Contract mechanics · 6A / M6A
6A Contract Specs, Tick Value and P&L Math
The current standard 6A outright tick is 0.00005 and worth $5. A 0.0001 pip is two ticks and worth $10. Get that distinction right, then deal with the bigger risks: leverage, the wrong contract month and physical delivery.
- Contract unit
- 100,000 AUD
- Outright tick
- 0.00005
- Tick value
- $5
- Settlement
- Physical
100,000 AUD×0.00005=$5A 0.0001 move is not one current outright tick. It is two 0.00005 ticks, so one conventional pip is $10 on one standard contract.
One tick $5One pip $10
Verified contract card
The 2026 CME Guide Corrects Two Common 6A Errors
CME's current FX Product Guide lists standard AUD/USD futures under rule chapter 255 with Globex code 6A, a 100,000 AUD unit, physical final settlement and a 0.00005 outright Globex increment. Older summaries that state a 0.0001 minimum or cash settlement are stale.
| Specification | Current standard 6A term | Trading consequence |
|---|---|---|
| Underlying unit | 100,000 Australian dollars | Every 0.00001 price move represents $1 of contract value, even when that increment is not an outright order tick |
| Quote | U.S. dollars per Australian dollar | A rising quote means AUD strengthens relative to USD |
| Globex code | 6A | The full symbol also includes a contract month and year |
| Outright minimum increment | 0.00005 USD per AUD | $5 per standard-contract tick |
| Other spread increments | May differ from the outright increment | Calendar-spread math must use the applicable market increment |
| Final settlement | Physical | Close, roll or prepare for delivery under exchange and broker rules |
Specifications can change. This page uses CME's 2026 guide reviewed August 13, 2026. Before an order, check the product page, rulebook, current contract calendar and your broker's earlier operating deadlines. If the lifecycle itself is unfamiliar, start with what 6A is and how a dated futures contract works.
Price-to-dollar conversion
Use the Contract Multiplier, Not a Memorized Nickname
The robust calculation is simple: price change × 100,000 AUD × signed contract quantity. Tick counting is a shortcut after you verify which increment applies.
Long-position formula
Exit minus entry
(exit - entry) × 100,000 × contractsA long from 0.6500 to 0.6512 gains 0.0012 × 100,000 = $120 before commissions and fees. That move is 24 outright ticks, and 24 × $5 also equals $120.
Short-position formula
Entry minus exit
(entry - exit) × 100,000 × contractsA short from 0.6500 to 0.6512 loses $120 before costs. Multiplying by two contracts makes the loss $240. Direction changes the sign; it does not change the contract value.
| Price move | Outright ticks | One 6A | Three 6A |
|---|---|---|---|
| 0.00005 | 1 | $5 | $15 |
| 0.00010 | 2 | $10 | $30 |
| 0.00050 | 10 | $50 | $150 |
| 0.00120 | 24 | $120 | $360 |
| 0.00500 | 100 | $500 | $1,500 |
Some platforms call 0.0001 a tick because that was a familiar convention or because they display pips. For current standard 6A outright orders, CME lists 0.00005. Verify the ladder increment and calculate from contract size instead of trusting the label.
Exposure
Notional Value Changes With the AUD/USD Quote
One contract always represents 100,000 AUD, but its U.S.-dollar notional changes with price. At 0.6500, the notional is $65,000. At 0.7000, it is $70,000. This is exposure, not the amount you paid and not a forecast of loss.
Calculate notional
Multiply 100,000 AUD by the current USD-per-AUD futures quote. Use the actual contract price, not a stale spot screenshot.
Define invalidation
Choose a stop based on where the trade thesis fails, then measure the price distance from the planned entry.
Convert to dollars
Multiply that price distance by 100,000 and include a realistic allowance for fees and adverse fills.
Choose an integer size
Divide the risk budget by dollars per contract and round down. If the result is zero, use M6A or skip the trade.
Smaller contract
M6A Gives Finer Risk Granularity, Not a Different AUD Thesis
CME's 2026 guide lists Micro AUD/USD futures as 10,000 AUD with a 0.0001 outright increment. That makes one micro tick $1. The contract unit is one-tenth of standard 6A, while its current minimum increment is twice as wide in price terms.
| Item | 6A | M6A | Important nuance |
|---|---|---|---|
| Contract unit | 100,000 AUD | 10,000 AUD | Ten M6A equal the same AUD unit as one 6A |
| Outright increment | 0.00005 | 0.0001 | Do not transfer the standard tick count to the micro |
| Tick value | $5 | $1 | Use the applicable ladder |
| 0.0012 move | $120 | $12 | 24 standard ticks versus 12 micro ticks |
| Settlement | Physical | Physical | Both require expiry discipline |
Smaller does not mean liquid at every moment or appropriate at every broker. Compare spread, depth, commissions and total contract count. Ten micros can recreate one standard contract's price exposure with more tickets and potentially different costs.
Funding versus loss
Performance Bond, Broker Margin and Trade Risk Are Three Different Numbers
The exchange sets performance-bond requirements through its risk framework. A clearing firm or retail broker can require more. Some brokers advertise lower intraday requirements and raise them near the close, around events or when a position becomes overnight. None of those numbers is your stop risk.
A collateral requirement tied to portfolio risk methodology. It can change as market conditions change.
The amount your intermediary requires, which can exceed the exchange level and can differ intraday versus overnight.
Entry-to-invalidation distance multiplied by contract value and quantity, plus costs and an adverse-fill allowance.
The loss possible when price gaps past a stop, liquidity disappears or liquidation occurs later and worse than planned.
It tells you how little collateral the broker may accept, not how much exposure your account can responsibly carry. Size from risk first, then confirm that funding requirements are also satisfied.
Expiry and roll
Physical Settlement Makes Calendar Discipline Non-Negotiable
Most short-horizon traders close or roll rather than enter delivery. That common behavior does not convert the contract into cash settlement. CME Chapter 255 governs the contract, and brokers can impose earlier deadlines or liquidate accounts that are not approved for delivery.
- Identify the exact month.Continuous charts are research conveniences, not positions.
- Read the current calendar.Confirm last trade, delivery and holiday effects from CME materials.
- Read the broker policy.Use the broker's cutoff if it is earlier than the exchange deadline.
- Compare outright exit and calendar spread.A roll changes the contract month and can realize basis, spread and transaction costs.
- Recalculate the new position.Do not assume the next contract has identical spread, liquidity or thesis invalidation.
A dated guide is evidence for its review date, not permission to stop checking the exchange.
Neither this page nor yesterday's broker screen guarantees tomorrow's requirement.
Back-adjustment can change historical levels and hide the actual roll gap.
Commissions, fees, spread, slippage and conversion effects can reduce or reverse a small theoretical gain.
Frequently asked questions
6A Contract Math: Quick Answers
What is the current standard 6A tick value?
CME's 2026 FX Product Guide lists the standard 6A outright minimum increment as 0.00005 U.S. dollar per Australian dollar. With a 100,000 AUD contract, that equals $5 per outright tick.
Is one 6A pip worth $10?
Yes, if pip means a 0.0001 price move. That move equals two current standard 6A outright ticks of 0.00005, and two $5 ticks equal $10 per contract.
How do you calculate 6A profit and loss?
Multiply the exit price minus the entry price by 100,000 AUD and by the signed number of contracts. For a long position moving from 0.6500 to 0.6512, the result is 0.0012 times 100,000, or $120 before costs.
Does 6A settle in cash?
No. CME lists standard 6A as physically settled. A trader who does not intend delivery should close or roll before the applicable exchange and broker deadlines, which must be checked for the specific contract month.
Does the broker's 6A day margin show maximum risk?
No. Exchange performance bond and broker day margin are funding requirements, not loss limits. Stop distance, contract quantity, slippage, gaps, liquidity and liquidation rules determine the realized loss.
Sources, method and editorial disclosure
- CME Group FX Product Guide 2026 for 6A and M6A units, quote increments, codes and settlement method.
- CME Rulebook Chapter 255 for governing Australian Dollar futures rules and delivery terms.
- CME Australian Dollar contract resources for current product listings and related exchange tools.
- CME trading hours and holiday schedules for current session verification.
- CME performance bonds and margins for the exchange's collateral framework.
Sources were reviewed August 13, 2026. All P&L and notional examples are transparent arithmetic from the stated exchange terms; they omit commissions, fees, bid-ask spread and slippage. This page reports no broker margin quote, return study or trading recommendation. Current exchange specifications and intermediary rules take precedence. This is original editorial work and is not sponsored by CME or any broker.