Bolsas y Mercados Españoles’ (BME) is set to launch FX futures contracts on its derivatives platform, MEFF.
The new product, called FX Rolling Spot Future (xRolling FX), will be available for trading on June 21st.
This launch comes at a time when BME claims it is working on several initiatives to increase its presence in the FX sector and the range of assets it offers to its participants.
These new contracts are set to be operational for 17 currency pairs, with extended market hours running from 12am to 11:00pm. The exchange intends the xRolling FX to be distributed by MEFF members and cleared and settled by BME Clearing, BME’s central counterparty (CCP).
BME says that xRolling FX is a product for institutional investors carrying out currency risk hedging as it is not subject to the quarterly rollover of traditional futures and is settled in euros and through a CCP.
Clotilde Salmerón, general manager of MEFF, comments: “With this launch, MEFF aims to offer investors the possibility of trading in FX through a regulated, exchange-traded instrument, with the security and transparency that this implies.”