Stocks & Commodities V. 29:5 (54): Futures For You by Carley Garner

Stocks & Commodities V. 29:5 (54): Futures For You by Carley Garner
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Futures For You by Carley Garner


Why are there dramatic differences in the way the yen is quoted in the futures market relative to the foreign exchange market?

There are distinct differences between the futures and the forex markets that create dramatically different pricing for the yen, yet in both markets the currency’s inherent value will always be similar. For starters, yen futures and the dollar/yen currency pair in forex are each quoted in different terms; second, forex contracts represent immediate delivery and futures represent “future” delivery, which causes some variation in pricing.

Although speculators are essentially betting on the same underlying assets when trading currencies in either the forex or futures market, very different standards are set in each trading arena. For instance (ignoring the relatively new currency pair futures introduced by the Cme Group and Ice), the traditional Cme Group currency futures are all paired against the US dollar. Specifically, all are quoted and traded in terms in which the dollar is the quote currency. The price you are buying or selling a currency futures contract at is quoted in terms of the US dollar. For instance, if the euro is trading at 1.3345, it takes exactly $1.3345 to purchase a single euro.

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