PHLX set to launch cash-settled futures contracts

The US dollar-based contracts, which will be offered through the exchange’s futures trading unit, the Philadelphia Board of Trade (PBOT), will replace its current physically delivered FX contracts. They will cover the same currencies as the existing contracts -- sterling, Japanese yen, Swiss franc, Canadian dollar and Australian dollar -- as well as the euro.

PHLX hopes the contracts will benefit existing customers by improving the settlement process and attract new business. "It is currentl