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Futures Contract Specifications (Applicable for contracts expiring in February 2009 and thereafter )
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Futures Contract Specifications.Updated as on 4 February,
2009
( Applicable for contracts expiring in February 2009 and thereafter ) |
| Type of Contract |
Futures Contract Specifications |
| Name of Commodity |
Rubber |
| Ticker symbol |
RBRRS4KOC |
| Trading System |
NCDEX Trading System |
| Basis |
RSS 4 (Ribbed Smoked
Sheet 4 ) ex-warehouse Kochi exclusive of all taxes |
| Unit of trading |
1 MT |
| Delivery unit |
1 MT |
| Quotation/base value |
Rs per Quintal |
| Tick size |
Re 1 |
| Delivery center |
Kochi (within a radius
of 50 km from the municipal limits) |
| Additional
Delivery centers |
Calicut, Kottayam,
Trissur and Manjeri (within a radius of 50 km from the municipal limits)
with location wise premium/discount as announced by the Exchange from
time to time. |
| Quality specification |
Quality Specifications
as provided under Part II
Section 1 of the "Green Book" as detailed below:
Nothing but coagulated rubber sheets, properly dried and smoked can
be used in making these grades: block, cuttings or other scrap or
frothy sheets, weak, heated or burnt sheets, air dried or smooth sheets
not permissible
Slight resinous matter (rust) and slight amounts of dry mould on wrappers,
bale surfaces and interior sheets, found at the time of delivery will
not be objected to.
Should "rust" or "dry mould" in an appreciable
extent appear on more than 20% of the bales sampled, it shall constitute
grounds for rejection.
Medium sized bark particles, bubbles, translucent stains, slightly
sticky and slightly over-smoked rubber are permissible to the extent
as shown in the sample.
Oxidized spots or streaks, weak, heated, under-cured, over-smoked
(in excess of the degree shown in the sample) and burnt sheets are
not permissible.
The rubber must be dry, firm and free of blemishes, blisters, sand,
dirty packing and all other foreign matter other than those specified
above as permissible. |
| Quantity variation |
+/- 2% |
| Trading Hours |
As per directions of the Forward
Markets Commission from time to time, currently
Mondays through Fridays : 10:00 AM to 05:00 PM
Saturdays : 10.00 AM to 2.00 PM
The Exchange may vary the above timing with due notice. |
| No. of active contracts |
As per launch calendar |
| Opening of contracts |
Trading in any contract
month will open on the 10th of the month. If the 10th day happens
to be a non-trading day, contracts would open on the next trading
day |
| Tender Date |
Tender Date : T
Tender Period:
Tender period would be of 14 Calendar days during trading hours prior
to the expiry date of the contract.
Pay-in and Pay-out: on a T+2 basis. If the tender date is T then,
pay-in and pay-out would happen on T + 2 day. If such a T + 2 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. |
| Due date / Expiry
date |
Expiry date of the
contract:
25th day of the delivery month. If 25th happens to be a holiday, a
Saturday or a Sunday then the due date shall be the immediately preceding
trading day of the Exchange, which is other than a Saturday.
The settlement of contract would be by a early delivery system of
a maximum of 15 Pay-ins and Pay-outs or less including the last Pay-in
and Pay-out which would be the Final Settlement of the contract |
| Closing of contract |
Clearing and Settlement of contracts
will commence with the commencement of Tender Period by delivery through
intention matching arrived at by the exchange based on the information
furnished by the seller and buyer respectively as per the process
put in place by the exchange for effecting physical delivery during
the period from E-14 to E-1 prior to expiry. Upon the expiry of the
contract all the outstanding open position would result in compulsory
delivery. |
| Delivery specification |
During the period from E-14 to
E-1, Seller & Buyer having open position are required to give
their intention/notice to deliver to the extent of his open position.
The delivery position would be arrived at by the exchange based on
the information to give/take delivery furnished by the seller and
buyer as per the process put in place by the exchange for effecting
physical delivery. If the intention of the buyers/sellers match, then
the respective positions would be closed out by physical deliveries.
If there is no delivery intention matching between sellers and buyers,
then such intentions will get automatically extinguished at close
of E-1 day. Intentions can be withdrawn during the course of E-14
to E-1 day if they remain unmatched.
Upon expiry (i.e E) 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. |
| Price Band |
Daily price fluctuation
limit is (+/-) 3%. If the trade hits the prescribed daily price limit
there will be a cooling off period for 15 minutes. Trade will be allowed
during this cooling off period within the price band. Thereafter,
the price band shall be raised by another 1% and trade will be resumed.
If the price hits the revised price band again during the day, trade
will only be allowed within the revised price band. No trade/order
shall be permitted during the day beyond the revised limit of (+/-)
4%. |
| Position limit |
Member: 12,000
MT or 15% of market wide open interest, whichever is higher.
Client: 4,000 MT for all contracts
The above limits will not apply to bona fide hedgers. For bona fide
hedgers, the Exchange will, on a case to case basis, decide the hedge
limits. Please refer to Circular No. NCDEX/TRADING-100/2005/219 dated
October 20, 2005
For near month contracts: The near month limit will
be applicable during the last 7 trading days of the expiry of a contract.
Member: Maximum of 5,000 MT or 15% of the market-wide near
month open position, whichever is higher
Client :
Maximum of 1,250 MT |
| Special margin |
Special margin of 4% of the value
of the contract will be levied whenever the rise or fall in price
exceeds 20% of the 90 days prior settlement price. The margin will
be payable by buyer or seller depending on whether price rises or
falls respectively. The margin shall stay in force so long as price
exceeds the 20% limit and will be withdrawn as soon as the price is
within the 20% band. |
| Premium/ Discount (Quality) |
None |
|
Contract Launch Calendar : -
| Contract Launch Month |
Contract Expiry Month |
| December 4, 2008 |
January 2009 |
| December 4, 2008 |
February 2009 |
| December 10, 2008 |
March 2009 |
| January 2009 |
April 2009 |
| February 2009 |
May 2009 |
| March 2009 |
June 2009 |
| April 2009 |
July 2009 |
| May 2009 |
August 2009 |
| June 2009 |
September 2009 |
| July 2009 |
October 2009 |
| August 2009 |
November 2009 |
| September 2009 |
December 2009 |
October 2009
|
January 2010 |
November 2009
|
February 2010 |
December 2009
|
March 2010 |
January 2010
|
April 2010 |
February 2010
|
May 2010 |
March 2010
|
June 2010 |
|
Contract Launch Calendar : -
| Contract Launch Month |
Contract Expiry Month |
| April 2010 |
July 2010 |
| May 2010 |
August 2010 |
| June 2010 |
September 2010 |
| July 2010 |
October 2010 |
| August 2010 |
November 2010 |
| September 2010 |
December 2010 |
|
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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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