Contract Specifications For Heating Oil
|
| Type of Contract |
Futures Contract Specifications |
| Name of Commodity |
HEATING OIL |
| Ticker symbol |
HEATINGOIL |
| Trading System |
NCDEX Trading System |
| Unit of trading |
4200 US gallons |
| Delivery unit |
2100000 US gallons
with +/- 2% tolerance limit |
| Quotation/base value |
Rs per US Gallon |
| Tick size |
Rs 0.05 (i.e. 5 paise) |
| Quality specification
|
Generally conforms
to industry standards with maximum Sulphur of 0.2% (total percentage
by mass). Also confirming No.2 Heating Oil industry norms. |
| Basis |
Ex - Mumbai (excluding
all taxes, sales tax / VAT as the case may be, levies and other expenses) |
| Delivery center |
JNPT/ Mumbai Port |
| 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 |
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 |
| 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. |
| Opening of contracts |
Trading in any contract
month will open on the 26th day of the month.
If the 26th day happens to be a non-trading day, contracts would open
on the next trading day |
| 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:
4000 contracts
Member level: 12000 contracts or 20% of market open
position, whichever is higher.
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 |
| 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 |
| Final Settlement Price |
The Final Settlement Price (FSP)
of Heating Oil contract would be the international spot price of Heating
Oil as polled by the Exchange and converted at the USD/Rupee exchange
rate prevailing on expiry date. |
|
Contract Launch Calendar :-
| Launch Date |
Expiry Date |
| 10 February 2010 |
April 2010 |
| February 2010 |
May 2010 |
| March 2010 |
June 2010 |
|
Contract Launch Calendar :-
| Contract Launch
Date |
Contract Expiry
Date |
| April 2010 |
July 2010 |
| May 2010 |
August 2010 |
| June 2010 |
September 2010 |
| July 2010 |
October 2010 |
| August 2010 |
November 2010 |
| September 2010 |
December 2010 |
|
Contract Launch Calendar of Heating Oil :-
| Contract Launch Date |
Contract Expiry Date |
| October 2010 |
January 2011 |
| November 2010 |
February 2011 |
| December 2010 |
March 2011 |
| January 2011 |
April 2011 |
| February 2011 |
May 2011 |
|
March 2011 |
June 2011 |
|
|
|
|
|
|
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.
|
|
|