TMX - Montréal Exchange - Options on the US Dollar (USX) Home About Us About Us About Us MX MX MX Overview Management Team Historical Highlights Press Releases Careers Regulation Regulation Regulation Regulatory Division Rules Approved Participants List Margin Requirements PRIIPs Regulation Educational & Research Partnerships Educational & Research Partnerships Educational & Research Partnerships Options Trading Simulation Research Scholarship in Derivative Instruments Post-Trade Post-Trade Post-Trade CDCC Contact Us Markets Markets Markets Interest Rate Derivatives Interest Rate Derivatives Interest Rate Derivatives COA - One-Month CORRA Futures CRA - Three-Month CORRA Futures BCS - FTSE Canada Bank Credit Index Futures CGZ - Two-Year Government of Canada Bond Futures CGF - Five-Year Government of Canada Bond Futures CGB - Ten-Year Government of Canada Bond Futures LGB - 30-Year Government of Canada Bond Futures OCR - Options on the Three-Month CORRA Futures OGZ - Options on Two-Year Government of Canada Bond Futures OGF - Options on Five-Year Government of Canada Bond Futures OGB - Options on Ten-Year Government of Canada Bond Futures Equity Derivatives Equity Derivatives Equity Derivatives Equity Options (including CDRs Options and CEFs Options) Weekly Options Options on ETF Share Futures Currency Derivatives Currency Derivatives Currency Derivatives USX - Options on the US Dollar MX Indices MX Indices MX Indices Derivatives Indices BTC - Basis Trade on Close Index Derivatives Index Derivatives Index Derivatives SXF - S&P/TSX 60 Index Standard Futures SXM - S&P/TSX 60 Index Mini Futures AXF - Adjusted Interest Rate S&P/TSX 60 Total Return Index Futures SEG - S&P/TSX 60 ESG Index Futures SCG - S&P/TSX Composite ESG Index Futures SDV - S&P/TSX 60 Dividend Index Futures SCF - S&P/TSX Composite Index Mini Futures SXA, SXB, SXD, SXG, SXH, SXK, SXR, SXT, SXU, SXW, SXY - Sector Index Futures SXO - S&P/TSX 60 Index Standard Options SXJ, SXV - Sector Index Options Trading Trading Trading Data Data Data Quotes Options List Monthly Volumes and Open Interest Daily Special Terms Transactions Trading Hours & Holidays Trading Calendar Intra-Session Summary Options Summary Put/Call Ratios Market Records Historical Data Market Data Services Connectivity Connectivity Connectivity SOLA Overview Market Access Connection & Testing Co-Location Services Risk Management Tools Independent Software Vendors (ISVs) Future Vendor Codes Exchange Market Thresholds and Controls RFQ - Request for Quote Reports Reports Reports Monthly Statistics (Moved) Programs Programs Programs Market Making Programs Fees & Incentives Programs Tools Tools Tools Special Terms Transaction Reporting Form Canadian Interest Rate Expectations Educational Trading Tools TMX AXIS Resources Resources Resources Guides & Strategies Guides & Strategies Guides & Strategies UDS - User Defined & Inter-Group Strategies Glossary of Derivatives Notices Notices Notices Circulars Technical Notices Advisory Notices New Listings & Series RSS/XML Feeds Product Overview & Specifications Product Overview & Specifications Product Overview & Specifications CORRA Futures Adjusted Interest Rate Futures CDR Options Credit Futures Mini Index Options Insights Insights Insights Articles & Newsletters Options Education Trading Status: Green Login / Register Login Register Subscriptions Français Montréal Exchange Search... Search Quotes m-x.ca Find Quote Search Site Search for a symbol Search HOME About Us About Us MX Overview Management Team Historical Highlights Press Releases Careers Regulation Regulatory Division Rules Approved Participants List Margin Requirements PRIIPs Regulation Educational & Research Partnerships Options Trading Simulation Research Scholarship in Derivative Instruments Post-Trade CDCC Contact Us Markets Markets Interest Rate Derivatives COA - One-Month CORRA Futures CRA - Three-Month CORRA Futures BCS - FTSE Canada Bank Credit Index Futures CGZ - Two-Year Government of Canada Bond Futures CGF - Five-Year Government of Canada Bond Futures CGB - Ten-Year Government of Canada Bond Futures LGB - 30-Year Government of Canada Bond Futures OCR - Options on the Three-Month CORRA Futures OGZ - Options on Two-Year Government of Canada Bond Futures OGF - Options on Five-Year Government of Canada Bond Futures OGB - Options on Ten-Year Government of Canada Bond Futures Equity Derivatives Equity Options (including CDRs Options and CEFs Options) Weekly Options Options on ETF Share Futures Currency Derivatives USX - Options on the US Dollar MX Indices Derivatives Indices BTC - Basis Trade on Close Index Derivatives SXF - S&P/TSX 60 Index Standard Futures SXM - S&P/TSX 60 Index Mini Futures AXF - Adjusted Interest Rate S&P/TSX 60 Total Return Index Futures SEG - S&P/TSX 60 ESG Index Futures SCG - S&P/TSX Composite ESG Index Futures SDV - S&P/TSX 60 Dividend Index Futures SCF - S&P/TSX Composite Index Mini Futures SXA, SXB, SXD, SXG, SXH, SXK, SXR, SXT, SXU, SXW, SXY - Sector Index Futures SXO - S&P/TSX 60 Index Standard Options SXJ, SXV - Sector Index Options Trading Trading Data Quotes Options List Monthly Volumes and Open Interest Daily Special Terms Transactions Trading Hours & Holidays Trading Calendar Intra-Session Summary Options Summary Put/Call Ratios Market Records Historical Data Market Data Services Connectivity SOLA Overview Market Access Connection & Testing Co-Location Services Risk Management Tools Independent Software Vendors (ISVs) Future Vendor Codes Exchange Market Thresholds and Controls RFQ - Request for Quote Reports Monthly Statistics (Moved) Programs Market Making Programs Fees & Incentives Programs Tools Special Terms Transaction Reporting Form Canadian Interest Rate Expectations Educational Trading Tools TMX AXIS Resources Resources Guides & Strategies UDS - User Defined & Inter-Group Strategies Glossary of Derivatives Notices Circulars Technical Notices Advisory Notices New Listings & Series RSS/XML Feeds Product Overview & Specifications CORRA Futures Adjusted Interest Rate Futures CDR Options Credit Futures Mini Index Options Insights Insights Articles & Newsletters Options Education Home Markets Currency Derivatives USX - Options on the US Dollar Options on the US Dollar (USX) Underlying issues U.S. Dollar. Trading unit One contract represents 10,000 U.S. Dollars. Expiry cycle At a minimum, the nearest four consecutive months plus the next four months in the designated quarterly Cycle: March, June, September and December. The Bourse may list expiries over a period of two years and an annual expiry in January under such expiry Cycle. Annual expiry of January for long term options. Premium quotation Option premiums are quoted in Canadian cents per unit of foreign currency. For example, a premium quotation of 0.75 Canadian cents for an option on the U.S. dollar represents an aggregate premium value of 0.75 Canadian cents / US$ × US$10,000 × C$1/100 Canadian cents = C$75. Aggregate premium value The aggregate premium value for a contract is the premium quotation multiplied by the trading unit of a contract. Minimum Fluctuation of the Option Premium The minimum price fluctuation of the premium is 0.01 Canadian cent or a tick value of C$1.00 per unit of foreign currency. That is: 0.01 Canadian cent / US$ × US$10,000 × C$1/100 Canadian cents = C$1.00. Strike prices At a minimum, five strike prices bracketing the current underlying market price. Strike prices are set at a minimum interval of C$0.50 per unit of foreign currency. Contract type European style. Last trading day Trading ceases at 12:30 p.m. on the third Friday of the contract month, provided it is a business day. If it is not a business day, trading will cease at 12:30 p.m. on the first preceding business day. Expiration day The last trading day of the contract month. Final settlement price Cash-settled. The amount to be paid or received as final settlement of each option contract is determined by multiplying the trading unit by the difference between the exercise price and the exchange rate fixed by Bloomberg FX Fixings (BFIX) at 12:30 p.m. New York time rate expressed in Canadian cents for the designated currency, vis-à-vis the Canadian dollar on the expiration date. Bloomberg BFIX available at: https://www.bloomberg.com/markets/currencies/fx-fixings Position reporting threshold 500 contracts on the same side of the market, in all contract months combined. Position limit All-months position limit: 40,000 contracts when the trading unit is 10,000 units of foreign currency. The limit will be adjusted to obtain the same notional amount if the trading unit is amended or if the Bourse introduces new trading units. Spot month position limit: not applicable. Trading hours 9:30 a.m. to 4:00 p.m. Clearing corporation Canadian Derivatives Clearing Corporation (CDCC). Trading procedures Please refer to the Rules of the Bourse. The information contained in this document is for information purposes only and shall not be construed as legally binding. This document is a summary of the product's specifications which are set forth in the Rules of Bourse de Montréal Inc. ("Rules of the Bourse"). While Bourse de Montréal Inc. endeavors to keep this document up to date, it does not guarantee that it is complete or accurate. In the event of discrepancies between the information contained in this document and the Rules of the Bourse, the latter shall prevail. The Rules of the Bourse must be consulted in all cases concerning products' specifications. USX® is a registered trademark of Bourse de Montréal Inc. 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