The United States Futures Exchange (USFE) will begin offering spot equivalent futures (SEF) on Sept. 21. The contracts will trade 23 hours per day.
The USFE will begin with six contracts — U.S. dollar/euro, U.S. dollar/British pound, U.S. dollar/Australian dollar, Japanese yen/U.S. dollar, Swiss franc/U.S. dollar, and Canadian dollar/U.S. dollar.
The contracts are retail-sized, with a tick worth $5 for the three U.S.-dollar based contracts, 500 yen for the JPY/USD contract, and five Swiss franc and five Canadian dollars for the CHF/USD and CAD/USD contracts, respectively.
SEFs are structured to automatically allocate the cost-ofcarry associated with holding a spot forex position open overnight, making them identical to a spot position.
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