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Home / Education / Markets / Currency Futures Overview / New Zealand Dollar Futures

New Zealand Dollar Futures

New Zealand Dollar Futures Prior to switching to the New Zealand Dollar in 1967, the currency used in New Zealand was the pound, which was similar to, but not the same as the British Pound. The present-day New Zealand Dollar is notable for its endearing nickname, the “Kiwi”, for its $1 depiction of the famous flightless bird. Today, the New Zealand Dollar is one of the 10 most-traded currencies in the world and accounts for around 1.6% of the global foreign exchange market daily turnover.

New Zealand Dollar Contract Specifications
Contract Size 100,000 New Zealand dollars
Trading Hours CME Globex: Sundays: 5:00pm – 4:00pm CT next day.
Monday – Friday: 5:00pm – 4:00pm CT the next day, except on Friday – closes at 4:00pm and reopens Sunday at 5:00pm CT.
CME ClearPort: Sunday – Friday 5:00pm – 4:15pm CT with a 45–minute break each day beginning at 4:15pm
Minimum Price Fluctuation $.0001 per New Zealand dollar increments ($10.00/contract). $.00005 per New Zealand dollar ($5.00/contract) for NZD/USD futures intra-currency spreads executed electronically.
Product Code CME Globex: 6N
CME ClearPort: NE
Clearing: NE
Listed Contracts Six months in the March quarterly cycle (Mar, Jun, Sep, Dec)
Settlement Method Deliverable
Last Trade Date 9:16 a.m. Central Time (CT) on the second business day immediately preceding the third Wednesday of the contract month (usually Monday).
Settlement Procedures Physical Delivery – New Zealand Dollar Futures Settlement Procedures
Position Accountability 6,000 contracts
Block Trade Eligibility Yes.
Block Minimum 50 Contracts
Exchange Rules These contracts are listed with, and subject to, the rules and regulations of CME.
Source: CME Group

New Zealand Dollar Facts

New Zealand dollar futures allow traders to assess value against the U.S. dollar, as well as the opportunity to address risk from currency fluctuations in other foreign trade markets.

Since the 1930s, the Reserve Bank of New Zealand has set monetary policy for its currency. This determines how much money is pumped into their economy and ultimately affects the interest rates of the New Zealand dollar. The Reserve Bank sets their Official Cash Rate (OCR) or the price of money loaned out in order to help control inflation. Events like inflation can have an impact on the strength of the economy and overall the value of the New Zealand dollar.

Source: Reserve Bank of New Zealand

Last updated September 2015

Additional Info

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The StoneX Group Inc. group of companies provides financial services worldwide through its subsidiaries, including physical commodities, securities, exchange-traded and over-the-counter derivatives, risk management, global payments and foreign exchange products in accordance with applicable law in the jurisdictions where services are provided. References to over-the-counter (“OTC”) products or swaps are made on behalf of StoneX Markets LLC (“SXM”), a member of the National Futures Association (“NFA”) and provisionally registered with the U.S. Commodity Futures Trading Commission (“CFTC”) as a swap dealer. SXM’s products are designed only for individuals or firms who qualify under CFTC rules as an ‘Eligible Contract Participant’ (“ECP”) and who have been accepted as customers of SXM. StoneX Financial Inc. (“SFI”) is a member of FINRA/NFA/SIPC and registered with the MSRB. SFI does business as Daniels Trading/Top Third/Futures Online. SFI is registered with the U.S. Securities and Exchange Commission (“SEC”) as a Broker-Dealer and with the CFTC as a Futures Commission Merchant and Commodity Trading Adviser. References to securities trading are made on behalf of the BD Division of SFI and are intended only for an audience of institutional clients as defined by FINRA Rule 4512(c). References to exchange-traded futures and options are made on behalf of the FCM Division of SFI.

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