I only just read last month's copy of Currency Trader and hadn't noticed any comments regarding this article.
I'd be interested in hearing everyone's view on this. I assume the pairs are quoted in reverse as this follows the Futures Market's standard conventions?
I'd be interested in hearing everyone's view on this. I assume the pairs are quoted in reverse as this follows the Futures Market's standard conventions?
QuoteDislikedUSFE to list forex futures
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 or the CHF/USD and CAD/USD contracts, respectively.
SEFs are structured to automatically allocate the cost-of-carry associated with holding a spot forex position open overnight, making them identical to a spot position.
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