| S.
No. |
Basis
|
Multi
Commodity Exchange of India Ltd
|
National
Multi Commodity Exchange of India Limited
|
National
Commodity & Derivatives Exchange Ltd.
|
Dubai
gold and commodities exchange |
|
Gold
contracts
|
Kilo
gold contracts
|
Gold
1kg contracts
|
Sona
(1 Kg Gold) contracts
|
| 1.
|
Symbol |
GOLD
|
GOLDF
|
KGOLDF
|
GLDPURMUMK |
SONA995MUM
|
DG
|
| 2. |
Description
|
GOLDMMMYY |
GOLMMMYYYY |
KGLMMMYYYY |
|
|
|
| 3. |
Trading
period
|
Monday
through Saturdays
|
Monday
through Saturdays
|
Monday
through Saturdays
|
Monday
through Saturdays
|
Monday
through Saturdays
|
Opening:
Monday through Friday
Later: Saturday through Friday
|
| 4. |
Trading
session
|
Mondays
to Friday: 10.00 a.m. to 11.55 p.m.
Saturday:
10.00 a.m. to 2.00 p.m.
|
Monday
to Friday: 10:00
am to 5:00 pm
Saturday:
10:00
am to 2:00 pm
|
Monday
to Friday:
10:00 am to 05:00 pm
Saturday:
10:00 am to 02:00 pm
|
Mondays
through Fridays:
10:00 a.m. to 11:30 p.m.
Saturdays:
10.00 a.m. to 2.00 p.m.
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.
|
Mondays
through Fridays: 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.
|
Monday
through Friday: 1000 – 2300 Hrs (one hour
earlier in the summer)
Sat: 1000 – 1300 Hrs
Sun: 1800 – 2100 Hrs
|
| 5. |
No.
of active contracts
|
6
contracts
|
Maximum
12 monthly or minimum 2 monthly contracts
running concurrently
|
Maximum
12 monthly or minimum 2 monthly contracts
running concurrently
|
Minimum
2 contracts with a maximum of 12 contracts
running concurrently
|
Minimum
2 and maximum 12 contracts in a calendar year
with contracts being made available for
February, April, June, August, October and
December
|
|
| 6. |
Opening
of contracts
|
February
contract
(16
February of previous year to 5 February
of the contract year)
April
contract
(16
April of the previous year to 5 April
of the contract year)
June
contract
(16
June of the previous year to 5 June
of the contract year)
August
contract
(16
August of the previous year to 5 August
of the contract year)
October
contract
(16
October of the previous year to 5 October
of the contract year)
December
contract
(16
December of the previous year to 5 December
of the contract year)
|
Trading
in any contract month will open on the 16th
day of the month, 12 months prior to the
contract month
|
Trading
in any contract month will open on the 16th
day of the month, min 2 months prior to the
contract month
|
Trading
in any contract month may open on the 21st day
of the month. If the 21st happens to be a
non-trading day, contracts would open on the
next trading day |
The
December contract (expiring on December 7,
2004) and February contract (expiring on
February 7, 2005) will be launched on
September 29, 2004
Subsequent new contracts would be launched on
the first trading day of a month
|
|
| 7. |
Due
date
|
15th
day of the delivery months if 15th happens to
be holiday then previous working day |
15th
day of the delivery months if 15th happens to
be holiday then previous working day |
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
|
The
7th day of the contract month being traded
If such a day happens to be a holiday, a
Saturday or a Sunday then the Expiry Date
shall be the immediately preceding trading day
at the Exchange
|
|
| 8. |
Closing
of contracts
|
Squaring
up of positions will be permitted between 12th
and 15th of delivery month. No fresh positions building will be
allowed. From 12th to 15th
of delivery month, seller can tender Warehouse
Receipt for settlement and Warehouse Receipt
will be accepted for settlement at closing
price of the previous day |
Squaring
up of positions will be permitted between 12th
and 15th of delivery month. No fresh positions building will be
allowed. From 12th to 15th of delivery month,
seller can tender Warehouse Receipt for
settlement and Warehouse Receipt will be
accepted for settlement at closing price of
the previous day
|
All
open positions will be settled as per the
general rules and product specific regulations
|
All
open positions will be settled as per general
rules and product specific regulations
|
|
| 9. |
Trading
unit
|
1
kg
|
100
grams of Fineness .999
|
1
Kg of Fineness .995 |
1
kg
|
1
kg
|
32
troy ounces. (1 kg)
|
| 10. |
Base
value/quotation
|
10
grams
|
10
grams of fineness .999
|
10
grams of fineness .995
|
10
grams of Gold with 999.9 fineness
|
10
grams
|
US$
per troy ounce
|
| 11. |
Maximum
order size
|
10
kg
|
|
|
|
|
-
|
| 12. |
Tick
price (minimum price movement)
|
Re.
1 per 10 grams
|
Re.1
|
Re.1
|
Re
1
|
Re
1
|
US$
0.10
|
| 13. |
Daily
price limit
|
3
%
|
2%
above and below the last traded price.
4%
above and below the last closing price
|
5%
above and below the last traded price.
10%
above and below the last closing price
|
Daily
price limit will be 6%, provided that there
will be a cooling period of 15 minutes after
the trade hits the prescribed daily price
limit. Thereafter the price band will be
raised by another 50% of the existing limit
and trade will be resumed. If the price hits
the revised price band again during the day,
no trade / order shall be permitted beyond the
revised limit during the day |
The
daily price limit will be 6% and will be
raised to 9% after a 15-minute cooling period
if the price limit of 6% is reached. If the
price limit reaches 9%, trading will continue
within the 9% limit |
US$
20
If
price breaches the daily price movement limit,
trading in particular contract shall halt for
30 minutes. After a cooling period of 30
minutes market shall re-open with further
price range, however trading will not cease if
price movement limit is breached during the
last 30 minutes of trading on any business day
|
| 14. |
Initial
margin
|
4
% (1 kg)
|
|
|
|
|
US$
480 per contract
|
| 15. |
Special
margin
|
In
case of additional volatility, a special
margin of at such other percentage, as deemed
fit, will be imposed immediately on both buy
and sale side in respect of all outstanding
position, which will remain in force for next
2 days, after which the special margin will be
relaxed
|
|
|
Special
margin of 4 per cent, by way of addition to
the normal margins, would be levied on a
unidirectional price movement of 20 per cent
or more on any Gold futures contract on either
the buy or sell side, whichever way the
movement has happened based on the first day
settlement price of that contract
This
special margin shall remain in force for a
minimum of 3 days after which it shall be
withdrawn if the unidirectional movement in
price falls below 20 per cent of the first day
settlement price of that contract
|
|
|
| 16. |
Maximum
allowable open position
|
For
individual client: 4 MT (i.e. including Gold M
and Gold HNI contracts)
For
a member collectively for all clients: 16 MT
or 20% of the market-wide open position,
whichever is higher
|
|
|
For
a member, the position limit will be 20% of
market open interest or the limit mentioned
below, whichever is higher
Member-wise: – 16 tonnes
Client-wise: - 4 tonnes
|
Member-wise:
16 MT or 20% of open interest, whichever is
higher.
Client-wise: 4 MT
|
As determined and specified
by the Exchange 200
contracts
|
| 17. |
Delivery
unit
|
1
kg
|
Gold
Bars of 100 grams serially numbered and of
fineness .999
|
Gold
Bars of 1 Kg. serially numbered and of
fineness .995
|
1
kg
|
1
kg
|
1
Kg (32.15075 troy ounces)
|
| 18. |
Delivery
centers
|
Ahmedabad
and Mumbai at designated Clearing House
facilities of Group 4 Securitas at these
centers
|
CWC
Cochin
|
CWC
Cochin
|
Mumbai
|
Mumbai
|
|
