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Gold Coin Futures Contract Specifications

Underlying Asset

Gold Coin ( Bahar Azadi)

Contract size

10 pieces

Standard

Fineness of 900/ weight 8.133 grams minted by the Central Bank of Iran

Contract Month

12 month of year

Daily price limit

Max up to +/- 5% with respect to the settlement price of the previous day

Trading duration

As of the date mentioned in the trading notice up to 5 calendar days prior to the termination of the contract month

Delivery date

From the first business day past the last trading date till the end of the month

Delivery vault

The exchange clearing house

Tick size

0.500 USD

Initial margin

It’s a flexible amount which is dynamic during the course of the trading duration and is calculated from this  formula: A=(B/C+1)*C

Where A: is the initial margin B: the weighted average of the settlement prices of all contract months of gold coin future ,  C= 40 USD

Maintenance margin

60% of Initial margin

volume limit per order

10 contract max

Price unit

Rial/ convertible to USD

Trading fee

1.95 USD

Delivery & final settlement fee

4 USD

Trading hour

10:00 -18:00

Symbol

GCMMYY ( M stands for month Y stands for year)

Position limit

Entities: 100 contract per symbol upgradable up to 10% of the registered corporate capital and limited to 20% of the whole positions held in the market

Delivery intension notice date

2 business days prior to the last trading date up to 30 minutes after the end of trading session.

Penalties

a)1% of the total contract value calculated based on the settlement price of the previous day, for failure in presenting the delivery intension notice

B) 1% of the contract value for the failure to submit the warehouse warrant to the exchange

c)1% for the failure in paying the contract value in terms of last day settlement price

d)in case of being a deferential between the market spot price and the last day settlement price and it compensates the losses of the non-defaulting client, the differential shall be debited from the defaulting client’s account and paid to the account of the non-defaulting client . In all above cases the delivery and settlement fee shall be debited from the account of the defaulting client to the benefit of the exchange.

Miscellaneous

Only the coins of the last year of minting, 1386 ( 2007) are receivable. The whole positions of the market shall not exceed the total number of coins minted by the Central Bank of Iran.

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Monday, June 17, 2019 17:13

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