With MEFF xRolling® FX futures, both retail and institutional investors can trade currencies and hedge foreign exchange risk with the security and transparency of a regulated market. Equity futures can also be traded with the same level of safeguards and liquidity.
Robust Infrastructure for Liquid, Secure, and Transparent Trading
Benefits of Trading on MEFF
PRODUCTs
- xRolling® FX – Currency Futures
- xRolling® Stocks – Stock 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 08:00 to 22:00). 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.
*The Future xRolling® FX given its characteristics, equivalent in relevant aspects to those of contracts for differences (CFD), is subject to the Resolution of June 27, 2019, of the CNMV, on product intervention measures related to binary options and financial contracts for differences and to the first part of the Resolution of July 11, 2023, of CNMV.
Technical Specifications
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 22:00 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 08:00 to 22:00 CET *, from Monday to Friday. * The closing of the market will coincide with 16:00 h. of New York (EST), which will usually coincide with 22:00 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 21:00 CET. |
For more information, please refer to the General Conditions for Financial Derivatives Trading on MEFF and the General Conditions for Clearing and Settlement at BME Clearing.
xRolling® Stocks – Stock Futures
Stocks Perpetual Futures Contracts listed and traded on MEFF and cleared on BME Clearing.
xRolling® Stocks Future features
- The contracts will be available on the 55 most traded securities on SIBE and distributed by MEFF members.
- Trading hours are Monday throught Friday from 8:30 a.m. to 5:38 p.m. CET as their underlaying asset:
- 8:30 a.m. a 9:00 a.m. Opening auction
- 9:00 a.m. a 5:38 p.m. Trading
- All the orders have the SIBE book as counterpart with the same prices and volumes. Tight spreads and high volume available.
- Offers a high level of security. The transactions take place in the MEFF Regulated Market, CCP approved by EMIR.
- Provides transparency. The price is equal to the spot price proving the return on the underlying shares. xRolling® Stocks ensures fair and transparent price formation.
- Multilaterality. The client could be financed by any liquidity provider and the liquidity provider could finance any client.
xRolling® Stocks is the perpetual future that brings: Transparency, Security, Multilaterality and Liquidity to institutional and retail investors.
*The Future xRolling Stocks given its characteristics, equivalent in relevant aspects to those of contracts for differences (CFD), is subject to the Resolution of June 27, 2019, of the CNMV, on product intervention measures related to binary options and financial contracts for differences and to the first part of the Resolution of July 11, 2023, of CNMV.
Technical Specifications
|
UNDERLYING ASSET |
Shares of the companies indicated by Circular. |
|
CONTRACT SIZE |
1 Share. |
|
EXPIRATION |
• For each Underlying Asset, a single perpetual maturity will be open for trading.
• Every Working Day, at the close, the open position of both counterparties in the Contract will be kept open, rolling over both positions. • The roll over trade will not exist, in its place it will be established by BME CLEARING regulation, a series of payments or deferral flows that will compensate the financial effects of the roll over. |
|
PRICING |
In the same currency in which the Underlying Asset quotes in the Reference Market, with the same tick size as the prices of the shares in that Reference Market. |
|
SETTLEMENT |
By differences, in Euros. |
|
DAILY SETTLEMENT PRICE |
The closing price of the Underlying Asset in the Reference Market.
|
|
FEE SETTLEMENT |
First Business Day following the date of the Transaction.
|
|
AUTION PERIOD |
From 8:30 a.m. to 9:00 a.m. CET |
|
TRADING HOURS |
From 9:00 a.m. to 5:38 p.m. CET |
For more information, please refer to the General Conditions for Financial Derivatives Trading on MEFF and the General Conditions for Clearing and Settlement at BME Clearing.
Related information
BME Clearing: Financial Derivatives Clearing and Settlement
BME Clearing provides its Members and Clients with a wide range of account structures and post-trade services that enable market participants to comply with European EMIR and MiFID II regulations.
Access detailed information on the Financial Derivatives contracts admitted for clearing and settlement at BME Clearing.