Canonical contract mechanics · CME 6Z
6Z Tick Size, Tick Value, Hours, Expiry and Delivery
500,000 ZAR × 0.000025 USD per ZAR = $12.50. That is one current CME Globex outright tick in the standard South African rand/U.S. dollar futures contract. Every 6Z order begins by reconciling the exact expiry, quote direction and contract multiplier.
- Trading unit
- 500,000 ZAR
- Globex tick
- 0.000025
- Tick value
- $12.50
- Settlement
- Physical
The exchange record controls
Standard 6Z Specifications in One Table
CME Rulebook Chapter 259 is the controlling contract chapter. The current rulebook confirms the unit, Globex and ClearPort increments, termination rule and physical delivery. CME product materials supply the product code and published termination time; Chapter 259 delegates listed contracts and trading hours to the exchange.
| Field | Verified term | Control |
|---|---|---|
| Contract | South African rand/U.S. dollar futures; CME Chapter 259 | Globex code 6Z; ClearPort and clearing code RA |
| Trading unit | 500,000 South African rand | Multiply the USD-per-rand price change by 500,000 and whole contracts |
| Quotation | U.S. dollars per South African rand | A higher 6Z quote means one rand buys more dollars |
| Globex minimum | 0.000025 USD per rand | 0.000025 × 500,000 = $12.50 per contract |
| ClearPort minimum | 0.000001 USD per rand | $0.50 per contract; this does not change the Globex order ladder |
| Listed contracts | Determined by CME under Chapter 259 | Confirm the currently listed expiry and year in the live chain; do not assume a historical listing ladder remains current |
| Termination | The second business day immediately preceding the third Wednesday; CME product materials specify 9:16 a.m. CT | Chicago or New York bank holidays can move the day earlier |
| Settlement | Physical delivery on the third Wednesday, subject to the rule's holiday adjustment | Exit or roll before the broker's earlier cutoff unless delivery is intended and operationally approved |
Route boundary: a valid ClearPort price increment is not automatically valid for a Globex outright order. Check the platform, security definition and current exchange notice rather than copying a value from a chart or third-party summary.
Read the pair left to right
6Z Is ZAR/USD, Not the Familiar USD/ZAR Spot Display
The futures quote answers: how many U.S. dollars does one South African rand buy? Many news and retail screens instead show USD/ZAR, or rand per dollar. The two are reciprocals, not the same series.
6Z rises
The rand strengthens versus the dollar
A move from 0.055000 to 0.055500 means one rand buys more U.S. dollars. A long 6Z position benefits before costs.
USD/ZAR rises
The dollar strengthens versus the rand
If USD/ZAR rises from 18.00 to 18.50, its reciprocal falls from about 0.055556 to 0.054054. That is directionally negative for 6Z.
approximate ZAR/USD = 1 ÷ USD/ZAR|compare timestamps and conventions before using itTwo independent checks
Reconcile Price-Based and Tick-Based P&L
Gross P&L excludes bid-ask spread, slippage, commissions, exchange and clearing fees, market-data charges, roll cost and forced-liquidation effects.
(exit − entry) × 500,000 × contracts=long gross P&L in USD(entry − exit) × 500,000 × contracts=short gross P&L in USD| Quote change | Globex ticks | One contract | Three contracts |
|---|---|---|---|
| 0.000025 | 1 | $12.50 | $37.50 |
| 0.000100 | 4 | $50.00 | $150.00 |
| 0.000500 | 20 | $250.00 | $750.00 |
| 0.001250 | 50 | $625.00 | $1,875.00 |
Worked long example
Entry 0.054800, exit 0.055425: the favorable change is 0.000625. Price method: 0.000625 × 500,000 = $312.50 gross. Tick method: 0.000625 ÷ 0.000025 = 25 ticks; 25 × $12.50 = the same $312.50.
- Entry
- 0.054800
- Exit
- 0.055425
- Ticks
- 25
- Gross
- $312.50
A long session is not continuous liquidity
Verify the Live Month, Session and Holiday Schedule
CME's published FX schedule is generally Sunday through Friday, 5:00 p.m. to 4:00 p.m. CT, with a daily maintenance break beginning at 4:00 p.m. CT. Holidays and special notices can change availability. A tradable session also says nothing about current spread, depth or queue.
- Resolve the exact symbol.Record 6Z, month code, year and venue. Never rely on a continuous-chart label for an order.
- Open the live chain.Confirm the expiry is listed and inspect volume, open interest, bid, ask and displayed depth.
- Check the calendar.Translate CT using a timezone-aware calendar; U.S. and South African daylight-saving conventions differ.
- Apply exclusions.Block maintenance, holiday, event and broker-restricted windows before strategy logic runs.
A market can be open while the spread is wide, the desired quantity exceeds nearby depth or the active month is migrating. Use measurable execution gates, not the session label.
Expiry is an operational boundary
6Z Is Physically Deliverable
Chapter 259 provides for physical delivery. Trading terminates before the delivery day, and a broker can impose a liquidation or position-reduction deadline earlier than the exchange. A strategy that does not intend delivery needs a dated exit or roll rule.
Choose the dated contract
Record the month, year, rule chapter and broker product.
Compute termination
Start from the exchange rule, then apply bank-holiday adjustments.
Find broker cutoff
Use the earlier operational deadline and document whether auto-liquidation can occur.
Exit or roll
Use separate orders and record spread, slippage and basis; never splice away the cost.
Reconcile flatness
Confirm zero position in the expiring contract and retain acknowledgements.
No smaller CME contract to assume
There Is No Current CME Micro 6Z Listing
As reviewed on August 25, 2026, CME's current South African rand product record, Chapter 259 and FX product listings identify the standard 500,000-rand 6Z contract; they do not identify a currently listed Micro South African Rand/U.S. Dollar futures contract. A broker search result, platform alias or synthetic CFD with “micro” in its name is not evidence of a CME Micro 6Z contract.
What exists
Standard CME 6Z
The exchange-listed contract described here uses the 500,000 ZAR unit. Its current Globex outright tick is 0.000025, worth $12.50. ClearPort permits 0.000001 increments, worth $0.50 on the same standard unit; that finer ClearPort submission increment does not make the contract a micro.
What to do if one contract is too large
Return zero contracts
Do not invent a smaller multiplier or divide the tick value. Verify whether a different regulated product genuinely matches the exposure, jurisdiction and account. If not, the correct 6Z position is zero.
Before relying on any purported Micro 6Z, require an official CME product page, rule chapter, Globex code, contract unit and security definition. Until those records exist and agree, treat the product as unavailable.
Three dollar quantities answer three different questions
Do Not Confuse Margin, Notional Exposure and Maximum Loss
At a hypothetical 0.055000 quote, one 6Z contract represents 500,000 rand worth $27,500 at that quote. That notional is not the margin deposit. Neither number caps a loss.
Notional
$27,500 at 0.055000
500,000 × 0.055000. It changes with price and describes exposure scale.
Performance bond
Variable collateral
CME clearing requirements and broker house/day requirements can change with risk and account conditions.
Loss
Path-dependent
Price movement, gap, quantity, execution, fees, liquidation and delivery determine realized loss. It can exceed deposited margin.
Fail closed
Authorize an Order Only After Every Field Passes
- Product: 6Z ZAR/USD, correct month, year, venue and account permissions.
- Quote: long/short logic uses USD per rand, not an unconverted USD/ZAR chart.
- Arithmetic: current Globex tick is 0.000025 and $12.50 for one standard contract.
- Liquidity: current bid, ask, spread, depth and intended quantity pass written thresholds.
- Risk: stop distance, stressed slippage, gap allowance, fees and correlated exposure fit the declared budget.
- Lifecycle: exchange termination, holiday adjustment, broker cutoff and roll/exit date are recorded.
- Margin: current exchange and broker requirements plus cash buffer pass independently of the risk budget.
Order-state output
Any unknown required field means no order
Do not replace a missing security definition, live margin, quote or cutoff with yesterday's value. The correct result is wait, reduce to zero contracts or obtain the authoritative record.
Sources, methods and editorial disclosure — reviewed August 25, 2026
- CME Rulebook Chapter 259: South African Rand/U.S. Dollar Futures for the current unit, Globex and ClearPort increments, termination rule and physical delivery.
- CME 6Z contract specifications for the current product record and live contract links.
- CME FX Product Guide for the current product directory and listing context.
- CME ClearPort Notice 20230831 for the 0.000001 ClearPort increment and confirmation that the Globex minimum remained unchanged.
- CME trading hours and holiday calendar for current session and holiday verification.
- CFTC Staff Letter 20-17 for the futures risk disclosure that losses can exceed funds deposited.
Sources were reviewed August 25, 2026. This is the 6Z library's mechanics authority. The 0.055000 price and all P&L examples are hypothetical arithmetic, not observations or recommendations. Current rules, notices, security definitions and broker agreements supersede this summary.