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DATAMINE:

THE SOURCE FOR HISTORICAL DATA

Explore historical market data straight from the source to help refine your trading strategies.
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Access and filter an archive of recent and historical notices for every aspect of trading at CME Group, including Clearing advisories.

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Turn curiosity into confidence

Explore our new, fully customizable, pro-level Trading Simulator and get to know our range of futures contracts.

Elevate your trading skills

Ready to take your trading to the next level? Compete against your peers in our monthly Trading Challenges.
Micros

Micro FX futures

Diversify your portfolio with deeply liquid FX products offered at a lower initial margin.

More access, less margin

Get expanded access to FX marketplace opportunities with the lower initial margin of smaller-sized futures contracts. 

Contract specs

Trade the global FX market

Tap into liquid G10 currency pairs in a regulated marketplace. 

Currency pairs

Go long or go short

Enjoy flexibility and discover the benefits of going long or short with Micro FX futures.

Tools

Micro FX products

View CME Rulebook for information on exchange rules, delivery procedures and clearing services.
FX NEWS AND EVENTS
TRANSPARENT FX TRADING

Experience clear and transparent pricing with CFTC-regulated Micro FX futures.

Size up opportunities in the world’s leading currencies

Explore opportunities from some of the most actively traded G10 currency pairs, available in smaller-sized contracts that make it easier to step into new markets.

Capitalize on changes in macroeconomic factors that can influence currency prices, such as interest rates, inflation and GDP growth.

Take advantage of the most actively traded currency pair globally. The euro and U.S dollar are underpinned by more than $1T in goods and services trade annually.

More than $250B of goods and services are exchanged between the U.S. and Japan each year, providing a natural and liquid market.

One of the most actively traded currencies in the world, the British pound and U.S. dollar are underpinned by more than $250B in trade annually.

Australia's resource-driven economy is heavily dependent on global growth and commodity prices. AUD/USD futures can be used by traders who are seeking exposure to movements in commodity prices that have a large influence on terms of trade (e.g., iron ore, natural gas, agricultural, etc.).

Canada’s status as a leading oil exporter and its strong economic ties with the U.S. create opportunities in this currency pair for traders looking to benefit from fluctuations driven by commodity prices, global growth and geopolitical events. 

Compare FX futures vs. similar instruments

Explore the unique differences and benefits of FX futures – available in a choice of larger contracts and Micro FX contracts that are 1/10 the size – compared to other ways of trading FX. 

Compare FX Futures vs. Cash FX

FX Futures

Benefit

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

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

Futures

Benefit

CFDs

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

New Trading Sim, New Trading Challenges

Take your trading to the next level with our new Trading Simulator and get to know our range of futures contracts in our Trading Challenges.

Get started

CVOL CHART:
TRACK RISK AND FIND OPPORTUNITIES IN G5 FX CURRENCIES.

Contract specifications

Learn the contract details for trading our Micro FX futures.

  MICRO EUR/USD MICRO AUD/USD MICRO GBP/USD MICRO CHF/USD MICRO JPY/USD
Underlying Currency Euros Australian dollars British pounds Swiss Franc Japanese yen
Contract Size 12,500 euros 10,000 Aussie dollars 6,250 pounds 12,500 CHF 1,250,000 JPY
Ratio to Standard Contract 1/10 1/10 1/10 1/10 1/10
Minimum Tick/Price Fluctuation 0.0001 USD per EUR 0.0001 USD per AUD 0.0001 USD per GBP 0.0001 USd per CHF 0.000001 per JPY
Value of One Tick $1.25 per contract $1 per contract $0.625 per contract $1.25 $1.25 per contract
Product Code M6E M6A M6B MSF MJY
Settlement Physical Physical Physical Physical Financial
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

Get answers to frequently asked questions

Our FX futures contracts are derivatives based on the exchange rate between one currency and the U.S. dollar. Our most highly traded currency pairs include EUR/USD, JPY/USD, GBP/USD, CAD/USD and AUD/USD, known as the G5 pairs.

Course: Introduction to FX

  • All-to-All marketplace: All participants are treated the same. From the world’s largest investment banks, hedge funds, asset managers and corporations to active individual investors, everyone sees the same price and has equal access to the same trade.

  • Firm liquidity, safety and security: We are the home to the world’s largest regulated global FX marketplace that offers certainty of execution along with the safety and security of clearing. CME Clearing backs all trades, mitigating counterparty credit risk so you can trade with confidence.

  • Market transparency: FX futures give you a true, transparent view of the market, providing clear visibility into liquidity and price levels traded in the market. There is full transparency into contract volume and pricing, allowing all users to transact on a level playing field. There are no hidden costs of trading, with fully disclosed fees and universal margin requirements.

  • Around-the-clock trading and liquidity: Over $80B in daily notional FX liquidity, over $270B in notional open interest, tight bid/ask spreads and nearly 24-hour access so you can act as market-moving world news and events unfold.

  • Capital efficiency: Free up capital via lower margin requirements, futures leverage and margin offsets with other FX contracts. Average initial margin requirements are approximately $1,800 and $180 across the standard size and Micro G5 FX contracts respectively, resulting in an average maximum leverage ratio of 51:1.

Find a registered futures broker in your region offering FX futures.

Find a Broker to maintain your trading account

We also offer standard-sized futures contracts on developed and emerging market currency pairs. Micro FX futures are 1/10 the size of our standard FX contract. 

2024 FX Product Guide
More than just Micros

As your skills and confidence with Micro FX futures grow, you can easily transition to larger FX contracts to increase your market exposure.

Explore contract sizes

Tools for your trading strategy

Build and refine your trading strategies with fee pricing and analytics tools for Micro FX futures.

Open Interest Profile Tool

Analyze open interest and open interest change patterns for each expiration within FX products.

Commitment of traders tool

View FX market open interest reports based on CFTC reports in a comprehensive graph format.

FX Market Profile Tool

Compare liquidity in OTC spot from EBS and CME FX futures to one screen to identify the optimal time and market to manage your FX risk.

Economic Release Calendar

Plan your FX strategy around potential market moving events.

Market Commentary

View the latest insights on trends in the FX market.

Master the FX market

Take self-guided courses on FX products

Explore Micro FX futures and the FX market with a variety of lessons to learn at your own pace.

Explore more courses

CME Group is the world’s leading 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.

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