What are the main varieties of foreign exchange futures contracts?
A foreign exchange futures contract is a commodity transaction in which both parties buy and sell at a future date through open bidding. A contract to deliver a standard amount of foreign exchange at an agreed price. Its initiator is the international money market of Chicago Mercantile Exchange. Founded in May 1972, it trades eight foreign exchange futures contracts: British pound, Canadian dollar, Dutch guilder, German mark, Japanese yen, Mexican peso, Swiss franc and French franc.