[stevenjgarner]

My understanding is that a currency future is a futures contract to exchange one currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date. Can anyone give me, or point me where I could find, the actual wording/language of a real currency future contract?

Assuming that the contract actually matures, what actually happens at maturity? Where does one have to submit payment for the "foreign" currency, and how is that "foreign" currency delivered? How quick is that delivery?

[Tams]

go to the respective exchange's website.

e.g. euro/us$
http://www.cme.com

[stevenjgarner]

Thanks ... I appreciate your prompt response.

Unfortunately when I look up the "Contract Specifications" for a given currency future, the CME just vaguely states that the settlement procedure is "physical delivery upon expiration". e.g. http://www.cmegroup.com/trading/fx/f...fications.html

What does that mean? If I show up at the CME with the appropriate quantity of USD, do I physically get handed CAN$100k (say) .... in what form? ... is it just posted electronically to account or what? That could still take another 24 hours (+) to convert into cash, right?

I'm assuming there is actually a written legal contract for each currency future, or is that incorrect?

[brownsfan019]

Why? Are you planning to buy a contract and show up at the CME at expiration to collect?

[BlowFish]

I may be way of mark but wouldn't your clearing firm dictate the terms of settlement? They would deal with the exchange and expect you to make things square with them. This is more educated guesswork than hard knowledge. Would be worth a call to your broker I rekon....get them to earn there crust for a change

[trader273]

I'm pretty sure it just cash settled. Do you think they will send you a brief case full of british pounds or you go there with a giant bag with "$' on the side of it??? lol. Physical delivery is for actual products, eg lumber, oil, etc.

I hope you research more before you trade.

[nickm001]

It depends on the broker and type of the account... If you have regular ( margin) account ( not IRA) then some brokers will let you to take delivery of foreign currency upon full payment in cash. "Value" of the contract is fixed (say 1 yen is always $125000 dollars). You have either lost or profited on the transaction and it all depends when you purchased the contract. P/L is credited to your account.
Some brokers only settle in cash so the best thing is to check with your broker.

[Mavrik00]

for more information on the delivery date of this specific contract you would need to check the exchange website.

Currency Futures are CME Group, so try www.CMEGroup.com

hope it helps!

Mav