Name of Commodity
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Silver
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Ticker symbol
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SILVER
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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 Custom Duty, exclusive of
local sales tax/VAT
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Unit of trading
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30 Kg
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Delivery unit
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30 Kg
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Quotation/base value
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Rs per Kg of Silver with 999 fineness
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Tick size
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Re 1
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Quality specification
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Not less than 999 fineness bearing a serial number and
identifying stamp of a refiner approved by the Exchange.
List of approved refiners:
www.ncdex.com\downloads\refiners_silver.pdf
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Quantity variation
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+/- 10 per cent at bar level.
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Delivery center
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Ahmedabad
(Within a radius of 50 Km from the municipal Limits)
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Additional delivery centers
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None
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Hours of trading
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As per directions of the Forward Markets Commission
from time to time, currently
Monday through Friday: 10:00 AM to 11:30 PM
Saturday: 10.00 AM to 2.00 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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Tender Period
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Tender Date T
Tender Period:
Tender period would start from one working day, other than a Saturday,
prior to the last working day of the calendar month prior to the expiry
date of the contract.
Pay-in and Pay-out: on a T+1 basis. If the tender date is T then, pay-in
and pay-out would happen on T + 1 day. If such a T + 1 day happens to be
a Saturday, a Sunday or a holiday at the Exchange, clearing banks or any
of the service providers, Pay-in and Pay-out would be effected on the
next working day.
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Due Date/ Expiry Date
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Expiry date of the contract:
The contract expires on the 3rd of the expiry month. If the 3rd happens
to be a a Saturday or holiday then the contract will expire on the
succeeding working day.
The settlement of contract would be by a staggered system of Pay-in and
Pay-out including the Last Pay- in and Pay-out which would be the Final
Settlement of the contract.
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Delivery Specification
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Upon expiry of the contracts all the outstanding open
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.
During the Tender period, if any delivery is tendered by seller, the
corresponding buyer having open position and matched as per process put
in place by the Exchange, shall be bound to settle by taking delivery on
T + 1 day from the delivery centre where the seller has delivered same.
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Closing of contract
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Clearing and settlement of contracts will commence with
the commencement of Tender Period by compulsory delivery of each open
position tendered by the seller on T +1 to the corresponding buyer
matched by the process put in place by the Exchange. Upon the expiry of
the contract all the outstanding open position should result in
compulsory delivery.
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Opening of contracts
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Trading in a new contract will open on the 1st day of
the month in which any contract is due to expire. If the 1st happens to
be a holiday, contracts would open on the succeeding working day.
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No. of active contracts
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As per launch calendar
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Price Band
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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 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 position limit - Maximum of 150 MT
or 15% of market-wide open position whichever is higher - for all silver
contracts combined together
Client-wise position limit - 50 MT For all Silver contracts
combined together.
(The above limits will not apply to bona fide hedgers. For bonafide
hedgers, the Exchange will, on a case to case basis decide the hedge
limits.)
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Quality allowance (for Delivery)
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Silver bars of 999 fineness. No premium/ discount for
other fineness.
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Special margin
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In case of additional volatility, a special margin at
such other percentage, as deemed fit by the Regulator/Exchange, may be
imposed on either the buy or the sell side in respect of all outstanding
positions. Removal of such Margins will be at the discretion of the
Regulator/Exchange.
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Additional margin
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In addition to the above margins the
Regulator/Exchange may impose additional margins on both long and short
side at such other percentage, as deemed fit. Removal of such Margins
will be at the discretion of the Regulator/Exchange
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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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