World Currency Futures
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¥ €
Introducing World Currency Futures
The NASDAQ OMX Futures Exchange (NFX®), the futures trading subsidiary of NASDAQ OMX PHLX (PHLX®), offers foreign
exchange futures on the following currencies:
• Australian dollar
• Euro
• British pound
• Japanese yen
• Canadian dollar
• Swiss franc
NFX World Currency FuturesSM have the same underlying contract size as PHLX World Currency OptionsSM creating “mirror”
contracts to allow traders the choice to place foreign exchange strategies in either securities or futures accounts.
Right-Sized for Retail Futures Investors
For investors seeking to place pure price direction strate-gies, futures may be the preferred foreign exchange trading vehicle. Like
PHLX World Currency Options, the size of each of the NFX World Currency Futures is 10,000 units of the underlying currency
(1,000,000 for the Japanese yen). The size of the contract coupled with U.S. dollar settlement allows for simple calculation of
futures profit and loss.
Electronic Trading Platform
NFX offers a fully electronic trading platform that provides continuous price dissemination and instant execution of market orders.
For More Information
Contact Dan Carrigan at +1 215 496 5017 or [email protected] if you have any questions about World Currency Futures.
The information within this brochure has been compiled by the NASDAQ OMX Futures Exchange (NFX) for general information purposes only. NFX assumes no responsibility for any errors or
omissions. Additionally, all examples in this brochure are hypothetical situations, used for explanation purposes only, and should not be considered investment advice or the results of actual
market experience. Product specifications are subject to change. All matters pertaining to rules and specifications herein are super seded by official NFX rules. Current NFX rules should be
consulted in all cases concerning product specifications.
© Copyright 2009, The NASDAQ OMX Group, Inc. All rights reserved. NASDAQ OMX® and NASDAQ OMX Futures Exchange® (NFX) are registered servicemarks of The NASDAQ OMX Group, Inc.
Q09-0395
Product Specifications
Australian Dollar
British Pound
Canadian Dollar
Euro
Japanese Yen
Swiss Franc
Description:
NFX U.S. dollarsettled Australian
dollar currency
futures are
quoted in terms
of U.S. dollars
per unit of the
underlying currency
(Australian dollar).
NFX U.S. dollarsettled British
pound currency
futures are
quoted in terms
of U.S. dollars
per unit of the
underlying currency
(British pound).
NFX U.S. dollarsettled Canadian
dollar currency
futures are
quoted in terms
of U.S. dollars
per unit of the
underlying currency
(Canadian dollar).
NFX U.S. dollarsettled Euro currency
futures are quoted
in terms of U.S.
dollars per unit
of the underlying
currency (Euro).
NFX U.S. dollarsettled Japanese
yen currency futures
are quoted in
terms of U.S. dollars
per unit of the
underlying currency
(Japanese yen).
NFX U.S. dollarsettled Swiss
franc currency
futures are
quoted in terms
of U.S. dollars
per unit of the
underlying currency
(Swiss franc).
Contract Size:
10,000
Australian dollars
10,000
British pounds
10,000
Canadian dollars
10,000
Euros
1,000,000
Japanese yen
10,000
Swiss francs
Ticker Symbol:
Base = AD9
Base = BP9
Base = CA9
Base = EU9
Base = JY9
Base = SF9
Minimum Price
Intervals/Dollar
Value Per Tick:
Regular:
.0001 = $1.00
Regular:
.0001 = $1.00
Regular:
.0001 = $1.00
Regular:
.0001 = $1.00
Regular:
.(00)0001 = $1.00
(Note: first two zeros
are omitted)
Regular:
.0001 = $1.00
Daily
Settlement Price:
The daily settlement
price will be the
4:15 p.m. Eastern
Time PHLX modified
spot Australian
dollar (PHLX spot
Australian dollar
(XDA)) / 100.
The daily settlement
price will be the
4:15 p.m. Eastern
Time PHLX modified
spot British pound
(PHLX spot British
pound (XDB)) / 100.
The daily settlement
price will be the
4:15 p.m. Eastern
Time PHLX modified
spot Canadian
dollar (PHLX spot
Canadian dollar
(XDC)) / 100.
The daily settlement
price will be the
4:15 p.m. Eastern
Time PHLX modified
spot Euro (PHLX
spot Euro (XDE))
/ 100.
The daily settlement
price will be the
4:15 p.m. Eastern
Time PHLX modified
spot Japanese yen
(PHLX spot Japanese
yen (XDN)) / 100.
The daily settlement
price will be the
4:15 p.m. Eastern
Time PHLX modified
spot Swiss franc
(PHLX spot Swiss
franc (XDS)) / 100.
Margin Levels:*
Initial Margin
and Maintenance
$135
$135
$4
Initial Margin
and Maintenance
$200
$200
$4
Initial Margin
and Maintenance
$115
$115
$4
Initial Margin
and Maintenance
$136
$136
$2
Initial Margin
and Maintenance
$162
$162
$4
Initial Margin
and Maintenance
$108
$108
$4
Speculative
Hedge
Calendar Spread
Margin
Contract Listings: Three months from the March, June, September, and December cycle
Last Trading Day: The third Friday of the expiration month, or if that day is not a business day, then on the prior business day.
Settlement: Cash settlement in U.S. dollars. Settlement of currency futures will result in the delivery of a cash settlement on the Final Settlement Date. The cash
settlement amount on the Final Settlement Date shall be the final mark to market amount against the final settlement price multiplied by 10,000. (1,000,000 for
the Japanese yen).
Final Settlement Date: The first day on which The Options Clearing Corporation is open for settlement following the last trading day.
Final Settlement Price: The Final Settlement Price for foreign currency futures contracts shall be the day’s announced Noon Buying Rate, as determined by the
Federal Reserve Bank of New York on the last trading day (usually a Friday).
If the Noon Buying Rate is not announced by 5:00 p.m. Eastern Time, the Final Settlement Price will be the most recently announced Noon Buying Rate unless the
Exchange determines to apply an alternative Final Settlement Price as a result of extraordinary circumstances.
Large Trader Reporting Level: 400 contracts
Block Trader Threshold: 100 contracts
Exchange for Physicals (EFP) Eligible: NFX World Currency Futures are EFP eligible. Consult NFX Rule E38 for more information.
Trading Hours: 8:20 a.m. to 4:15 p.m. Eastern Time
Issuer and Guarantor: The Options Clearing Corporation
*Pursuant to NFX Rule E11(b), NFX has established SPAN® Minimum Performance Bond Requirements (‘margin’) rates that are adjusted periodically.