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Type of Contract
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Gold Futures Contract Specifications
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Name of Commodity
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Gold
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Ticker symbol
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GOLD100AHM
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Trading System
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NCDEX's Trading System
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Basis
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Ex- Ahmedabad inclusive of Customs Duty, exclusive of
Sales Tax/VAT, and any other charges or levies.
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Unit of trading
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100 grams
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Delivery unit
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100 grams
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Quotation/base value
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Rs per 10 Grams of Gold with 995 fineness
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Tick size
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Re 1
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Quality specification
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Upto 999.9 fineness bearing a serial number and
identifying stamp of a refiner approved by the Exchange.
List of approved refiners available at the following URL:
www.ncdex.com\downloads\refiners_gold.pdf
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Quantity variation
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None
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Delivery center
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Ahmedabad
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Additional Delivery centre
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Mumbai and New Delhi
Location Premium/Discount as notified by the Exchange from time to time
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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 Friday : 10:00 AM to 11:30 PM
Saturdays : 10:00 AM to 02:00 PM
On the expiry date, contracts expiring on that day will not be available
for trading after 5 PM.
The Exchange may vary the above timing with due notice.
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Due date / Expiry Date
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20th day of the delivery month
If 20th happens to be a holiday, a Saturday or a Sunday then the due
date shall be immediately preceding trading day of the Exchange, other
than a Saturday of the Exchange.
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Delivery specification
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Upon expiry of the contracts all the outstanding positions
should result in compulsory delivery.
The penalty structure for failure to meet delivery obligations will be as
per circular no. NCDEX/TRADING-086/2008/216 dated September 16, 2008.
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Closing of Contracts
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Upon the expiry of the contract all the outstanding
position should result in compulsory delivery.
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Opening of Contracts
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Trading in far month contract will open on the 10th
day of the month in which near month contract is due to expire. If the
10th happens to be a non-trading day, contracts would open on the next
trading day
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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 (+/-)3%. If the
trade hits the prescribed base daily price limit, the limit will be
relaxed up to (+/-)6% without any break/ cooling off period in the trade.
In case the daily price limit of (+/-)6% is also 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 wise : 6 MT or 15% of market wide open position
whichever is higher – For all Gold contracts combined together.
Client- wise : 2 MT – For all Gold contracts combined together.
The above limits will not apply to bonafide hedgers. For bonafide hedgers
the Exchange will decide the limits on a case-to-case basis.
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Quality allowance(for Delivery)
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Gold bars of 995/999.9 fineness. A premium will be
given for fineness above 995. The settlement for more than 995 fineness
will be calculated at (Actual fineness/995)* Final Settlement Price.
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Special Margins
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In case of additional volatility, a special margin of
at such other percentage, as deemed fit, will be imposed immediately on
both buy and sell side in respect of all outstanding positions, which
will remain in force for next 2 days, after which the special margin will
be relaxed.
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Final Settlement Price
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The Final Settlement Price shall be the last spot
price of the day as polled by the Exchange on the last trading day of the
contract.
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