A foreign currency futures contract is an alternative to a forward contract that calls for future delivery of a standard amount of foreign exchange at a fixed time, place, and price. It is similar to futures contracts that exist for commodities (hogs, cattle, lumber, etc.) interest bearing deposits and gold.
Most world money centers have established foreign currency futures markets. In the United States, the most important market for foreign currency futures is the International Monetary Market (IMM) of Chicago, a division of the Chicago Mercantile Exchange.