Click here- Refiners applicable
March 2009 expiry onward
Contract Specifications for Gold International .Updated
as on April 03, 2009.
(Applicable from January 2009 expiry onward) |
| Type of Contract |
Futures Contract Specifications |
| Name of Commodity |
Gold |
| Ticker symbol |
GLDPURINTL |
| Trading System |
NCDEX's Trading System |
| Basis |
Ex-Ahmedabad inclusive
of Customs Duty and exclusive of Sales Tax/VAT/Octroi |
| Unit of trading |
1 kg |
| Delivery unit |
1 kg |
| Quotation/base value |
Rs per 10 Grams of
Gold with 995 fineness |
| Tick size |
Re 1 |
| Quality specification |
Not more than 999.9 fineness bearing
a serial number and identifying stamp of a refiner approved by the
Exchange.
List of approved refiners is available at :
www.ncdex.com\downloads\refiners_gold.pdf
|
| Quantity variation |
None |
| Delivery center |
Ahmedabad |
| Hours of Trading |
As per directions
of the Forward Markets Commission from Time to Time, currently:
Mondays through Fridays – 10:00 AM to
11:30 PM / 11:55 PM *
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
The Exchange may change the above timing with due notice. |
| Due date/Expiry date |
Last trading day of the contract
month
If last day 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. |
| 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. The detailed calculation is as illustrated
below :
- International spot price will be added by 1 US$ as bank premium
and then will be multiplied by 32.1507425 for calculating the
equivalent of per Kg price from per ounce price. This is the price
of 1 Kg of Gold in US$ of 999 purity.
- The price arrived from step 1 is multiplied by 0.995 to get
the gold price in US$ for 995 purity equivalent
- Price arrived after step 2 will be multiplied by RBI reference
rate on the day of expiry. This gives the price of 1 Kg Gold of
995 purity equivalent in INR duty unpaid.
- The price arrived after step 3 is divided by 100 to get the
Gold price for 10 Gms of 995 purity equivalent.
- Price arrived from step 4 is added by applicable Customs Duty
on 10 Gms
- The price arrived after step 5 is rounded to nearest rupee
|
| Opening of contracts |
New contracts would be launched
on 10th of the launch months as per schedule given in contract launch
calendar, if 10th happens to be a holiday the contract would be launched
on the next trading day. |
| No. of active contracts |
As per launch calendar |
| Price limits |
Base daily price fluctuation
limit is (+/-)3%. If the trade hits the prescribed base daily price
limit, the limit 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. |
| Position limits |
Member wise :
6 MT or 15% of market wide open position whichever is higher –
For all Gold contracts combined together.
Client-wise : 2 MT – For all Gold contracts
combined together.
The above limits will not apply to bonafide hedgers. For bonafide
hedgers the Exchange will decide the limits on a case-to-case basis. |
Quality allowance
(for Delivery)
|
Gold bars of 999.9 / 995 fineness
A premium will be given for fineness above 995. The settlement price
for more than 995 fineness will be calculated at (Actual fineness/995)
* Final Settlement Price. Premium of 0.49% would be given for gold
delivered of 999.9 purity. |
| Special Margin |
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. |
| 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. |
|
Annexure II:
Contract Launch Calendar
| Contract Launch Month |
Contract Expiry Month |
| December 29, 2008 |
January 2009 |
| December 29, 2008 |
March 2009 |
| January 2009 |
May 2009 |
| March 2009 |
July 2009 |
| May 2009 |
September 2009 |
| July 2009 |
November 2009, January 2010 |
| September 2009 |
March 2010 |
| November 2009 |
May 2010 |
| January 2010 |
July 2010 |
| March 2010 |
September 2010 |
| May 2010 |
November 2010 |
|
|
|
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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