Currency futures allow parties to agree to buy or sell a currency at a future date at a price determined today. Trading in currency futures began in 1972 on the Chicago Mercantile Exchange. Futures contracts are standardized and traded on organized exchanges. The clearing house guarantees the financial integrity of the market by acting as the counterparty to all contracts. Currency futures are marked to market daily, where open positions are repriced and profits and losses are settled through margin payments maintained by traders.