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Listing Conditions of Underlying Asset in Derivatives Market of IME

 

The underlying asset is chosen at the discretion of the Listing Committee from among the products listed on the Exchange or commodities with strong spot market.  

The futures contract tradable on the Exchange shall be specified on the basis of the listed futures contract. The specifications of futures contracts shall be approved by the Exchange board of directors. 

The specifications of futures contracts shall include the following: 

1- Underlying assets                              11- Initial margin

2- Listed futures contracts                     12- Minimum margin

3- Futures contract Size                        13- Maximum order size

4- Delivery standards                            14- Price unit 

5- Futures contract maturity month       15- Trading fees 

6- Limit of daily price fluctuation           16- Trading symbol 

7- The "trading session" includes:        17- Trading hours 

    - Opening of trading day                   18- Deadline for notice of delivery readiness

    - Closing of trading day                     19- Delivery prepayment

8- Date of delivery                                 20- Authorized limit of open trading positions 

9- Location of delivery                           19- Penalties/fines 

10- Minimum price change in orders   

 

IME shall have to notify the futures contract statement to the public through its official website at least three business days prior to the start of transactions in each trading symbol. 

 

Listing Conditions of Underlying Asset in Derivatives Market of IME

For listing commodity based securities such as futures contracts, the following items are provided by exchange.

1-Listing Briefing Report including: 

- Definition and standards of underlying asset

- Characteristics of underlying asset spot market

- Statistics of production, consumption, imports and exports of underlying asset

- International and domestic producers and consumers 

- Special rules governing the production, consumption, pricing, import or export of underlying asset

- Changes trend in domestic and international prices of underlying asset over the past 3 years

- Offering a daily price limit for futures contract and volume limit per order 

- Sample of futures contract characteristics based on Article 4 of the Rules on The Futures Contracts Transactions in IME 

2-Prospectus 

3-Other important documents or information discerned by exchange or requested by the Listing Committee.

The underlying asset is chosen at the discretion of the Listing Committee from among the products listed on the IME or commodities with strong spot market, and Listing Council declares its written opinion mentioning reasons of confirming or rejecting commodity-based securities admission, up to 45 days after receiving the report and related documents from the IME. Moreover, in case of confirmation, the IME is obliged to insert the commodity-based securities in the list of exchange official rates and in prospectus. If the abovementioned actions do not meet over the deadlines, getting the Listing Committee confirmation is required again. 

 

Clearing and Settlement Process in Derivatives Contracts

 

Gold Coin Delivery Process by Sellers

All sellers are obliged to render gold coin to the following announced counters on the determined date by Iran Mercantile Exchange from 8 to 12 a.m. and by making an appointment.

Determination of Delivery Date

Sellers are obliged to make an appointment by phone to render gold coin to the following address: 

Saman Bank, No. 65, next to the Abgineh museum, 30 Tir St., Jomhouri St., Tehran, Iran

Tel: (+98-21) 6422  

Presence at the Bank

Sellers with an appointment are obliged to be present at the abovementioned address 15 minutes before the appointed time. The appointment for the absents will be cancelled and these sellers will enter the waiting list. The gold coin belonging to this seller will be received after the last seller with an appointment. 

Gold Coin Delivery and checking

1-Gold coins should be delivered in 10 or multiple of 10 pieces. So the bank will not receive fraction of the contract value, for example, 18 or 9 pieces of gold coins.

2-Bank, after receiving the checking fees from sellers, will check the gold coins and determine their authenticity and if the number of gold coins were in accordance with the contract, will issue the delivery receipt (customer copy) on special forms prepared for this purpose.

3-If bank realizes that gold coins are non-bank version*, the seller is obliged to replace them with the bank version gold coins no later than 12 a.m. if the seller does not replace the gold coins, whole of the contract will be breached and will consider a failure to fulfill obligation.

* The coins which are not certified by banks and not having a pack.

Checking Fees

The checking fee is equal to 30,000 IRR for each contract and the seller is obliged to pay it to the bank. 

Receiving gold coins and rendering the receipt to the seller

Saman Bank after receiving gold coins and checking them will issue a delivery receipt to the seller. Getting the receipt by seller would be considered as fulfilling the seller's commitment to IME.  

Note: if the seller does not deposit the amount of contract, the received gold coins will be returned by bank to the seller or his representative after presenting the bank original receipt and ID card or a notarized power of attorney. The broker is responsible to inquiry about gold coin retraction from exchange to the seller. But finally the seller has to pursuit it. Seller's broker is obliged to inquire it from exchange on the day announced by IME and proclaim to the seller to be present at the bank for the next working day and withdraw its gold coins.

The Process of Delivering Gold Coins to Buyers 

All buyers who have paid the amount of contract could receive their gold coins by making an appointment in Saman bank at the abovementioned address based on the following steps: 

Making a Receiving Appointment

All buyers who have paid the amount of contract based on the last trading days settlement rate are obliged to make an appointment with Saman Center to receive the gold coins via phone number (+98-21) 6422 on the day announced by IME.

Presence at the Bank

Buyers with an appointment are obliged to be present at the following address 15 minutes before the appointed time. The appointment for the absents will be cancelled and the gold coin will be delivered to this customers after the last buyers with an appointment. 

Saman Bank, No. 65, next to the Abgineh museum, 30 Tir St., Jomhouri St., Tehran, Iran

Tel: (+98-21) 6422

Note: Buyer or his legal representative (based on a notarized power of attorney) is obliged to present a valid ID card to get the gold coins from the bank.

Receiving Coins and Signing a Bank Receipt by Buyer

Buyers will receive the gold coins from Saman Bank and the bank will get a receipt from buyer after delivery. The receipt must be signed by buyer and signed and sealed by the buyer's broker.

Note: all customers (or sellers obliged to reclaim their gold coins) have to receive their gold coins on the day announced by IME. Otherwise, they will be fined 5,000 IRR per coin as penalty.

It should be noted that to deliver gold coins to the customers, presence of the broker's representative in Saman Bank is a must.

 

Derivatives Market Trading Fees

 

Fee (IRR)

Title

4000

Regulator Fee

10000

Exchange Fee

16000

Brokers Fee

50000

Clearing Fees

*For positions remaining open during(T-2) and (T+0)

 
 
 

Maximum Fees for Trading Long Term Forwards Contract (With More Than One Year Maturities) in IME (Million IRR)

Trading Receivable Fees from Market Maker

Fee Description

Sell – Maximum Fee

Buy – Maximum Fee

Sum

Sell

Buy

12.6

0

0.000315

0.000315

0

Brokers Maximum Fees

3

0

0.000072

0.000072

0

IME Maximum Fees

-

-

0.000387

0.000387

0

Sum

 
 
 

Trading Receivable Fees from Others (Except for Market Maker) (Million IRR)

Fee Description

Sum- Maximum

Sell – Maximum Fee

Buy – Maximum Fee

Sum

Sell

Buy

25.4

12.6

12.6

0.00126

0.00063

0.00063

Brokers Maximum Fees

5

3

2

0.00024

0.000144

0.000096

IME Maximum Fees

24

12

12

0.0012

0.0006

0.0006

IME Settlement and Delivery Maximum Fees

-

-

-

0.0027

0.001374

0.001326

Sum

 
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Tuesday, October 24, 2017 13:04

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 E-Mail: international@ime.co.ir

 

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