What is the tick size and tick value of standard Euro FX futures (6E)?

The CME Globex outright minimum price increment for standard Euro FX futures is 0.00005 U.S. dollars per euro. With a contract size of 125,000 euros, one outright tick is worth 6.25 U.S. dollars per contract.

How much is one pip worth in 6E?

One pip is 0.00010 U.S. dollars per euro, equal to two 6E outright ticks and 12.50 U.S. dollars per standard contract.

Does the 6E margin requirement equal the maximum possible loss?

No. Futures margin is a performance bond, not a maximum-loss amount or a down payment on the underlying currency. Leveraged losses can exceed the initial margin deposit.

What is the difference between 6E and Micro Euro FX futures (M6E)?

Standard 6E represents 125,000 euros and has a 0.00005 outright tick worth 6.25 dollars. M6E represents 12,500 euros and has a 0.0001 outright tick worth 1.25 dollars.

Euro FX contract guide

6E Tick Size, Tick Value and Margin: The Contract Math

Q: Is the 6E Euro FX futures contract physically settled?

Yes. CME lists standard Euro FX futures as physically settled. Traders who do not intend to participate in delivery generally offset or roll before their broker's deadline.

By Kyle ParrottUpdated August 7, 2026

One standard 6E contract represents €125,000. The outright market moves in 0.00005 increments, making each tick worth $6.25. Those two facts drive the contract’s P&L, hedge ratio, notional exposure and risk.

Calculate a 6E trade See the hedge example

Contract: €125,000
Outright tick: 0.00005
Tick value: $6.25
One pip: $12.50

6E outright USD per EUR

0.00005 €125,000 $6.25

The displayed ladder is explanatory, not a live quote.

The specification first

What One Standard 6E Contract Actually Represents

Euro FX futures are quoted in U.S. dollars per euro. Multiply the quoted price by the contract’s €125,000 unit to estimate its dollar notional. That notional is exposure—not the cash required to open the position and not the maximum possible loss.

CME Globex code	6E
Rule chapter	261
Contract unit	€125,000
Price quotation	U.S. dollars per euro
Globex outright tick	0.00005 USD per EUR
Outright tick value	$6.25 per contract
One pip	0.00010 = two ticks = $12.50
Final settlement	Physical delivery

Do not reuse the outright tick for every 6E instrument.

The standard 6E outright on Globex uses 0.00005 ($6.25). CME’s 2026 guide lists 0.00002 ($2.50) for other Globex spreads and 0.00001 ($1.25) for qualifying ClearPort trades. Read the product and order type shown by your platform before converting a move into dollars.

From quote to dollars

The Four Calculations Behind Every 6E Position

Price move

exit price − entry price

Reverse the sign for a short position so favorable movement remains positive.

Ticks moved

price move ÷ 0.00005

A 0.00100 move is 20 standard 6E outright ticks.

Gross P&L

ticks × $6.25 × contracts

Subtract commissions, fees and actual execution costs separately.

Entry notional

entry price × €125,000 × contracts

Notional describes exposure. Margin is only the performance bond supporting it.

Worked directional trade

Long one 6E from 1.09500 to 1.09825

The quote rises 0.00325, or 32.5 pips. At two ticks per pip, that is 65 ticks.

Price move: +0.00325
Ticks: 65
Gross P&L: 65 × $6.25 = $406.25
Entry notional: 1.09500 × €125,000 = $136,875

Interactive worksheet

6E Tick, Pip and P&L Calculator

Enter prices aligned to the 0.00005 outright increment. The result is mechanical contract math, not a fill guarantee or a recommendation.

Calculated result

One standard 6E contract

Raw price move: +0.00325
Directional pips: +32.5
Directional ticks: +65
Entry notional: $136,875.00
Gross P&L: +$406.25
Estimated costs: −$0.00
Estimated net P&L: +$406.25

The entered long position gains 65 ticks before costs.

From textbook hedge to listed contract

How 6E Converts a Euro Exposure Into Whole Contracts

Andrew Carr’s Managing Exchange Rate Risk section distinguishes customized forwards from standardized, exchange-traded futures. The practical futures constraint is indivisibility: a hedge must use whole contracts.

Future euro receivable

Risk: the euro weakens

A U.S. firm expecting euros can sell 6E. A decline in EUR/USD reduces the receivable’s dollar value while a short futures position gains, subject to basis, timing, quantity and execution differences.

Future euro payable

Risk: the euro strengthens

A U.S. firm owing euros can buy 6E. A rise in EUR/USD increases the payable’s dollar cost while a long futures position gains, with the same hedge-effectiveness limits.

Simplified offset example

Hedging a €250,000 receivable with two 6E contracts

Two standard contracts match the expected euro amount exactly: €250,000 ÷ €125,000 = 2. If EUR/USD falls from 1.1000 to 1.0880, the receivable loses $3,000 of dollar value relative to the starting quote. A two-contract short 6E position gains $3,000 before costs.

This deliberately matched example isolates the contract math. A real hedge can differ because the exposure amount or date changes, futures and spot prices do not move identically, futures are marked to market daily, contracts are discrete, and transaction costs apply.

Receivable translation−$3,000€250,000 × −0.0120

Short 2 6E+$3,000240 ticks × $6.25 × 2

Illustrative offset$0before basis and costs

Starting contract counteuro exposure ÷ €125,000

When the result is not a whole number, rounding down leaves some exposure unhedged; rounding up can over-hedge. The correct choice depends on the risk objective, tolerance and authorization.

Performance bond, not purchase price

What a 6E Margin Requirement Does—and Does Not—Tell You

CME describes futures margin as a performance bond that supports contractual obligations. It is not a down payment on €125,000, a stop-loss distance or a cap on losses.

Initial margin

Funds required to initiate

The amount required when a position is opened with the clearing firm. Requirements can change with product risk and market volatility.

Maintenance margin

Minimum account level

If margin equity falls below maintenance, additional funds may be required to restore the account to the applicable initial level.

Broker requirement

Your actual trading threshold

An FCM or broker can require more than the exchange minimum and can impose separate intraday, liquidation and delivery policies.

Margin is not risk.

At a 1.1000 quote, one 6E contract has approximately $137,500 of notional exposure. A $0.0100 adverse move equals 200 ticks, or a $1,250 loss per contract before costs—regardless of the amount posted as margin.

Check the current CME Euro FX margin page.
Check the broker’s current initial, maintenance, intraday and liquidation rules.
Size risk from a valid exit distance, tick value and costs—not from available buying power.

CME’s Performance Bonds/Margins FAQ explains initial and maintenance margin. The CFTC notes that FCMs may require more than exchange levels and that leveraged losses can exceed the initial deposit.

The obligation behind the ticker

6E Is Physically Settled

CME lists Euro FX as physically settled. Its delivery guidance says the major currency contracts support all twelve calendar months, generally stop trading on the second business day before the third Wednesday and use the third Wednesday as the physical value date.

Before expiryOffset or roll

Most customers close or roll rather than enter delivery.

Trading terminationUsually two business days before

Confirm the exact listed contract and broker cutoff.

Value dateThird Wednesday

Fully funded clearing arrangements are required for delivery.

A retail platform may impose an earlier deadline. If delivery is not intended, verify the broker’s policy before the contract enters its restricted or liquidation window.

Read CME’s FX delivery process See the 6E rollover guide

The code changes the math

Standard 6E vs. Micro Euro FX (M6E)

M6E is one-tenth the standard contract size, but its outright tick increment is not one-tenth of the 6E increment. Always use the specification attached to the code actually traded.

Specification	Standard Euro FX	Micro Euro FX
Globex code	6E	M6E
Contract unit	€125,000	€12,500
Outright tick	0.00005	0.00010
Tick value	$6.25	$1.25
Ticks per pip	2	1
One-pip value	$12.50	$1.25
Final settlement	Physical	Physical

Both specifications come from the CME FX Product Guide 2026. Specification checked August 7, 2026.

Calculation failures to avoid

Six Ways Traders Misstate 6E Risk

Treating one tick as one pip

Standard 6E uses two 0.00005 ticks per 0.00010 pip.

Using margin as maximum loss

The performance bond supports the position; it does not cap the position’s loss.

Applying the outright tick to spreads

Globex spreads and qualifying ClearPort transactions can use different increments.

Forgetting whole-contract rounding

A standardized hedge rarely matches an arbitrary exposure without residual risk.

Ignoring the contract month

A correct ticker with the wrong expiry can have different liquidity and delivery timing.

Assuming the stop price is guaranteed

A stop can fill beyond its trigger. Include estimated slippage and costs in planned risk.

Frequently asked questions

Euro FX Contract Questions

What is the tick size and tick value of 6E?

The CME Globex outright minimum price increment for standard Euro FX futures is 0.00005 USD per EUR. Multiplied by the €125,000 contract unit, that equals $6.25 per tick per contract.

How much is one pip worth in standard 6E?

One pip is 0.00010, which equals two standard 6E outright ticks. Two ticks at $6.25 each equal $12.50 per contract.

Does a low intraday margin make 6E low risk?

No. Intraday margin is a broker-controlled capital requirement. It does not change the $6.25 tick value, the €125,000 contract unit, slippage risk or the possibility that losses exceed the initial deposit.

Is 6E cash settled or physically delivered?

Standard Euro FX futures are physically settled. Traders who do not intend to participate in delivery generally offset or roll before the applicable broker deadline.

Is M6E exactly one-tenth of 6E in every respect?

No. Its €12,500 contract unit is one-tenth of standard 6E, but M6E uses a 0.00010 outright tick worth $1.25. Standard 6E uses a 0.00005 outright tick worth $6.25.

Sources and editorial disclosure

CME Group: FX Product Guide 2026 for 6E and M6E codes, contract units, tick increments and settlement type.
CME Group: Euro FX futures product and contract specifications for the current product reference.
CME Group: Performance Bonds/Margins FAQ for initial and maintenance margin terminology.
CME Group: FX futures delivery process for physical settlement, termination and value-date mechanics.
CFTC: Economic Purpose of Futures Markets and How They Work for standardization, performance bonds and daily mark-to-market.
CFTC: Understand Your Contractual Obligations for leverage, fees and losses beyond initial margin.
Business LibreTexts / Aurora University: Managing Exchange Rate Risk for the managerial comparison of forwards, futures and other hedges.

Exchange specifications checked August 7, 2026. Dynamic requirements such as margin must be checked again before use. Grizzly Parrot Trading has no paid relationship with the cited educational or regulatory sources.