Currency futures are derivative contracts that trade on regulated exchanges around the world.
Like forward contracts, they name a specific amount of one currency which is to be exchanged for a specific amount of another currency at a future date. Futures name a specific amount of one currency which will be exchanged for a specific amount of another currency at a future date.
Like other derivative contracts that trade on exchanges (e.g., options), futures are transferable and are traded as the market calls for up until their expiration. Investors can short them (sell to open) and hold them long (buy to open), and can close their positions as they see fit without riding out the contract to the expiration date.
Futures are traded on exchanges around the world, about 24 hours a day, and the IMM (International Money Market) of the CME Group is the largest exchange for currency futures. Forward contracts are similar but they are created in an over-the-counter deal between two specific counter-parties which must ride the contract to completion: forwards, unlike futures, are non-transferable.
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