USD/ZAR Futures Contract
August 2013
U.S. Dollar/South
h African Ran
nd (“USD/Z
ZAR”) Future
es Contract
1
Contract Size
USD
D 100,000
Price Quote
Q
ZAR per 1 USD
(e.g., 9.0775 / 9.0779 ZAR pe
er 1 USD)
Tick Size
S
Outrights quoted
q
in 0.0
0001 ZAR perr USD (10 ZAR);
calendar spreads
s
in 0.0
00005 ZAR pe
er USD (5 ZA
AR)
ZAR
RDenominated
Marg
gin
Daily pays and collects ccalculated and banked in Z
ZAR
CME Glo
obex®
Trading Hours
Sundays − Fridays: 5::00 p.m. to 4:00 p.m. Cen
ntral Time (CT
T) the next da
ay.
On Friday CME
C
Globex® platform closses at 4:00 p.m. CT and re
eopens Sunda
ay at
5:00
0 p.m. CT
CME ClearPort®
Hours
Sundays − Fridays: 5::00 p.m. to 4:15 p.m. Central Time (C
CT) the next d
day
with
w
a 45-minu
ute break eacch day beginn
ning at 4:15 p
p.m. CT
Montths
13
1 consecutiv
ve calendar months
m
(Jan, Feb, Mar, Ap
pr, May, Jun, Jul, Aug, Sep
p, Oct,
No
ov, Dec) plus
s 4 quarterly months (2-y
year maturity range)
Last Tradiing Day
Trading ce
eases at 9:16
6 a.m. Centra
al Time (CT) on the secon
nd business day
imme
ediately prece
eding the thirrd Wednesday
y of the contract month
Delive
ery
Process/
Delivery
y Day
CLS
C
eligible cu
urrency. Final settlement o
on the 3rd W
Wednesday of the contract month.
Position Limits
L
/
Positiion
Accounta
ability
Spot month limit of 20,000 contracts, ssingle month position acco
ountability of 6,000
contracts, and
a
all month
hs position acccountability o
of 6,000 conttracts based o
on a
futures-equiv
valent contrac
ct equal to 50
00,000 South African rand. Limit in the
e spot
month on or after the day
d
one wee k prior to the
e termination of trading da
ay.
Positions for the same acc
count holder will be aggre
egated across the new full--sized
USD/ZAR
U
futures, full-sized
d ZAR/USD fu
utures, option
ns on full-size
ed ZAR/USD ffutures,
and U.S. do
ollar/South Affrican rand cle
eared over-th
he-counter (“OTC”) equiva
alent
co
ontracts.
CME Globe
ex Error
Trade Policy
P
800
8
ticks or le
ess “no bust rrange”
CME Globe
ex Price
Banding1
1200 ticks fo
for outright trrades
Block Trade
T
Minim
mum
Thresh
hold
50 ccontracts
EFRP Elig
gibility
Yes
Reporttable
Positio
ons
25 ccontracts
CME Glo
obex
Code
es
ZAR
For CME Glo
obex trading, automated price
e banding prev
vents execution
n of orders at prices falling o
outside of 1200
0 ticks for
outright trad
des from the la
ast sale, best bid
b or best offe
er. Price bandi ng prevents th
he entry of limiit orders more than a
pre-determined amount ab
bove the last price
p
in the cas
se of bids and m
more than the same pre-dete
ermined amount below
the last price in the case of
o offers. The band
b
“shadows
s” the currency
y futures price as it reacts to new transactions,
higher bids and lower offers.