Commencement of Futures Trading in Crude Oil Mini January,
February, March, April, May and June 2015 Contracts.
In terms of the provisions of the Rules, Bye-Laws and Business
Rules of the Exchange,
the Members of the Exchange are notified as under:
Crude Oil Mini January, February, March, April, May and June
2015 contracts will be
available for futures trading with effect from Tuesday,
January 6, 2015.
As per the direction of Forward Market commission (FMC), the
facility of Spread benefit
shall also be available between different variants of Crude
Oil (Crude Oil – Crude Oil
Mini) contracts of same or different contract maturities with
effect from January 6, 2015.
The applicable Delta ratios and spread credits will be as
follows:
The Contracts specifications, trading parameters, delivery and settlement procedure of
the contract as specified in Annexure 1 and 2 attached herewith, shall be binding on all
the Members of the Exchange and constituents trading through them.
Members are requested to take note of the same.
Narendra Ahlawat
Sr. Vice President
Kindly contact Mr. Ashish Bhagtani on 022 – 6649 4000 or send an email at
customersupport@mcxindia.com for further clarification.
----------------------------------------------- Corporate office ----------------------------------------------
Exchange Square, CTS No. 255, Suren Road, Chakala, Andheri (East), Mumbai – 400 093
Multi Commodity Exchange of India Limited
Tel.: 022 – 6649 4000 Fax: 022 – 6649 4151
Web Site: www.mcxindia.com
Email: customersupport@mcxindia.com
Contract Specifications of Crude Oil Mini
Symbol:
CRUDEOILM
Description :
CRUDEOILMMMMYY
Contract Listing :
Contracts are available as per the Contract Launch
Contract Start Day :
As per the Contract Launch Calendar
Last Trading Day :
As per the Contract Launch Calendar
Trading Period :
Mondays through Fridays
Trading Session :
Monday to Friday: 10.00 a.m. to 11.30/ 11.55 p.m.
Trading Unit :
10 barrels
Quotation/Base Value :
Rs. Per barrel
Maximum Order Size :
10,000 barrels
Tick Size (Minimum Price Movement) ;
Re. 1
Price Quote :
Ex – Mumbai excluding all taxes, levies and other
Daily Price Limits :
The base price limit will be 4%. Whenever the base expenses daily price limit is breached, the relaxation will be allowed upto 6% without any 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 relaxed upto 9%. In case price movement in international markets is more than the maximum daily price limit (currently 9%), the same may be further relaxed in steps of 3%. and inform the Commission immediately.
Initial Margin:
Minimum 5% or based on SPAN whichever is higher
Additional and/ or Special Margin:
In case of additional volatility, an additional margin (on both buy & sell side) and/ or special margin (on either buy or sell side) at such percentage, as deemed fit, will be imposed in respect of all
outstanding positions.
Maximum Allowable Open Position:
For individual clients: 4,80,000 barrels or 5% of the market wide open position whichever is higher for all Crude Oil contracts combined together. For a member collectively for all clients: 48,00,000
barrels or 20% of the market wide open position, whichever is higher for all Crude Oil contracts
combined together.
Delivery
Delivery Unit :
50,000 barrels with +/- 2% tolerance limit
Delivery Margin :
25%
Delivery Center :
Port installation at Mumbai/ JNPT port
Quality Specification :
Light Sweet Crude Oil confirming to the following quality specification is deliverable:
Sulfur 0.42% by weight or less,
API Gravity: Between 37 degree – 42 degree
All volumes are defined at 60 degree Fahrenheit
Due Date Rate :
Due date rate is calculated on the last trading day ofthe contract on the basis of the market price of crude, ex-Mumbai, excluding all taxes, levies and freight, as
available for this variety from various market sources
and converted at the Rupee – US Dollar rate prevailing on expiry.
Delivery Logic :
Both Option
Contract Launch Calendar of Crude Oil Mini
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