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Unlike Futures with standard maturities, the xRolling® FX product is a "perpetual" Future with daily roll-over of positions at closing, which facilitates that the closing price of the xRolling® FX is the same as that of the Spot. The underlying will not be delivered but all the settlements will be made in euros. In this way, MEFF provides its Members and Customers with a very versatile product so they can operate according to their needs.
BME wants to offer investors, both retailers * and institutional investors, the possibility of trading in currencies through an instrument quoted in MEFF with the security and transparency of operating in a regulated market, and the BME Clearing guarantee as a counterpart.
* This contract is subject to Decision (EU) 2019/679 of the European Securities and Markets Authority (ESMA) of April 17, 2019, which establishes measures that affect its marketing, distribution or sale to retail customers.
Technical specifications
Notice 1818 - New xRolling FX Futures Contracts
Notice 1842 - New orders and functionalities for new FX contracts
BME Clearing Notice 1822 - New Initial Margin calculation service for a portfolio through the MEFFGate server FIX interface
BME xRolling Client Protection
These are the data for the 17 currency pairs:
| UNDERLYING | NOMINAL | MINUMUN VARIATION | TICK |
|---|---|---|---|
| EUR/USD | 10,000 EUR | USD 0.00001 | USD 0.1 |
| EUR/CHF | 10,000 EUR | CHF 0.00001 | CHF 0.1 |
| EUR/GBP | 10,000 EUR | GBP 0.00001 | GBP 0.1 |
| GBP/USD | 10,000 GBP | USD 0.00001 | USD 0.1 |
| GBP/CHF | 10,000 GBP | CHF 0.00001 | CHF 0.1 |
| USD/CHF | 10,000 USD | CHF 0.00001 | CHF 0.1 |
| USD/CAD | 10,000 USD | CAD 0.00001 | CAD 0.1 |
| AUD/USD | 10,000 AUD | USD 0.00001 | USD 0.1 |
| AUD/JPY | 10,000 AUD | JPY 0.001 | JPY 0.1 |
| EUR/AUD | 10,000 EUR | AUD 0.00001 | AUD 0.1 |
| EUR/JPY | 10,000 EUR | JPY 0.001 | JPY 0.1 |
| USD/JPY | 10,000 USD | JPY 0,001 | JPY 0.1 |
| NZD/USD | 10,000 NZD | USD 0.00001 | USD 0.1 |
| USD/MXN | 10,000 USD | MXN 0.0001 | MXN 0.1 |
| EUR/MXN | 10,000 EUR | MXN 0.0001 | MXN 0.1 |
| USD/BRL | 10,000 USD | BRL 0.00001 | BRL 0.1 |
| EUR/BRL | 10,000 EUR | BRL 0.00001 | BRL 0.1 |
| EXPIRATION | For each underlying MEFF, it will open a single maturity to negotiation. This expiration will be perpetual. |
| EXPRESSION OF PRICES |
It will express how many units of the quoted Currency are offered / demanded by each unit of the Base Currency. |
| SETTLEMENT PROCESS | For differences, always in euros regardless of the currency pair whose exchange rate is underlying. |
| DAILY SETTLEMENT PRICE |
Closing price of the underlying exchange rate, which will be calculated by MEFF at 17:00 EST* as the average price of the transactions carried out between 4:59 PM and 5:00 PM EST*. * EST Eastern Standard Time, New York Time. |
| FORWARD PRICE |
It will be established at 17:00 EST*, based on the closing price of MEFF and the interest rates of the underlying currencies. * EST Eastern Standard Time, New York Time. |
| DAILY SETTLEMENT OF GAINS AND LOSSES (“VARIATION MARGIN”) |
On a daily basis, in cash in euros for differences between the Daily Settlement price and the Reference Price of the open position, which will be the contract's contract price (the day of contracting) or the settlement price of the previous day. |
|
SETTLEMENT BY DEFERRAL OF THE CONTRACT |
On a daily basis, at 23:00 CET there will be settlement on the open position at that time and cash in Euros for differences between the Daily Settlement Price and the forward price. |
| TRADING HOURS |
From 00:00 to 22:00 or 23:00 CET *, from Monday to Friday. * The closing of the market will coincide with 17:00 h. of New York (EST), which will usually coincide with 23:00 CET, except when there is a lag due to the different time of the summer / winter time change between Europe and the US. During this period of lag, the closing time of the market will be 22:00 CET. |