MEFF released a statement on Wednesday saying that they are entering the foreign exchange (FX) futures market.
The company, which is owned by Spanish exchange operator BME, said that the new futures contracts are scheduled to launch on June 21st. They will trade as FX Rolling Spot Futures on the exchange.
The contracts have no fixed expiry date and traders will be able to access 17 different currency pairs when trading in the new derivatives products begins.
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In a statement issued on its website, the exchange operator said it was targeting financial institutions and businesses that are looking to the hedge currency exposure risks at their organisations.
MEFF members will be responsible for distributing the contracts and all trading will be cleared by another of the exchange’s parent company’s subsidiaries, BME Clearing. All trading will be settled in Euros.
“With this launch, MEFF aims to offer investors the possibility of trading in FX through a regulated, exchange-traded instrument, with the security and transparency that this implies,” said Clotilde Salmeron, general manager of MEFF.