4 min Read Feb 15, 2019
The International Monetary Market (IMM) is a division of the Chicago Mercantile Exchange (CME) established in 1972 that specialises in the trading of financial futures and options contracts — including currency futures (on major global currencies such as the USD, EUR, JPY, GBP, CHF), interest rate futures (on US Treasury Bills and Eurodollar deposits), and stock index futures. The IMM was a pioneering institution in the development of financial derivatives markets, introducing standardised currency futures contracts that allowed hedgers and speculators to manage exchange rate risk in a regulated, exchange-traded environment for the first time. IMM settlement dates — occurring on the third Wednesday of March, June, September, and December — are important reference points for global derivatives markets. For institutional investors, currency traders, and macro hedge funds operating through Ventura Securities with exposure to global currency and interest rate markets, understanding the IMM's role in global derivatives price discovery and its settlement cycle is relevant for managing cross-border investment currency risk.
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