Financial Derivatives

xRolling® FX

xRolling FX: The Safest Way to Trade FOREX

The futures contracts in the xRolling® FX offer trading in currencies and hedging exchange risk with the safety and transparency of a regulated market. It was launched by MEFF in June 2019.

The xRolling® FX contracts are "perpetual" Futures on 17 currency pairs, with extended market hours (from 00:00 to 23:00). They can be traded from Monday to Friday and are distributed by MEFF members and settled and cleared in BME Clearing, the BME Central Counterparty.  

Investors can trade the xRolling® FX Futures contracts through MEFF members using different vias, BME FX, MEFFSmart, TradingView.

The daily rollover of the open position allows the contract’s price to be the same as that of the spot currency. All this brings a level of transparency and safety for retail investors without precedent in the FOREX market. xRolling® FX Futures contracts is also an ideal product for investors carrying out currency risk-hedging since it is not subject to the quarterly rollover of traditional futures, is settled in euros and cleared by BME’s CCP, BME Clearing.

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 CCP. More options. Less risk.

This contract is subject to the Resolution of the CNMV of June 27, 2019 laying down measures restricting the marketing, distribution or sale to retail clients. 

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:

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.

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