xRolling® FX – Currency Futures

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.

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

xRolling® FX Brochure

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.