stevenjgarner

Thanks ... I appreciate your prompt response. Unfortunately when I look up the "Contract Specifications" for a given currency future, the CME just vaguely states that the settlement procedure is "physical delivery upon expiration". e.g. http://www.cmegroup.com/trading/fx/fx/canadian-dollar_contract_specifications.html What does that mean? If I show up at the CME with the appropriate quantity of USD, do I physically get handed CAN$100k (say) .... in what form? ... is it just posted electronically to account or what? That could still take another 24 hours (+) to convert into cash, right? I'm assuming there is actually a written legal contract for each currency future, or is that incorrect?

My understanding is that a currency future is a futures contract to exchange one currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date. Can anyone give me, or point me where I could find, the actual wording/language of a real currency future contract? Assuming that the contract actually matures, what actually happens at maturity? Where does one have to submit payment for the "foreign" currency, and how is that "foreign" currency delivered? How quick is that delivery?