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Currency Futures Contracts are standardized contracts, with fixed, standardized contract sizes and fixed expiration dates, that are exchange-traded, i.e., traded as securities on organized exchanges. Futures contracts have secondary markets, can be traded many times during life of contract, like a bond (vs. bank loan). See Exhibit 7.2 on p. 167.
Contract Examples: Yen contracts: ¥12.5m (approx $126,000), Pound: £62,500 (approx. $100,000), Euro: €125,000 (approx $160,000), SF: 125,000 (approx $106,000), etc. Expiration dates: March, June, Sept, and December on the 3rd Wednesday.
Note: If you wanted to hedge receipt/payment of £100,000, you would have to either do a partial hedge of £62,500 (1 contract) or "over-hedge" with 2 contracts for £125,000 total.
Initial Performance Bond (formerly called margin): The initial investment required to establish a futures position. To buy one U.K. pound futures contract, you would have to put up about $3,500, which is only about 3.5% of the contract value of $100,000. You would also have to keep a "maintenance margin," usually 70-75% of the initial margin. In this case, you could never let your account go below $2,600 (about 75% of $3,500). If you can't make margin call, your contract is liquidated by broker.
Daily settlement (marked-to-market): Futures contracts are revalued daily depending on the daily settlement price (ex-rate). Every futures contract involves a buyer (long) and a seller (short). Buyer (seller) will gain (lose) when the settlement price rises (falls). Futures trading is a "zero-sum" game, every gain is exactly offset by a loss of the same amount. See Exhibit 7.4, p. 170, for Canadian dollar (CD) futures contract, payoff diagram.
If the CD rises (falls), the buyer/long will have their margin account increased (decreased). If the CD falls (rises), the seller/short will have their account...

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