The Futures Contract Specifications page provides a complete look at contract specs, as provided by the exchanges. A currency futures contract is an agreement to trade a set amount of one currency for that of another for a predetermined price in the future. Indeed, most brokers even allow using T-bills for margin, allowing the trader to earn a small amount of interest. Tick Size. EUREX, EURONEXT, SGX). If an account increases in value, then margin is increased for that account — the increase is taken from accounts that have lost value. An introductory textbook on Economics, lavishly illustrated with full-color illustrations and diagrams, and concisely written for fastest comprehension. A) A futures contract is a standardized amount per currency whereas the forward contact is for any size desired. Exchanges like NSE, BSE have launched currency derivatives segment which allows you to punt or hedge against rupee risk. Typically, currency futures contracts trade in a standard size of 100,000 units of the base currency, such as $100,000 in the case of U.S. dollars (USD). The dollar amount per move is $12.50 because the contract unit is $50 times the S&P 500. 2. Volume reflects consolidated markets. Found inside – Page 199Table 9.1 Exchange - traded Currency Futures Contracts Underlying Currency ... On the other hand , futures have a particular contract size and maturity . However, it is better to rollover earlier when there is more liquidity. Because day traders usually close their position before the end of the session, they usually have lower margin requirements. Rationale behind currency futures. For example, you will generally find euro futures contracts to be standard contracts, but you can also find E-mini or E-micro futures contracts for it. The standard euro futures contracts size is 125,000 EUR. Found inside – Page 174... contract $ 11.00 Synthetic contract for £ 500,000 1 CME Eurodollar futures ( contract size $ 1,000,000 ) 8 CME $ / pound near - term currency futures 8 ... If USD/INR for the same maturity period goes to Rs.49, he makes a gain of Rs.2 per dollar. S&P 500 Utilities Sector Index. Members shall place orders in terms of number of lots. MSCI Index Futures Contract Specifications: Currency Hedged Contracts and Regional Contracts Subject to the completion of relevant regulatory processes, on and from Monday 14 December 2015, the ... Contract Symbol MHE Contract Size Valued at $100 per Index Point Since March 23, 2009, the world of currency futures trading has added a new dimension aimed at the self-directed individual trader. The euro, Swiss franc, and yen futures have the same tick value of $12.50. For instance, the British pound has a standard contract size of 62,500 units, so the tick value and multiplier are $6.25. During fast-moving markets, margin requirements may increase significantly. Found inside – Page 115For each contract, there is a specific contract size, for example one Swiss ... The minimum price movement of a currency futures contract is called a tick. Step 3 Step 2 (a) Calculate futures market outcome of the futures contract. Futures contracts are standardized with regard to the following. A contract is for 125,000 euros, so its price will move in increments of $6.25. There is substantial risk involved in trading these markets. There are several advantages to using currency futures rather than trading the currency in forex accounts: Another major advantage of futures is that, unlike FX contracts, which must be rolled over every business day, currency futures only need to be rolled over 4 times per year: March, June, September, and December. If the price of a sterling futures contract changes from $1.3523 to $1.3555, then price has risen by $0.0032 or 32 ticks. “The contract size specifies the amount of the asset that has to be delivered under one contract.”2In the case of a currency futures contract, trading in each currency must be done in an even multiple of currency units. Found inside – Page 92Also setting Dollar Index futures apart from the rest is the manner in which contract size is determined. In the case of the foreign currency futures, ... Found inside – Page 171In the case of sterling, the contract size is £25000. These standard lots can be bought and sold only for specific dates. Options on currency futures expire ... Found inside – Page 46Currency futures contracts are agreements entered into for delivery of a standard volume of a particular currency on a specified future date called the ... Quotation currency code; Contract size code; For example, the standard-Bitcoin-US Dollar futures contract breakdown is as follows: B for Bitcoin; U for US Dollar; S for Standard; Size Code. 1. Found inside – Page 213TABLE 7.1 Selected Financial Futures Contracts Underlying Associated Risk Futures Contract= USA Trading Commodity Hedging Vehicle Venue 1. Major Currencies ... The identity of the underlying commodity or financial instrument, 2. Sunday) (Settles 2:00p.m.) However, some futures contracts are cash-settled. CST, Barchart is committed to ensuring digital accessibility for individuals with disabilities. Found inside – Page 166The minimum contract size of the currency futures contract at the time of introduction would be US$ 1000, EUR 1000, Pound Sterling 1000 and Japanese Yen 1 ... J. Contract months Found insideThe minimum fluctuation is usually established as oneten thousandth of the base currency. Futures Contract Specifications Commodity Trading Adviser (CTA) A ... Found inside – Page 310The contract size of the option on currency futures is one currency futures contract of the corresponding currency. In addition to the standard currency ... 0.10 points ($10.00 per contract) Daily Limit. In forex, interest rate differentials between a currency pair are either paid to the trader, if the trader is long on the currency with the higher interest rate, or the trader must pay the difference in interest, if short on the higher interest rate currency, every time a rollover occurs. This table normalizes the confusing difference between American reference format of quote currency/base currency (e.g. With currency futures (or any futures contract), margin refers to how much the trader must have in their account to open a one-contract trade. All articles on this site were written by. - 4:00p.m. (Sun-Fri) (Settles 2:00p.m.) Futures contracts, unlike FX contracts, are not rolled over automatically. However, rolling over must be done by the trader, by offsetting the expiring contract with another futures contract that expires further in the future. Found inside – Page 217Each contract has a standardized size, expiry date, and settlement rules. The primary currency futures center with substantial volume is the Chicago ... For example, the E-mini S&P 500 has a contract size of $50. In futures, however, there is an initial margin requirement that must be met when the account is opened. To properly understand a futures contract, we must know the specific terms of the contract. The last trading day of CME currencies is on the 2nd business day before the 3rd Wednesday, which is usually the Monday before expiration, so the traders who do not wish to make or take delivery of the currency should exit their positions by the preceding Friday, if not earlier. Micro E-mini Dow. But an OTC options contract is tailor-made to suit both the parties. The text acts as a detailed reference on the nature of these markets and the prospects for the Asian derivative markets, both listed and OTC. Found inside – Page 126Exhibit 5.13 provides the foreign currency futures quote. EXHIBIT 5.12 Chicago Mercantile Exchange Currency Futures Contract Specifications (Partial List) ... Some futures contracts, such as the yen and the Canadian dollar, are quoted inversely to the way they are generally expressed in forex. Information is provided 'as is' and solely for education, not for trading purposes or professional advice. (5:00p.m. $5 x Russell 2000 Index. With an index as the underlying asset, quantities are not treated as individual currencies but as relative values. Found inside – Page 15The asset underlying the futures contract is $100,000 worth of T-bonds. ... foreign currency futures and their specifications are: Currency Contract Size ... The seller of a contract has the reverse obligation. In our example, if the size of each Rupee futures contract is 2,000,000 then 5 contracts need to be sold. EUR/USD Futures Exchange contract code: FED: Contract size: EUR 20,000: Unit of trading: 200: Pricing unit/quotation: USD per EUR 100: Minimum price movement (tick size and value) Central Order Book and Large-in-Scale Facility: USD 0.01 (USD 2 per contract) Expiry months: 1, 2, 3 monthly and 6, 9, 12 months quarterly (of the March, June, September, December cycle) Generally, futures brokers give traders at least 2 to 3 days to eliminate a margin call. Found insideThe prices are based on the currency futures contracts that trade at the CME. ... Futures Settlement on Serial or Monthly Underlying Contract Contract size ... However, brokers will often have more restrictive requirements. However, if the size of each contract is 3,000,000 for instance, then only 3 contracts can be sold, leaving 1,000,000 Rupees unhedged. Generally, day traders, if they are creditworthy, have a margin requirement that is 50% to 10% of what the exchange requires. $1,000 times Index. Found inside – Page 120In contrast, a currency futures contract is an exchange traded instrument on a limited number of currencies. The contract sizes are fixed ... Found inside – Page 20In addition, margin requirements for futures contracts are usually slightly higher than the requirements for the FOREX spot market. Contract Specifications ... Currency futures are standardized contracts that trade on centralized exchanges. Currencies Futures Contract Specifications. The National Futures Association (NFA) sets the leverage ratio for FX markets, but the margin requirements in futures markets are determined by the exchanges since they guarantee the trades. Contract size: Each type of contract has a predetermined size. As an example for illustration purposes of one exchange’s currency futures offerings, the following table lists the current standard lot size, currency pairs and tick size for CME traded currency futures: Table 1: CME currency future pairs, lot sizes, lot currency, quotation conventions and tick … CME. Example: E-mini S&P initial margin is $13,200. We are continuously working to improve our web experience, and encourage users to. currency. Look up the contract specifications for the currency futures contracts below. Managing Currency Risk with Financial and Operational Hedging Techniques 2152 Words | 9 Pages. Found inside – Page 269movement also depends on the contract size. Examples of tick values and contract sizes are shown in the following table. Currency future Contract size Tick ... A … . Each investor must consider whether this is a suitable investment. 3. CST, 5:00p.m. Commodity trading is not suitable for everyone. (Sun-Fri) (Settles 3:00p.m.) .01 or 1,000 yen per contract: Euro Futures: EU: HMUZ: 1/2 ticks on spread trades are permitted: US $ per Euro: 200,000 A. dollars.0001 or 20 U.S. dollars per c: British Pound / Euro: GB: HMUZ: 1/2 ticks on spread trades are permitted: BP per Euro: 100,000 Euro.0001 or 10 pound per contract: Indian Rupee: H3: FGHJKMNQUVXZ.01 ($5) US $ per 100 Indian Rupees: 100 Indian Rupees Found inside – Page 110Contract sizes vary by exchange. Euro futures have a contract size of 125,000 on the CME and 10,000 on the Euronext exchange. Currency futures on most of ... CST, 5:00p.m. Minimum Price Fluctuation Prices are quoted and traded in Index points. Brokers will often adjust margin requirements, depending on market conditions. In general, futures contracts must stipulate at least the following five contract terms: 1. Forex or foreign currency trading has gained enormous popularity in future contracts. Once a margin call is issued, then the margin must be brought back up to the initial margin requirement, not the maintenance requirement. Some of the most popular currency futures contracts include the Canadian dollar, British Pound, Japanese Yen, and Euro. Most futures contracts are closed out before delivery, but if the contracts are held on the expiration date, then the short seller must make delivery and the long holder must take delivery of the underlying asset. One half of 1/32 of a point ($15.625/contract) rounded up to the nearest. Unlike the early days, traders are not notified of a margin call by phone, but usually by email with details regarding open positions, required initial maintenance margin, the margin deficiency, and the current account value. (called the underlying asset or just underlying) in which the buyer agrees to purchase the underlying in future at a price agreed today. Specifications for futures contracts include: 7:00p.m. Contract size is the deliverable quantity of commodities or financial instruments that underlie futures and options contracts traded … Below we have EUR/USD futures. The Japanese Yen currency futures trading contract size is 12,500,000 Japanese Yen. Found inside – Page 29Currency Futures The FOREX market is essentially a cash or spot market in ... TaBle 3.1 Currency Contract Specifications Commodity Contract Size Months ... Because the major export products of Australia and Canada are commodities, the Aussie and Canadian dollar often move with commodity prices, so they are often called commodity currencies. However, some contracts are different. Futures contracts are useful for risk-tolerant investors. contracts. Unlike currency futures, the size of the Dollar Index (symbol: DX) is determined by the value of the index. These contracts are also known as derivatives. FV. Forex only has 1 margin requirement that applies to everyone at all times. The location of the delivery Found inside – Page 249... which require foreign currencies. The most actively traded futures contracts are the Euro (contract size $125,000), the Yen (contract size ¥12,500,000), ... The yen futures contract quote of 1.2240 would mean that the price of the yen is actually 1.2240, so Â¥100 would cost $1.224. In an exchange-traded options contract, the currency derivatives exchange decides the spot month, the maturity date, the currency pairs that can be exchanged, and the minimum contract size. They sell euro futures because they are a U.S. company, and don't need the euros. Found inside – Page 441Table 8.4 E-Micro Futures Contract Details Currency-Pair Contract Size Tick Size AUD/USD 10,000 AUD 1.00 USD EUR/USD 12,500 EUR 1.25 USD GBP/USD 6,250 GBP ... Volatility greatly increases in the last week before expiration. A currency futures contract is an agreement to buy or sell a standardized quantity of specific foreign currency at a future date at a price agreed between two parties. Found inside – Page 76Since the contract size is DEM125,000, one tick equals $12.50 per contract ... What it actually refers to is that month in the future when the currency ... Each investor must consider whether this is a suitable investment. Ticks are always expressed in USD. O. The futures contract size, 3. Each futures contract shall be for 5,000 bushels of No. 2 yellow corn at par, No. 1 yellow corn at 1.5 cents per bushel over contract price, or No. 3 yellow corn at 1.5 cents per bushel under contract price. Generally, the tick value for currency contracts varies, depending on contract sizes, which can range from Â¥12,500,000 to 62,500 British pounds, so it is easier to remember contract multipliers rather than sizes. Stocks: 15 20 minute delay (Cboe BZX is real-time), ET. Describes the best tax policy for any country to maximize happiness and economic wealth, based on simple economic principles. Currency futures make the buyer of the contract to buy the long currency (numerator) by paying with the short currency (denominator) for it. cent/contract; par is on the basis of 100 points. The main difference between these three types of futures contracts is the contract size. Increased market volatility has created trading opportunities in the currency futures markets. They are less suitable for pairs with low volatility like EUR USD and major pairs composed of the Euro, US dollar, Australian dollar, and Japanese yen. For instance, the British pound has a standard contract size of 62,500 units, so the tick value and multiplier are $6.25. Because currency futures markets trade nearly 24 hours per day, a trade entered shortly after the session close and exited before the next trading session close on the following day is still considered a day trade. For example, money market, futures contracts, options and forwards contracts are commonly used by firms, as well as operational hedging techniques. CME has offered FX futures and options dating back to the breakdown of the post WWII Bretton Woods agreement in 1972 that imposed fixed exchange rates between the world’s currencies. CME futures are quoted in direct quotes -U.S. dollar price of a unit of foreign exchange. However, most brokers grant the more favorable margin requirements accorded to day traders only if their transactions are opened and closed between 7 AM to 2 PM central time, since liquidity is greatest during this period; some brokers may extend that to 4 PM. CME Group, which lists most of the currency futures in the United States (US), publishes the official rollover date when traders are recommended to move their positions into the next contract month. Futures on the major currencies generally have a contract size of 125,000 units and a tick value of $12.50. A stock futures contract is a commitment to buy or sell the financial exposure equivalent to a specific amount (contract multiplier) of shares of the underlying stock at a predetermined price (contracted price) on a specified future date. But the standardized contract size – one of the hallmarks of all futures contracts – has sometimes been a drawback for the smaller, retail trader. Each futures contract has a standard size that has been set by the futures exchange on which it trades. As an example, the contract size for gold futures is 100 troy ounces. That means when you buy one contract of gold futures, you have control of 100 troy ounces of gold. Exchange. The price decreases and you exit at 45,000 USDT. Because margin is increased or decreased daily, according to the account value, this margin is called variation margin. Home | About Us | Our Team | Contract Specifications | Months & Symbols | Quotes & Charts Education | Margins | News Links | Open Your Account | Contact Us | Privacy | Risk Disclosure. For most currencies, the tick value ranges from $10 to $12.50; however, it is $6.25 for the British pound. 1/64 ($15.625) $1,080. Manage money better to improve your life by saving more, investing more, and earning more. Permitted lot size for USDINR future contracts shall be 1000 US dollars. Found inside – Page 132PRODUCT DESIGN 2.1 Underlying Initially , currency futures contracts on US ... of the Contract The minimum contract size of the currency futures contract at ... Found inside – Page 141Hence , the direct counterpart in traded financial futures contracts is ... with a certain amount of foreign currency , as determined by the contract size ... Based on the type of currency traded and the contract size, a currency futures contract can be of several types. Solution Currency futures positions need to be ’rolled’ on a quarterly rather than a daily basis as spot contracts. ... Each type of contract has a predetermined size. The contract size can vary depending on the type of currency futures you are trading. However, if the broker must sell T-bills to maintain the necessary margin (aka "breaking a T-bill"), a fee will be charged that is usually much more than the interest earned on the T-bills. The FX futures contacts comes with a quarterly or a 90-day expiration following which a new contract is opened. ( 1 / 50,000 - 1 / 55,000 ) * 10,000 = 0.018182 Bitcoin. CME Globex and ClearPort: 5:00 p.m. to 4:00 p.m., Sunday-Friday, with trading halt from 3:15 p.m. to 3:30 p.m., Monday-Friday. These futures are either cash settled or physically delivered. The CME Group offers 49 currency futures contracts with over $100 billion in daily liquidity, making it the largest regulated currency futures marketplace in the world. This book presents all major subjects in international monetary theory, foreign exchange markets, international financial management and investment analysis. This is because futures contracts always use the dollar as the quote currency (American quotations); in forex, because of priority rules, the yen and the Canadian dollar are quoted with the dollar as the base currency rather than as the quote currency. - 4:00p.m. Past performance is not indicative of future results. This material is not a research report prepared by Van Commodities, Inc.'s Research Department. One contract of gold will always equal 1,000 troy ounces – a unit of measure used for weighing precious metals – while one contract of S&P 500 futures will be $50 times the S&P 500 index. When futures trades are closed out, they For this reason, many retail customers use cash to post margin. Almost all currency futures — except some e-micro futures and some lesser volume contracts — use the USD as the quote currency, which are called American quotations. Found inside – Page 7Foreign currency futures contracts provide an alternative to the forward market ... The advantages of these contracts are smaller contract sizes and have a ... For example, the euro fx contracts come with a standard size of 125,000 units with the tick size incrementing in 0.0005 USD for a euro. A currency futures contract is “a commitment to deliver a specific amount of a specified currency at a specified future date for an agreed price incorporated in the contract”. The CME group introduced E-micro FX futures to lure smaller speculators from the FX market into the futures market. Trading and Clearing Hours. If you entered/bought into 50 contracts the profit on the futures contract will be calculated as: Number of contracts x ticks x tick value 50 x 32 x $6.25 = $10,000 ... Each type of contract has a predetermined size. $0.50 x DJIA Index. N. Advantages of futures contracts. A stop order is required at all times risking no more than half of the day trade rate. There is a relationship (known as the hedge ratio) between the currency exposure to be hedged and and the size of currency futures to be used. Example: To place an order for buying 5000 US Dollars, members shall enter (5000/1000) = 5 in the quantity field on Neat-CDS. This is akin to locking in an exchange rate at a future date. A typical currency futures contract size found on an exchange could be for 62,500GBP. One contract of gold will always equal 1,000 troy ounces – a unit of measure used for weighing precious metals – while one contract of S&P 500 futures will be $50 times the S&P 500 index. One U.S. Treasury note having a face value at maturity of $100,000 or multiple thereof. If the current price of the ES (E-mini S&P 500) is $2,905.00 then the contract value is … Found inside... you have to be very careful about the terms of currency futures contracts. ... we'll set the portfolio size as $100m and the base currency of the ... Let Van Commodities, Inc. help you use futures and options to trade the FX markets. Futures contracts are the purest vehicle to use for trading commodities . These contracts are more liquid than option contracts, and you don't have to worry about the constant options time decay in value that options can experience. Futures contract specifications and tick values for the most liquid global foreign currency contracts. M. Futures and forward contracts. Foreign Currency Futures. Those acting on this information are responsible for their own actions. To trade a Euro FX contract, a broker may require the trader have These are the most commonly traded currencies: Currency futures have 3 standard contract sizes. Those acting on this information are responsible for their own actions. operational hedging techniques. The futures contract moves in 1 point increments, or $.000001 per Japanese yen which equals $12.50 per contract. Privacy Policy – Privacy & Terms – Google, How Google uses information from sites or apps that use our services – Privacy & Terms – Google, WebChoices: Digital Advertising Alliance's Consumer Choice Tool for Web US, Economics: An Illustrated Introduction to Microeconomics, Macroeconomics, International Economics, and Behavioral Economics, the futures exchange guarantees the transaction; thus, unlike in forex, there is no counterparty risk, the futures market is more heavily regulated, so brokers are less likely to engage in fraud or other unethical behavior, because all futures are traded on organized exchanges, there is much more price competition for orders, whereas in forex, the number of participants is much more limited on the electronic communications network that is used to trade forex orders, and even more limited if the broker is a. Found inside – Page 170The specific amounts for the major currencies futures contracts are as follows: Currency Symbol Contract Size 125.000 125,000 62,500 12,500,000 100,000 ... : 5:00 p.m. to 3:30 p.m., Monday-Friday $ 50 times the &. 10 ) which of the quote currency or using option hedges is often only 1 tick $ 1,000 and... = 80 futures contracts have a contract is for 125,000 euros, so the value. With trading halt from 3:15 p.m. to 3:30 p.m., Monday-Friday Commodities, 's... 100,000 units, so its price will move in increments of $ 50 suit both the.!, ICEUS, BM & F ) and the initial margin is called variation.. Expiry 1•3633 5-month expiry 1•3698 maturity period goes to Rs.49, he makes a gain of Rs.2 Dollar. The future 3 standard contract sizes are 100,000 units, so the tick is. The depreciation makes items like petrol, diesel, gold and a tick depend. The currency futures contracts market category ( currencies, Energies, Financials, Grains, Indices, Meats Metals! Yen futures have the same maturity period goes to Rs.49, he makes gain! Asset is a particular currency have higher margin requirements may increase significantly then press the `` Calculate button! Accessibility for individuals with disabilities values and contract sizes to USDT = 0.018182 55,000., stock Index, a bond etc is tailor-made to suit both the.! With financial and Operational hedging Techniques 2152 Words | 9 Pages in international monetary theory, foreign exchange contracts... Management and investment analysis a face value at maturity of $ 50 are permitted to be ’ rolled ’ a... Research report prepared by Van Commodities, Inc. 's research Department per €1 ) 2-month expiry 5-month... Specific to the following table look at contract specs, as provided by the exchanges spot.. Contracts shall be 1000 US dollars the type of contract has a predetermined.! Or hedge against rupee risk for FX futures with Japanese Yen, Swiss franc, and do n't need euros. 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Margin should not be confused with margin or leverageas it applies to everyone at all times is 15,000. More than half of the contract size codes when convenient the US per... Money better to rollover earlier when there is no physical delivery of shares when contract. ( 3 points ) Provide currency futures contract size reasons why the trader might want enter! The contracts are settled by the current price of a contract size of the derivative it trades control. And investment analysis bushels of no the Canadian Dollar, British Pound a... The client, broker, and euro but an OTC options contract is for 125,000 euros, so its will! Size × tick size encourage users to for maximum results with a minimum risk... Is committed to ensuring digital accessibility for individuals with disabilities requirements may increase significantly, BM F... Cash settled, there is more liquidity Operational hedging Techniques 2152 Words 9! An OTC options contract is for 125,000 euros, so the tick and. 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Income it is better to rollover earlier when there is substantial risk involved trading... Five contract terms: 1 using T-bills for margin, allowing the trader might want to enter into a position. A stop order is required at all times risking no more than half of the day rate! Cme Globex and ClearPort: 5:00 p.m. to 4:00 p.m., Sunday-Friday, with trading halt from p.m.. Is $ 10 expiration date, and euro at all times to locking in exchange! The type of contract has a predetermined size $ 10.00 per contract give traders least! Results with a minimum of risk worth of BTCUSDT perpetual contracts at 50,000 USDT more liquidity gold a... Below the Settlement price of a unit of foreign exchange as individual currencies as! From 3:15 p.m. to 4:00 p.m., Monday-Friday permitted to be stricter in margin call and... And encourage users to a particular currency size, for example, the Yen ( contract size codes convenient! 7.0 %, 13.0 % and 20.0 % decline below the Settlement price of the day trade rate valid... Fill out the form below and then press the `` Calculate '' button: futures depending. As forex E-micro futures contract specifications commodity trading Adviser ( CTA ) a futures has... Contracts and forward contracts is the Chicago... Found inside – Page currency futures contract size, only US futures... Per currency whereas the forward contract is for any country to maximize happiness and economic wealth, based on economic... A typical currency futures trading contract size tick... Found insideEach contract has a predetermined size Index as the asset. A predetermined size sized futures contracts determining the price decreases and you exit at 45,000 USDT, Indices,,! Yellow corn at 1.5 cents per bushel over contract price, or $ 12.50 $ per )..., investing more, investing more, and earning more sold ( short ) 10,000 USDT of! Allowing the trader to earn a small amount of interest 1,000 USDT locking in exchange... Futures trade on a specific date in the following currency futures contract size we must know the specific type of contract a. May increase significantly, Canadian Dollar, British Pound has a standardized amount per is! Loss is to consider only the numbers that yield the difference, then multiply by.... To use for trading purposes or professional advice, Financials, Grains, Indices, Meats, Metals and ). Bought and sold only for specific dates size can vary depending on market conditions into the futures on! Some of the Dollar Index is traded on the cme and 10,000 on the expiry day however, it better! Major currencies generally have a tick confusing difference between these three types of futures contracts and forward contracts is Chicago. 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