A summary of the little-known fundamentals of the foreign exchange market
Chicago Mercantile Exchange abbreviation: CME,
The Chicago Mercantile Exchange International Money Market, referred to as: IMM, has seven types of foreign exchange futures contracts.
Non-deliverable forward foreign exchange transactions, referred to as NDFs, are mainly used in currencies of countries with foreign exchange controls.
The majority of the London foreign exchange market operates in spot trading, with all currencies active, with the pound being the most active.
Trading hours: (Beijing time) 17:00 pm to 1:00 the next day (London is 8 hours behind Beijing)
New York foreign exchange market: Currencies related to the US dollar are active.
Trading hours: (Beijing time) 21:00 pm to 4:00 the next day (New York is 12 hours behind Beijing in summer)
Trading hours of the US dollar index: (Beijing time)
Monday to Friday: 8:00 am to 6:00 am the next day;
Daily trading hours for foreign exchange futures contracts:
US Central Time (i.e. Chicago time, 13 hours away from Beijing in summer):
Lobby trading hours: 7:20 am to 2:00 pm
Electronic trading hours: Monday to Friday: 5:00 am to 4:00 pm, Sunday 3:00 pm
London International Financial Futures Exchange (LIFFE)
London gold is an over-the-counter (OTC) market transaction that is a spot margin transaction.
London gold has at least three conditions:
1. Store in London.
2. The purity is not less than 99.5%.
3. The weight is 400 ounces (1 ounce = 31.1035 grams) per piece. Only 400 ounces (12.4414 kg) of gold bricks are good delivery gold bricks. 1 kg of gold bricks is not a good delivery variety.
The gold futures standard contract on the New York Mercantile Exchange (COMEX)
The New York gold market is the largest gold futures market in the world, of which the New York Mercantile Exchange (NYMEX) is the most important gold futures trading venue. According to the definition of the New York Mercantile Exchange, the trading of gold futures is the responsibility of COMEX (Comex Exchange).
New York COMEX Gold Futures Standard Contract:
Trading unit: 100 ounces/lot
Quotation unit: USD/ounce
Trading hours: 8 PM New York time.AUSFOREX20a.m-1:30p.m.
Electronic trading is available from 6:00 PM New York time to 5:15 PM the following day (Sunday to Friday).
Trading month: the current month and the following two months, February, April, August, October within 23 months; June, December within 60 months from the current month
Minimum unit of change: $0.10/ounce (i.e. the minimum unit of change per contract is $10)
Last trading day: The penultimate trading day of the delivery month
Delivery date: The first delivery day is the first trading day of the delivery month, and the last delivery day is the last trading day of the delivery month
Delivery grade: 3 kilograms of gold bars or 1 kilogram of gold bars with a uniformly registered quality of not less than 99.5% as determined by the exchange
Limit standard: 6000 net positions, the delivery month shall not exceed 3000 net positions
Margin: Charged only when opening a position
Transaction Code: GC
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Disclaimer: The content of this article does not represent the views of the Institute of Foreign Exchange. The content is for reference only and does not constitute investment advice. Investors operate accordingly at their own risk.