Canonical contract reference · CME 6N
6N Contract Specs: Tick Value, Hours and Expiry
100,000 NZD × 0.00005 USD per NZD = $5. That multiplication is the current CME Globex outright tick value for one standard 6N contract. Every quote, P&L and position-size calculation should reconcile to it before an order is enabled.
- Trading unit
- 100,000 NZD
- Outright tick
- 0.00005
- Tick value
- $5
- Settlement
- Physical
The ClearPort increment is different; do not transfer it to an outright Globex ticket.
Exchange record
The Current Standard 6N Contract in One Table
CME Rulebook Chapter 258 and the CME FX Product Guide identify 6N as New Zealand Dollar/U.S. Dollar futures. The table separates the central-limit-order-book outright from other execution routes because their minimum increments are not interchangeable.
| Field | Verified term | Operational meaning |
|---|---|---|
| Contract | NZD/USD futures; Rulebook Chapter 258 | Globex root 6N; ClearPort and clearing code NE |
| Trading unit | 100,000 New Zealand dollars | Multiply a price change by 100,000 and by contract count for gross USD P&L |
| Quotation | U.S. dollars per New Zealand dollar | A quote of 0.61240 means $0.61240 per NZD |
| Globex outright increment | 0.00005 USD per NZD | 0.00005 × 100,000 = $5 per contract |
| Globex spread increment | 0.00005 USD per NZD | The current product guide lists the same increment for other Globex spreads; verify the exact spread ticket |
| ClearPort increment | 0.00001 USD per NZD | $1 per standard contract; this does not change the outright Globex ladder |
| Listed months | March-cycle quarterlies: March, June, September and December | Use the live chain for the exact active set; CME product materials describe six quarterly contracts |
| Termination | Second business day immediately before the third Wednesday; usual close 9:16 a.m. CT | Chicago or New York bank holidays can move the date earlier under Rule 258 |
| Delivery | Physical delivery on the third Wednesday, subject to holiday adjustment | Open positions can create currency-delivery obligations |
Version boundary: older CME brochures and third-party pages may still show a 0.0001 outright increment and $10 tick. Chapter 258 and the current 2026 product guide show 0.00005 and $5 for the Globex outright. The current rulebook and live security definition control.
Side-aware arithmetic
Quote Direction, Notional and P&L Are Three Different Numbers
A higher 6N quote means one NZD buys more U.S. dollars. That benefits a long futures position and hurts a short position. Notional is the represented currency value; it is neither the margin deposit nor a maximum-loss amount.
(Exit price - entry price) × 100,000 × contracts=Long gross P&L in USD(Entry price - exit price) × 100,000 × contracts=Short gross P&L in USDLong example
0.61240 to 0.61415
The gain is 0.00175, or 35 outright ticks. Multiplier method: 0.00175 × 100,000 = $175 gross. Tick method: 35 × $5 = the same $175.
Short example
0.61510 to 0.61260
The favorable decline is 0.00250, or 50 ticks. One short contract gains $250 gross; two gain $500 before commissions, exchange fees and slippage.
| Quote move | Outright ticks | One 6N | Three 6N |
|---|---|---|---|
| 0.00005 | 1 | $5 | $15 |
| 0.00010 | 2 | $10 | $30 |
| 0.00050 | 10 | $50 | $150 |
| 0.00175 | 35 | $175 | $525 |
| 0.00250 | 50 | $250 | $750 |
At the hypothetical 0.61240 quote, one contract represents 100,000 × 0.61240 = $61,240 of quoted value. Actual loss can exceed an initial performance bond because the full contract responds to price changes and an exit can gap or slip.
Product-name control
CME Does Not Currently List an M6N Micro Counterpart
The 2026 CME FX Product Guide lists the standard 6N row and separately lists current Micro FX futures. That Micro table contains M6B, M6A, M6E, MJY, MCD, MSF and MIR—not M6N. The current CME Rulebook index likewise has Chapter 258 for 6N but no Micro NZD chapter.
Established
Standard 6N exists
100,000 NZD, a 0.00005 Globex outright tick and physical delivery are verified current terms.
Not established
No current CME M6N
A broker label, search result or analogy to M6A is not an exchange listing, rule chapter or active chain.
Sizing consequence
Zero can be the only valid size
If one standard contract breaches the written risk budget, do not invent a one-tenth contract. Reject the trade or verify a genuinely different venue and product.
A dated contract
Quarterly Months Trade Nearly Around the Clock, Not With Uniform Liquidity
CME lists 6N on the March quarterly cycle. Regular FX Globex access is Sunday through Friday from 5:00 p.m. to 4:00 p.m. Chicago time, with a 60-minute daily break beginning at 4:00 p.m. CT. Holiday schedules override the regular clock.
1. Name the month
Root, month code and year must match between chart, order and risk system.
2. Check the actual book
Record spread, top-of-book size, depth, volume and open interest in that maturity.
3. Compare the next quarter
Activity can migrate. A calendar date alone does not prove which month is executable.
4. Set an operational deadline
Broker cutoffs can precede exchange termination, especially for a deliverable currency contract.
The regular schedule proves access, not fill quality. New Zealand, Asian, European and U.S. activity overlap differently as daylight-saving regimes change. Measure the live order book rather than converting a time-zone story into a standing liquidity claim.
The legal end state
Termination and Physical Delivery Require Separate Controls
Rule 258 ends trading on the second business day immediately preceding the third Wednesday of the delivery month. If that date is a bank holiday in Chicago or New York, termination moves to the preceding business day common to those banks and the exchange. Delivery is normally the third Wednesday and can shift forward under the rule’s holiday test.
Read the official calendar
Record the exchange termination date and time, delivery date and current holiday advisory.
Apply the broker cutoff
Use the earlier operational deadline when the broker requires positions closed or funded sooner.
Offset or roll deliberately
A roll is a close in one month plus an open in another, with two prices and possible leg risk.
Reconcile the account
Confirm the old month is flat, the new month and side are correct, and stale orders are cancelled.
Delivery boundary: most traders offset or roll, but that custom does not remove the contract’s physical-delivery obligation. Delivery involves clearing-member instructions, funding and currency settlement. Never improvise it from a retail order ticket.
Funding is not risk
Margin, Maximum Loss and Roll Cost Must Stay Separate
Futures margin is a performance bond. CME can revise exchange requirements, and a broker can require more, impose an earlier cutoff or advertise a lower intraday figure. None of those numbers caps loss.
A gap, thin book, rejected order, outage or forced liquidation can produce a worse exit. Include commissions, exchange and data fees, bid-ask spread, slippage and a gap stress. Losses can exceed both planned risk and the initial margin deposit.
Rolling adds its own cash and execution effects: close-out P&L in the old month, the price difference to the new month, two-sided transaction costs and possible leg risk. A continuous chart may adjust away the visible month gap; the account does not.
Final control
The Reconciled Pre-Order Verification Checklist
An order remains disabled until each item can be answered from the exchange record, live ticket and written risk plan.
6N, exact quarterly month and year; chart and ticket match.
100,000 NZD per contract; no assumed M6N substitute.
0.00005 × 100,000 = $5; multiplier and tick methods agree.
Long benefits from a higher quote; short benefits from a lower quote.
Integer contracts fit the stop, costs, gap stress and account limit.
Spread, depth and expected slippage pass the live execution gate.
Termination, delivery, broker cutoff and planned roll or offset are recorded.
Current margin and buffer are sufficient, without treating either as maximum loss.
Sources, methods and editorial disclosure — reviewed August 20, 2026
- CME Rulebook Chapter 258: New Zealand Dollar/U.S. Dollar futures for the 100,000 NZD unit, current 0.00005 Globex outright increment, $5 equivalent, termination rule and physical-delivery procedure.
- CME FX Product Guide 2026 for product codes, unit, USD-per-NZD quotation, outright/spread/ClearPort increments, settlement and the current Micro FX product list.
- CME 6N contract-specification page for the regular trading schedule, quarterly listing convention and usual 9:16 a.m. CT termination time.
- CME FX futures delivery guide for the quarterly delivery classification and physical-settlement workflow.
- CME FX futures market guide for regular Sunday–Friday Globex hours and the daily maintenance break.
- CFTC economic purpose of futures markets for clearing, daily mark-to-market and performance-bond context.
Sources were reviewed August 20, 2026. Current rulebook and product-guide terms take priority over older educational brochures. Prices are hypothetical arithmetic examples, not market observations. No liquidity, profitability or hedge-effectiveness study is reported. Verify the live CME chain, holiday calendar, security definition and broker terms before every trade.