On Nov. 6, 2008, ICE Futures U.S. launched a suite of million-currency-unit foreign exchange (FX) futures contracts called ICE Millions. The contracts combine the benefits of futures and over-the-counter (OTC) products, and add transactional efficiencies and risk management tools to the FX marketplace. ICE Millions are 10 times the notional value of the existing suite of ICE FX futures and options contracts, making them the largest currency contract available in the futures market.
ICE Millions will trade electronically on the ICE trading platform.
The following contracts make up the suite of 12 FX pairs:
Million Euro-U.S. dollar (IEO) Million British pound - U.S. dollar (IMP) Million U.S. dollar - Canadian dollar (ISV) Million U.S. dollar - Japanese yen (ISN) Million U.S. dollar - Swiss franc (IMF) Million U.S. dollar - Swedish krona (IKX) Million Euro - British pound (IGB) Million Euro - Canadian dollar (IEP) Million Euro - Japanese yen (IEJ) Million Euro - Swedish krona (IRK) Million Euro - Swiss franc (IRZ) Million Aussie dollar - U.S. dollar (IAU)
Benefits of the ICE Millions contracts include:
- Centralized clearing and transaction anonymity
- Transaction cost efficiencies
- Deep liquidity with at least 10 market makers;
- Contract prices quoted using over-the-counter market convention (i.e.: the Million Euro-U.S. dollar contract will be quoted in U.S. dollars per Euro to five decimal places).
- The rate for ICE Millions futures contracts is $1.35 per side, or per million currency unit, including exchange and clearing fees.
- Simplicity of hedging cash market exposure with OTC-style contract design
- Elimination of the need to roll daily cash positions.
== External Links ==
|ICE Millions FX Futures futures|
|Exchange||ICE Futures U.S.|
|Pricing Unit||Need pricing unit!|
|Tick Value||Need tick value!|
|Contract Months||March, June, September and December|
|Last Trading Day||Two business days prior to the third Wednesday of the expiring month except for the U.S. $/Canadian $, which is one business day prior to the third Wednesday of the expiring month|
|Note: This contract is electronic ONLY -- no open outcry|
|No Open Outcry||Electronic|
- Foreign Exchange - ICE Futures U.S.. ICE.
- ICE Millions FX Futures Contracts to Launch November 6 on ICE Futures U.S.. InterContinental Exchange.