International Financial Management: An Analytical Framework, 2nd Edition by Pearson

CURRENCY FORWARDS AND FUTURES 199

AtCME,openoutcrytradingisconductedfrom7:20a.m.until2:00p.m.Chicagotime.

ButonCME’sGlobexsystem,tradesareconductedfrom5:00p.m.non-stopuntil4:00p.m.

thefollowingday.Inotherwords,currencyfuturesaretradedvirtually24hoursadayduring

the trading week. Therefore, traders can participate any time of the day or night during the

trading week to take advantage of the opportunities available. Many factors, such as inter-

est rates, inflation, political stability, and government policies impact exchange rates and

thereby create practically continuous trading opportunities.

Futur ...