME ClearPort:	: Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
	Open Outcry:	Monday - Friday 7:20 a.m. – 2:00 p.m. CT
Product Code	CME Globex: 1BP,2BP,3BP,4BP,5BP CME ClearPort: 1BP,2BP,3BP,4BP,5BP Open Outcry: 1BP,2BP,3BP,4BP,5BP Clearing: 1BP,2BP,3BP,4BP,5BP
Listed Contracts	Weekly contracts listed for 4 consecutive weeks. No weekly contract listed the week of the quarterly or serial option expiration.
Settlement Procedures	Option on physical delivery futures contract
Termination Of Trading	Trading terminates at 9:00 a.m. CT Friday of the contract week.
Exchange Rulebook	CME 251A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	British Pound Futures

Contract Unit	One futures contract for 62,500 British pounds
Minimum Price Fluctuation	0.0001 per British pound increment = $6.25
Price Quotation	U.S. dollars and cents per British pound increment
Trading Hours	CME Globex:	: Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
	CME ClearPort:	: Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
	Open Outcry:	Monday - Friday 7:20 a.m. – 2:00 p.m. CT
Product Code	CME Globex: GBU CME ClearPort: GBU Open Outcry: GBU Clearing: GBU
Listed Contracts	Four (4) months in the March quarterly cycle (Mar, Jun, Sep, Dec) plus eight (8) serial months.
Settlement Procedures	Physical-Exercise into Futures
Termination Of Trading	Trading terminates at 9:00 a.m. CT on the second Friday prior to the third Wednesday of the contract month.
Position Limits	CME Position Limits
Exchange Rulebook	CME 251A
Block Minimum	Block Minimum Thresholds
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	British Pound Futures

Contract Unit	One futures contract for 62,500 British pounds
Minimum Price Fluctuation	0.01 per British pound increment
Price Quotation	U.S. dollars and cents per British pound increment
Trading Hours	Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
Product Code	CME Globex: VBA,VBB,VBC,VBD,VBE Clearing: VBA,VBB,VBC,VBD,VBE
Listed Contracts	Weekly contracts listed for 4 consecutive weeks
Settlement Procedures	Physical-Exercise into Futures
Termination Of Trading	Trading terminates at 4:00 p.m. CT on Thursday of the contract week.
Position Limits	CME Position Limits
Exchange Rulebook	CME 251A
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	British Pound Futures

Contract Unit	One futures contract for 62,500 British pounds
Minimum Price Fluctuation	0.01 per British pound increment
Price Quotation	U.S. dollars and cents per British pound increment
Trading Hours	Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
Product Code	CME Globex: VXB Clearing: VXB
Listed Contracts	Four (4) months in the March quarterly cycle (Mar, Jun, Sep, Dec) plus eight (8) serial months.
Settlement Procedures	Physical-Exercise into Futures
Termination Of Trading	Trading terminates at 4:00 p.m. CT on the business day before the second Friday prior to the third Wednesday of the contract month.
Position Limits	CME Position Limits
Exchange Rulebook	CME 251A
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	British Pound Futures

Contract Unit	One futures contract for 62,500 British pounds
Minimum Price Fluctuation	0.0001 per British pound increment = $6.25
Price Quotation	U.S. dollars and cents per British pound increment
Trading Hours	Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
Product Code	CME Globex: VG1,VG2,VG3,VG4,VG5 Clearing: VG1,VG2,VG3,VG4,VG5
Listed Contracts	Weekly contracts listed for 4 consecutive weeks
Settlement Procedures	Physical-Exercise into Futures
Termination Of Trading	Trading terminates at 4:00 p.m. CT on Tuesday of the contract week.
Position Limits	CME Position Limits
Exchange Rulebook	CME 251A
Price Limit Or Circuit	Price Limits
Vendor Codes	Quote Vendor Symbols Listing
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	British Pound Futures

Contract Unit	One futures contract for 62,500 British pounds
Minimum Price Fluctuation	0.0001 per British pound increment =$6.25
Price Quotation	U.S. dollars and cents per British Pouind increment
Trading Hours	CME Globex:	Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
	CME ClearPort:	Sunday - Friday 5:00 p.m. - 4:00 p.m. (6:00 p.m. - 5:00 p.m. ET) with a 60-minute break each day beginning at 4:00 p.m. (5:00 p.m. ET)
	Open Outcry:	Monday - Friday 7:20 a.m. – 2:00 p.m. CT
Product Code	CME Globex: WG1,WG2,WG3,WG4,WG5 CME ClearPort: WG1,WG2,WG3,WG4,WG5 Open Outcry: WG1,WG2,WG3,WG4,WG5 Clearing: WG1,WG2,WG3,WG4,WG5
Listed Contracts	Weekly contracts listed for 4 consecutive weeks
Settlement Procedures	Option on physical delivery futures contract
Termination Of Trading	Trading terminates at 9:00 am CT on Wednesday of the contract week.
Exchange Rulebook	CME 251A
Block Minimum	Block Minimum Thresholds
Vendor Codes	Quote Vendor Symbols Listing
Strike Price Listing Procedures	Price Limits
Exercise Style	European style. Auto-exercised against CME Group FX Fixing Price; no contrary instructions allowed. In-the-money (ITM) strikes exercised. Out-of-the-money (OTM) strikes abandoned. An option is ITM if the CME Group FX Fixing Price for the underlying futures contract is equal to or above the strike price in the case of a call or below the strike price in the case of a put.
Settlement Method	Deliverable
Underlying	British Pound Futures

Quick Links

Tools

Daily Reports and Settlements

Final Settlements

Product Related

CME ClearPort

FAQ: FX EFRP & Block Trades

Resources

Send Us Feedback

Who We Are

CME Group is the world's leading and most diverse derivatives marketplace. The company is comprised of four Designated Contract Markets (DCMs). Further information on each exchange's rules and product listings can be found by clicking on the links to CME, CBOT, NYMEX and COMEX.

Contact Us

View All

CME Group / Chicago HQ

Phone: +1 312 930 1000

Toll Free (US Only): +1 866 716 7274

Margin Services