Welcome to CME FX Options on Futures

Discover the advantages of trading foreign exchange in a marketplace that is defined by you, delivered by us. With CME FX options on futures, enjoy the versatility and 24-hour access that you already know with security, transparency and certainty of the world’s largest regulated FX marketplace.

Whether you want a hedge against any potential losses or offset adverse prices changes, or are seeking a stream of premium income or to profit from opinions on market direction, CME FX options offer added benefits to help you achieve your goals.


Discover the advantages of trading underlying liquid CME FX futures.


Welcome to CME FX futures

Why CME FX Options on Futures?

Get the same prices, quotes and trades as the world’s largest bank or active trader across the world, enabling equal footing

$10B in daily FX options liquidity, with significant volume during the Asian trading day, and $111B+ in daily CME FX liquidity

Add certainty of knowing every trade is CFTC-regulated, must pass a series of risk controls and is centrally cleared to remove counterparty credit risk

At settlement, you will have an active futures position. That gives you flexibility to keep working a capital-efficient position or to offset your position to cash.

Trade the Most In-Demand Currency Pairs

Trade all the major currencies paired with U.S. dollars, a key feature that alone presents trading opportunities, with U.S. interest rates expected to head higher.

Japanese yen
British pound
Canadian dollar
USD Australian dollar
New Zealand dollar
Contract Size 1 futures contract
125,000 euro
1 futures contract

12.5 million yen
1 futures contract

62,5000 pounds
1 futures contract,
100,000 Canadian dollars
1 futures contract
100,000 Australian dollars
1 futures contract,
100,000 New Zealand dollars
Expiries Weekly and monthly expirations for premium-quoted contracts (PQOs)
Weekly and monthly for volatility quoted expirations (VQOs)
Weekly and monthly expirations (PQOs only)
Fixing Time
(need to convert to local times)
PQOs: 10 a.m. NY VQOs: 10 a.m. NY PQOs: 10 a.m. NY
Minimum Tick Size
(if five ticks from premium, reduced ticks available)
$.0001 per euro
$.000001 per yen $0.0001 per pound
$0.0001 per CAD
$0.0001 per AUD
$0.0001 per NZD
Dollar Value of a Tick $12.50 $12.50 $6.25 $10.00 $10.00 $10.00
Settlement Physically settled into cash-settled futures contract
Allows Contrary Exercise? Contrary exercise (ability to exercise out-of-the-money or abandon in- or at-the-money options at expiration for trading strategy purposes) is allowed in some, not all, options. More on contrary exerciseSee which contracts offer it

How CME FX Compares to Other Trading Instruments

FX Futures


Cash FX


Over $111B in daily notional traded complex-wide, with $10B in FX options

Liquidity and
24-Hour Access?


$5.3T traded daily but is highly fragmented globally

CME FX is the world’s largest regulated FX market

Regulated, Centralized Market


Face counterparty & execution risk


See same prices, quotes, trade firm liquidity

Level-Playing Field


Little to no transparency, last look commonly used


Plus known, universal margin requirements

Fully Disclosed Fees


Spreads often built into prices, varying margin/credit charges subject to counterparty


Trades regulated, centrally cleared

Safety & Security



Fast trade executions, confirmations & straight-through processing

Speed & Performance

Speed bumps, last-look, re-quoting execution delays common





24-Hour Access



Everyone sees same prices, quotes, trades volumes

Centralized, Transparent Marketplace


Broker is lone counterparty


All prices are built into spread

Added Financing Costs


Daily interest charged on open positions,
often on full face value of the interbank rate plus a markup for long positions (e.g., 3%)


Futures broker is intermediary only; commission-based

Conflict of Interest


Broker may profit if your trade loses


All trades are backed by CME Group, with risk shared among clearing members

Safety & Security


Broker is lone counterparty – exposed to higher counterparty risk


$111B in daily CME FX liquidity

Liquidity You Can Count On



CFTC-regulated market available in over 150 countries

Availability by Regulation


Banned in many countries, including U.S. and Belgium


Certainty of size, quantity, date, etc. promotes greater trading certainty

Standardized Contract


Terms can vary widely from trade to trade


Leveraged/Margin Trading


Learn to Trade FX Options

Get to know more about your trading options, including how to add FX options to your trading strategies.

Benefit of Weekly Options for Event-Driven Trading

Weekly FX options give you more control and shorter-term precision for managing positions ahead of mid-week market-moving events and reports like central bank announcements.

READ: FX Options Volatility Set to Rise as Currencies Wobble?

CME Group’s Senior Economist Erik Norland looks at global trade tensions and political unrest in Europe, and how it may affect currency options. Options volatility is at near record lows for all six major currencies versus the dollar but emerging market currencies, from the Argentine peso to Turkish lira and Brazilian real, are wobbling in what could be a harbinger of heightened volatility.

Read the report. 

WATCH: Trading Options During Economic Events

Follow the Markets with the Latest Insights Every Morning

Newly enhanced In Focus newsletter offers timely strategies and insights for trading FX options and other liquid CME Group futures and options markets. Now packed with even more resources and Redsky market alerts to help you navigate changing markets.

Delivered free to your inbox at 6:00 a.m. SGT for free.