Welcome to CME FX Futures

Home of the World’s Largest Regulated FX Marketplace

Whether you want to hedge your currency exposure or seek to profit on changes in exchange rates, consider CME FX futures. For over 45 years, CME Group has been defining, developing and diversifying access to FX markets via futures for customers around the world, nearly around the clock.

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Trade the Currencies You Want

Find currencies across key emerging markets and all the majors, including these most actively traded pairs:

 

EUR/USD

JPY/USD

GBP/USD

CAD/USD

AUD/USD

MXN/USD

NZD/USD

EUR/GBP

Product

Euro

Japanese Yen

British Pound

Canadian Dollar

Australian Dollar

Mexican Peso

New Zealand Dollar

Euro/British Pound

Product Symbol

6E

6J

6B

6C

6A

6M

6N

RP

Contract Size

125,000 euro

12.5 million yen

62,5000 pounds

100,000 Canadian dollars

100,000 Australian dollars

500,000 pesos

100,000 New Zealand dollars

125,000 euro

Expirations

Quarterly, monthly

Quarterly, monthly

Quarterly, monthly

Quarterly, monthly

Quarterly, monthly

Quarterly

Quarterly

Quarterly, monthly

Minimum Tick Size

$0.00005 per euro increments

$0.0000005 per yen increments

$0.0001 per pound increments

$0.0001 per CAD increments

$0.0001 per AUD increments

$0.00001 per peso increments

$0.0001 per NZD increments

0.00005 GBP per euro increments

Dollar Value of a Tick

$6.25

$112.50

$6.25

$10.00

$10.00

$5.00

$10.00

6.25 GBP

Trading Hours

Sun – Fr 5:00pm – 4:00pm CT with a 60-minute break each day beginning at 4:00pm CT

Product Last Change Chart Globex Vol

Why Trade CME FX Futures?

Liquidity
$100B in daily notional FX liquidity, 3M in OI, and tight bid/ask spreads can help lower trading costs

Capital, credit efficiencies of futures 
Free up capital via lower margin requirements, futures leverage, shorter margin period of risk, margin offsets with other FX contracts

Safety & security
CME Clearing backs all trades, mitigating counterparty credit risk  so you can trade with confidence

Transparency
See the same prices, quotes, trades as everyone else in the marketplace

Nearly 24-hour access
Act as market-moving world news and events unfold

Largest regulated marketplace
Every trade is CFTC-regulated, supervised & backed by CME Market Reg to ensure integrity

Flexibility
Trade how you need to: central limit order book; blocks; Exchange for Physicals

Easily Roll OTC Positions Into Futures
CME FX Link connects OTC FX and FX futures with one Globex spread, so you can add efficiency and better manage FX exposures.

Benefit

Futures

Cash FX

Liquidity & 24-Hour Access

Yes
$100B daily

Yes
$5.3T daily but highly fragmented globally

Regulated, Centralized Market

Yes
World’s largest regulated for FX

No
Face counterparty & execution risk

Level-Playing Field

Yes
See same prices, quotes, trade firm liquidity

No
Little to no transparency, last look commonly used

Fully Disclosed Fees

Yes
Plus known, universal margin requirements

No
Spreads often built into prices, varying margin/credit charges subject to counterparty

Safety & Security

Yes
Trades regulated, centrally cleared

No

 

Speed & Performance

Yes
Fast trade executions, confirmations & straight-through processing  

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

Benefit

Futures

CFDs

24-Hour Access

Yes

Yes

Centralized, Transparent Marketplace

Yes
Everyone sees same prices, quotes, trades volumes

No
Broker is lone counterparty

Additional Finance Cost

No
All prices are built into spread

Yes

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

Conflict of Interest

No
Futures broker is intermediary only; commission-based

Yes
Broker may profit if your trade loses

Safety & Security

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

No
Broker is lone counterparty – exposed to higher counterparty risk

Liquidity You Can Count On

Yes
$100B in daily CME FX liquidity
Over $1 quadrillion traded at CME Group annually

No

 

Availability by Regulation

Yes
CFTC-regulated market available in over 150 countries

No /Limited

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

Standardized Contract

Yes

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

No
Terms can vary widely from trade to trade

Leveraged/Margin Trading

Yes

Yes

Replicating OTC FX Market Positions with CME FX Futures

Explore the advantages that CME FX futures can offer traditional market practitioners in the OTC FX markets. See how to use CME FX futures to replicate cost-efficient, manageable synthetic exposure to OTC FX spot, forwards, and swaps.

Download paper

Greenwich Associates: A Bright Future for FX Futures

A December 2017 Greenwich Associates study assessed the value and viability of FX futures as a proxy for OTC FX and found that, in certain circumstances, FX futures can generate upwards of 75% savings* over OTC FX markets.

  • Economic benefits of using futures
  • Quantitative total cost analysis (TCA) model comparison -- based on interviews with 41 buyside institutions and 9 major FX sell side institutions
  • Analysis of regulatory impact to the FX market

Read the report

* Results will vary based on type of institution, trading style, holding time, currency pairs involved, and more

Key Reports/Factors that Move FX Markets

Any world events /news
Financial crises and elections create financial uncertainty and, in turn, impact value of a country’s currency

Central Bank monetary policy announcements Will affect size/growth rate of a nation’s money supply and, in turn, interest rates; can include key interest rate changes, buying/selling government bonds, reserve requirements changes

FOMC (Federal Open Markets Committee)
Meets 8 times a year to set U.S. monetary policy and key interest rate changes; impacts value of U.S. dollar, world’s reserve currency

U.S. Dollar Index
Measures the value of U.S. dollar relative to a basket of currencies for the U.S.’s most significant trading partners

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