MEFF will launch the FX Rolling Spot Futures, a Currency Future product, in the second quarter of 2019. Branded xRolling™, the new product will broaden the range of assets MEFF currently offers its Members and Clients.
xRolling™ will be exchange traded for the following currency pairs (17): EUR/USD, EUR/CHF, EUR/GBP, GBP/USD, GBP/CHF, USD/CHF, USD/CAD, AUD/USD, AUD/JPY, EUR/AUD, EUR/JPY, USD/JPY , NZD/USD, USD/MXN, EUR/MXN, USD/BRL and EUR/BRL. Rather than having a standard expiry date, the xRolling™ product is a “perpetual” future, with daily roll-over of positions.
This ensures that the closing price of xRolling™ is the same as the spot price. There will be no physical delivery of the underlying and all settlements will be made in euros.
The low nominal amount of the contract (roughly 10,000 euros depending on the currency) is well-suited to the needs of retail customers and the amount of leverage will be determined by the margin percentage prescribed by BME Clearing Central Counterparty, which is responsible for clearing and settling xRolling™ products.
MEFF trading hours have been extended for this product, which can be traded from 00:00 through to 23:00 CET, following close of trading in New York, when a technical stop will be made to perform clearing and back-office processes.
By having these trading hours from Monday to Friday (23x5), MEFF is offering Members and Clients a highly versatile product that can be traded as and when they need. With the launch of xRolling™, MEFF provides retail investors the opportunity to trade in currencies through a MEFF-listed instrument, with the added security and transparency of trading on a regulated market and with clearing handled by a Qualified CCP.