Futures Contract Specifications. Updated as on 18 November 2009
Type of Contract
Futures Contract Specifications
Name of Commodity
PLATINUM
Ticker symbol
PLATINUM
Trading System
NCDEX Trading System
Unit of trading
250 Grams
Delivery unit
250 Grams
Quotation/base value
Rs per 1 Gram
Tick size
Rs 0.50 (i.e. 50 paise)
Quality specification
Fine Platinum Bars of minimum 99.95% purity bearing a serial number and an identifying stamp of a supplier approved by LPPM
Quantity variation
None
Basis
Ex - Mumbai (exclusive of all taxes, sales tax / VAT as the case may be, levies and other expenses)
Delivery center
Mumbai
Trading hours
Mondays through Fridays - 10:00 AM to 11:30 PM
10:00 AM to 11:55 PM (during US day light saving period)
Saturdays - 10:00AM to 02:00 PM
Expiry Date - at 11:30 PM / 11:55 PM *
All timings are as per Indian Standard Timings (IST)
*during US day light saving period
Due date/Expiry date
Trading in the contract shall cease on the close of business on the third business day prior to the end of contract month ( excluding Saturdays or any other trading holidays)
Penalty Structure
The penalty structure for failure to meet delivery obligations will be as per Circular no. NCDEX/TRADING-091/2007/235 dated October 4, 2007
Delivery specification
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. This will be matched by exchange for physical delivery as per the process put in place by the Exchange.
Delivery Logic
Intention Matching
Closing of contract
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 Final settlement Price on the expiry of the contract.
Final Settlement Price
The Final settlement price will be calculated on the last trading day based on International spot price at RBI reference rate.
Opening of contracts
As per launch calendar
No. of active contracts
As per launch calendar
Price limit
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.
Position limits
Client level: 100 Kgs
Member level: 300 Kgs or 15% of the open market position,
whichever is higher.
The above limits will not apply to bonafide hedgers. For bonafide hedgers the Exchange will decide the limits on a case-to-case basis.
Special Margin
In case of additional volatility, a special margin at such other percentage, as deemed fit, will be imposed in respect of outstanding positions, which will remain in force as long as the volatility exists, after which the special margin may be relaxed
Additional Margin
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.
