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A futures contract is like a forward contract:

- It specifies that a certain currency will be exchanged for another at a specified time in the future at prices specified today.

A futures contract is different from a forward contract:

- Futures are standardized contracts trading on organized exchanges with daily resettlement through a clearinghouse.

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The Chicago Mercantile Exchange (CME, from 1972) is by far the largest.

Others include:

- The Intercontinental Exchange (ICE) Futures U.S (formerly the New York Board of Trade)

- The Mexican Derivatives Exchange

- The BM&F Exchange in Brazil

- The Budapest Commodity Exchange

- The Derivatives Market Division of the Korean Exchange

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Open Interest refers to the number of contracts outstanding for a particular delivery month.

Open interest is a good proxy for demand for a contract.

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Are an option on a currency futures contract.

Exercise of a currency futures option results in a long futures position for the holder of a call or the writer of a put.

Exercise of a currency futures option results in a short futures position for the seller of a call or the buyer of a put.

If the futures position is not offset prior to its expiration, foreign currency will change hands.

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Basic Option-Pricing Relationships at Expiration

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Basic Option-Pricing Relationships at Expiration

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Calls vs. Puts

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Call options gives the holder the right, but not the obligation, to buy a given quantity of some asset at some time in the future, at prices agreed upon today.

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Put options gives the holder the right, but not the obligation, to sell a given quantity of some asset at some time in the future, at prices agreed upon today.

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Variables Affect European Option Pricing

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Variables Affect European Option Pricing

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1. The larger (smaller) is St

2. The smaller (larger) is E

3. The smaller (larger) is ri

4. The larger (smaller) is r$

5. The larger (smaller) r$ is relative to ri