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Futures Contract Specifications Updated as on 11 February 2009
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Type of Contract
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Futures Contract Specifications
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Name of Commodity
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Brent Crude Oil
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Ticker symbol
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BRENTCRUDE
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Trading System
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NCDEX Trading System
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Unit of trading
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100 Barrels
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Delivery unit
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50,000 Barrels
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Quotation/base value
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Rs per barrel*
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Basis
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Sullom Voe, Shetland Islands, United Kingdom exclusive
of all levies and taxes.
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Tick size
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Re.0.50
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Quality specification
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Crude Type
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API Gravity
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Sulphur Content
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Brent
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38.5 degrees
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0.36%
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Also Deliverable
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Crude Type
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API Gravity
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Sulphur Content
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Forties
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41.5-42.5 degrees
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0.25-0.3%
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Osberg
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35.9degrees
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0.32%
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Quantity variation
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+/- 1% by volume
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Delivery center
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Mumbai Port / Jawaharlal Nehru Port Trust (JNPT).
The Buyer will be responsible for the freight cost, insurance, import
duty and all other taxes & levies on actual basis. Freight and
insurance will be paid on actual basis on production of satisfactory
documentary evidence from the seller.
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Hours of trading
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As per directions of the Forward Markets Commission
from time to time, currently -
Mondays through Fridays: 10:00 a. m. to 11:30 p.m.
Saturdays: 10.00 a.m. to 02.00 p.m. The Exchange may
vary the above timing with due notice.
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Delivery specification
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The buyer and seller shall give intentions of
taking/giving delivery through the delivery request window at least three
trading days prior to the expiry of the contracts and such intentions can
be given during 3 days which would be notified separately.
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Delivery logic
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Intention matching
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Opening of contracts
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As per launch calendar.
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Due date/Expiry date
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As per launch calendar
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Closing of contract
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All open positions for which delivery intentions have
not been received or for which delivery intentions have been rendered but
remain unmatched for want of counterparty to settle delivery will be cash
settled at the Final Settlement Price on the expiry of the contract.
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No. of active contracts
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As per launch calendar
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Price limit
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Base daily price fluctuation limit is (+/-) 4%. If the
trade hits the prescribed daily price limit, the price limits will be
relaxed up to (+/-) 6% without any break/ cooling off period in the
trade. In case the daily price limit of (+/-) 6% is breached, then after
a cooling off period of 15 minutes, the daily price limit will be further
relaxed up to (+/-) 9%. Trade will be allowed during the cooling off
period within the price band of (+/-) 6%.
In case of price movement in International markets which is more than the
maximum daily price limit (currently 9%), the same may be further relaxed
in steps of 3% with the approval of FMC.
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Position limits
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Member: 12,00,000 barrels or 20% of
open interest , whichever is higher.
Client: 4,00,000 barrels.
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Special Margins
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Special margin of 5% of the value of the contract will
be applied whenever the rise or fall in price from the first day's
closing price is 20%.This is payable by buyer or seller depending on
whether prices rise or fall respectively. The margins shall stay in force
so long as price stays beyond the 20% limit and will be withdrawn as soon
as the price is within the 20% band.
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* 1 Barrel = 42 US gallons = 158.98 liters
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Final Settlement Price
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The Final Settlement Price (FSP) in Indian Rupees
(INR) will be determined by the Exchange on maturity of the contract. The
FSP will be the value of Brent Index published by Intercontinental
Exchange (ICE) for a similar corresponding contract expiring on ICE. The
exchange rate to be used as the conversion factor shall be the RBI
reference spot exchange rate on that day (as obtained from Reserve Bank
of India website www.rbi.org.in)
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Contract Launch Calendar :-
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Launch Date
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Expiry Date
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27 January 2010
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11 February 2010
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27 January 2010
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16 March 2010
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27 January 2010
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15 April 2010
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12 February 2010
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14 May 2010
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17 March 2010
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15 June 2010
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Contract Launch Calendar :-
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Contract Launch Date
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Contract Expiry Date
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16 April 2010
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15 July 2010
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15 May 2010
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16 August 2010
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16 June 2010
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15 September 2010
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16 July 2010
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14 October 2010
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17 August 2010
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15 November 2010
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16 September 2010
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16 December 2010
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Contract Launch Calendar of
Brent Crude Oil :-
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Contract Launch Date
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Contract Expiry Date
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15
October 2010
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14
January 2011
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16
November 2010
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11
February 2011
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17
December 2010
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16
March 2011
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15
January 2011
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14
April 2011
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12
February 2011
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16
May 2011
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17
March 2011
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15
June 2011
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Members and market participants who enter into buy and sell transactions may
please note that they need to be aware of all the factors that go into the
mechanism of trading and clearing, as well as all provisions of the
Exchange's Bye Laws, Rules, Regulations, Product Notes, circulars,
directives, notifications of the Exchange as well as of the Regulators,
Governments and other authorities.
Members and market participants trading on the Exchange in the commodity
contracts shall be deemed to be aware of applicable laws and amendments
thereof from time to time, including provisions and rates relating to the
sales tax, value added tax APMC Tax, Mandi Tax, octroi, excise duty, stamp
duty, etc., applicable on the underlying commodity of any contract offered for
trading.
The Exchange shall not be responsible or liable on account of non compliance
by any of the members and market participants of any such applicable laws or
any amendments thereof including not being aware of rates of taxes, levies,
etc., on the underlying commodity of any contract offered for trading.
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