Funds settlement shall be effected through designated clearing banks of NCL. Every participant shall be required to have a separate settlement account with one of the approved clearing banks for commodity Derivatives Fund settlement. All the funds settlement will be conducted by effecting debits / credits through electronic transfer of funds in the accounts of participants' clearing bank accounts.
The pay-in and pay-out of mark to market settlement, final settlement of commodity derivatives, additional settlement shall be effected in accordance with the settlement schedule issued by the Clearing Corporation periodically. Along with mark to market settlement and final settlement of commodity derivatives there are few other transactions which are effected in settlement. The said transactions include EPI, Margin, Penalty, CTT, ABC/BC collection/release. These transactions are part of settlement which gets collected/released from/to member's settlement account.
Funds Supplementary Settlement would happen on basis of Quality difference, Quantity difference, Delivery center, Packaging cost and penalty for short delivery. For such instances, NCL would create transactions and collect the same (Pay-in/Pay-out) from the clearing members. NCL will create funds transactions as a sum of compensation amount and replacement cost which is cumulatively termed as penalty and funds will be collected from the defaulting seller as a part of supplementary settlement.
NCL sends pay-in obligation reports to clearing banks on clearing day mentioning the details of transactions of members along with amount for arrangement of funds on settlement day.
Fund shortage handling
Buyer default is not permitted. Commodity pay-out shall not be executed to the receiver in case of fund shortage by the buyer
Pay-in and pay-out of commodities shall be executed through Vaults/ Warehouses empanelled by the Clearing Corporation from time to time. An online interface shall be provided to the members, Vaults and Warehouses for Commodity Inventory Management.
Delivery shortage handling
Penalty as specified by SEBI shall be levied on seller in case of delivery default (default in delivery against open position at expiry in case of compulsory delivery contracts, default in delivery after giving intention for delivery).NCL shall have appropriate deterrent mechanism (including penal/disciplinary action) in place against intentional/willful delivery default.
COMMODITY FUTURES | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PRODUCT PARAMETERS | GOLD FUTURES | GOLD MINI FUTURES | GOLDGUINEA FUTURES | GOLD 1G FUTURES | SILVER FUTURES | SILVER MINI FUTURES | SILVER MICRO FUTURES | ||||||||||||||||||||||||||||||||||||||||||||||||||||
UNDERLYING | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INSTRUMENT TYPE | Futures Contract | Futures Contract | Futures Contract | Futures Contract | Futures Contract | Futures Contract | Futures Contract | ||||||||||||||||||||||||||||||||||||||||||||||||||||
UNDERLYING SYMBOL | GOLD | GOLDM | GOLDGUINEA | GOLD1G | SILVER | SILVERM | SILVERMIC | ||||||||||||||||||||||||||||||||||||||||||||||||||||
DELIVERY: |
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DELIVERY UNIT | 1 kg | 100 grams | 8 grams and in multiples thereof | 1 gram | 30 kg | 5 kg (five nos. of 1Kg Bars) | 1 Kg | ||||||||||||||||||||||||||||||||||||||||||||||||||||
DELIVERY PERIOD MARGIN 5 | Delivery period margins shall be higher of: a. 3% + 5 day 99% VaR of spot price volatility | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DELIVERY CENTRE(S) | Designated clearing house facilities at Ahmedabad | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ADDITIONAL DELIVERY CENTRE(S) | Delhi, Mumbai & Chennai | Delhi, Mumbai & Chennai |
| NIL | Delhi, Mumbai & Chennai |
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QUALITY SPECIFICATIONS | 995 purity. * The acceptance of gold bars produced by the NSE empanelled Refiners has been temporarily halted, until further notice | 995 purity. | 999 purity. It should be serially numbered Gold Guinea supplied by LBMA approved suppliers or other suppliers as may be approved by NSE, to be submitted along with supplier's quality certificate | 999 purity. * The acceptance of gold bars produced by the NSE empanelled Refiners has been temporarily halted, until further notice | Grade: 999 and Fineness: 999
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IF THE SELLER OFFERS | Seller will get a proportionate premium and sale proceeds will be calculated as under: |
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DUE DATE RATE | For contracts where Final Settlement Price (FSP) is determined by polling, unless specifically approved otherwise, the FSP shall be arrived at by taking the simple average of the last polled spot prices of the last three trading days viz.,E0 (expiry day), E-1 and E-2. In the event the spot price for any one or both of E-1 and E-2 is not available; the simple average of the last polled spot price of E0, E-1, E-2 and E-3, whichever available, shall be taken as FSP. Thus, the FSP under various scenarios of non-availability of polled spot prices shall be as under: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
In case of non-availability of polled spot price on expiry day (E0) due to sudden closure of physical market under any emergency situations noticed at the basis Centre, Exchange shall decide further course of action for determining FSP in consultation with SEBI. (only for Gold 1g Futures): The spot price would be polled in Rs. Per 10 grams for 995 purity gold. This polled price would be converted to Rs. Per gram for 999 purity gold by using the following formula. Polled spot price divided by 10 multiplied by 999 divided by 995. Gold Guinea Futures: Exchange shall announce the DDR based on the Ahmedabad Spot price for Gold (10gms) 995 purity,which shall be converted to 999 purity (Gold Spot price 995 purity * 999/995), polled on the last day of the expiry of this Gold Guinea contract by around 5.00pm. The arrived spot price will be converted for 8 grams Gold | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DELIVERY LOGIC | Compulsory delivery | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SETTLEMENT OF CONTRACT | On expiry all the open positions shall be marked for delivery. Delivery pay-in will be on E + 1 basis by 11.00 a.m. except Saturdays, Sundays and Trading Holidays. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STAGGERED DELIVERY PERIOD | The staggered delivery period shall be the last three working days including the last trading day (expiry day) of the contract. | Basis Delivery Centre - The staggered delivery period shall be the last three working days including the last trading day (expiry day) of the contract. Additional Delivery Centre – Starts from 25th day of the preceding month to the expiry month. If 25th day is non-working day, the tender period will start from next working day. | The staggered delivery period shall be the last three working days including the last trading day (expiry day) of the contract. | Basis Delivery Centre - The staggered delivery period shall be the last three working days including the last trading day (expiry day) of the contract. Additional Delivery Centre – Starts from 25th day of the preceding month to the expiry month. If 25th day is non-working day, the tender period will start from next working day. | The staggered delivery period shall be the last three working days including the last trading day (expiry day) of the contract. | The staggered delivery period shall be the last three working days including the last trading day (expiry day) of the contract. | |||||||||||||||||||||||||||||||||||||||||||||||||||||
COMMODITY OPTIONS | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PRODUCT PARAMETERS | Gold Options | Gold Mini Options | Silver Options | Silver Mini | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Underlying | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Instrument Type | Options on futures (OPTFUT) | Options on futures (OPTFUT) | Options Contract with Spot as Underlying (OPTBLN) | Options on futures (OPTFUT) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Options Type | The options contracts shall be European styled which can be exercised only on the expiration date | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Symbol | GOLD | GOLDM | SILVER | SILVERM | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement on Exercise |
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Settlement of Premium/Final Settlement | T + 1 day | T + 1 day | T + 1 day | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
EXERCISE MECHANISM AT EXPIRY | All In the money (ITM)# option contracts shall be exercised automatically, unless ‘contrary instruction’ has been given by long position holders of such contracts for not doing so. The ITM option contract holders, who have not submitted contrary instructions, shall receive the difference between the Settlement Price and Strike Price in Cash as per the settlement schedule. In the event contrary instruction are given by ITM option position holders, the positions shall expire worthless. All Out of the money (OTM) option contracts shall expire worthless. All devolved futures positions shall be considered to be opened at the strike price of the exercised options. All exercised contracts within an option series shall be assigned to short positions in that series in a fair and non-preferential manner #ITM for call option = Strike Price < Settlement Price ITM for put option = Strike Price > Settlement Price | Option series having strike price closest to the Final Settlement Price (FSP) shall be termed as At-the-Money (ATM) option series.
This ATM option series and three option series having strike prices immediately above this ATM strike and three option series having strike prices immediately below this ATM strike shall be referred as ‘Close to the money’ (CTM) option series.
In case the FSP is exactly midway between two strike prices, then immediate three option series having strike prices just above FSP and immediate three option series having strike prices just below FSP shall be referred as ‘Close to the money’ (CTM) option series.
All option contracts belonging to ‘CTM’ option series shall be exercised only on ‘explicit instruction’ for exercise by the long position holders of such contracts.
All In-the-money (ITM) option contracts, except those belonging to ‘CTM’ option series, shall be exercised automatically, unless ‘contrary instruction’ has been given by long position holders of such contracts for not doing so.
All Out of the money (OTM) option contracts, except those belonging to ‘CTM’ option series, shall expire worthless. | All In the money (ITM)# option contracts shall be exercised automatically, unless ‘contrary instruction’ has been given by long position holders of such contracts for not doing so. The ITM option contract holders, who have not submitted contrary instructions, shall receive the difference between the Settlement Price and Strike Price in Cash as per the settlement schedule. In the event contrary instruction are given by ITM option position holders, the positions shall expire worthless. All Out of the money (OTM) option contracts shall expire worthless. All devolved futures positions shall be considered to be opened at the strike price of the exercised options. All exercised contracts within an option series shall be assigned to short positions in that series in a fair and non-preferential manner #ITM for call option = Strike Price < Settlement Price ITM for put option = Strike Price > Settlement Price | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
MODE OF SETTLEMENT | On expiry of options contract, the open position shall devolve into underlying futures position as follows: • Long call position shall devolve into long position in the underlying futures contract. • Long put position shall devolve into short position in the underlying futures contract. • Short call position shall devolve into short position in the underlying futures contract. • Short put position shall devolve into long position in the underlying futures contract. All such devolved futures positions shall be opened at the strike price of the exercised options | Compulsory Delivery On exercise, all such positions shall be settled by compulsory delivery. | On expiry of options contract, the open position shall devolve into underlying futures position as follows: • Long call position shall devolve into long position in the underlying futures contract. • Long put position shall devolve into short position in the underlying futures contract. • Short call position shall devolve into short position in the underlying futures contract. • Short put position shall devolve into long position in the underlying futures contract. All such devolved futures positions shall be opened at the strike price of the exercised options | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivery Unit |
| 30 Kgs |
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Delivery Period Margin |
| Delivery period margin shall be levied by Clearing Corporation on the long and short positions marked for delivery till the pay-in is completed by the clearing member. Once delivery period margin is levied, all other applicable margins may be released. Delivery period margin shall include VaR Margin and MTM Margins: VaR Margin: Delivery period margins shall be higher of: a) 3% + 6 day 99% VaR of spot price volatility Or b) 20% MTM Margin: End of day mark to market margins shall be computed on expiry day and till final settlement -1 day as difference between settlement obligation and value of positions at closing price. Mark to market loss in one underlying shall be netted against profit of other underlying for same client. Net loss at client level shall be grossed to arrive at clearing member level mark to market margins. |
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Delivery Centre |
| Ahmedabad |
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Additional Delivery Centres |
| Delhi, Mumbai and Chennai |
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Delivery Allocation |
| Delivery allocation will be done by the mechanism put in place by the Exchange/Clearing Corporation. The buyer to whom the delivery is allocated will not be allowed to refuse taking delivery and any default in delivery taking will entertain penalty and be subject to the penal provisions. If the seller fails to deliver, the penal provisions as specified for seller default shall be applicable. |
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Delivery Order Rate |
| On expiry date, the delivery order rate shall be the Strike price. Settlement obligation shall be computed at respective strike prices of the Options contracts. |
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Due Date Rate (Final Settlement Price) | Daily settlement price of underlying futures contract on the expiry day of options contract. |
| Daily settlement price of underlying futures contract on the expiry day of options contract. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Futures | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Product Parameters | Copper Futures | Aluminium Futures | Aluminium Mini Futures | Lead Futures | Lead Mini Futures | Nickel Futures | Zinc | Zinc Mini | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Instrument Type | Futures Contract (FUTBAS) | Futures Contract (FUTBAS) | Futures Contract (FUTBAS) | Futures Contract (FUTBAS) | Futures Contract (FUTBAS) | Futures Contract (FUTBAS) | Futures Contract (FUTBAS) | Futures Contract (FUTBAS) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Underlying | COPPER | ALUMINIUM | ALUMINIUM | LEAD | LEAD | NICKEL | ZINC | ZINC | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement on Expiry |
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Settlement Logic | Compulsory Delivery | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement of Contract | On expiry, all open positions shall be settled by compulsory delivery | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivery Unit | 2.5 MT | 5 MT with tolerance limit of + / - 10% | 1 MT with tolerance limit of + / - 10% | 5 MT with tolerance limit of + / - 10% | 1 MT with tolerance limit of + / - 10% | 1500 Kgs with tolerance limit of + / - 10% | 5 MT with tolerance limit of + / -10% | 1 MT with tolerance limit of + / -10% | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivery Period Margin | Delivery period margins shall be higher of: a. 3% + 5 day 99%VaRof spot price volatility Or b. 20% | Will be specified by NSE Clearing Corporation by separate circular | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivery Centre | Bhiwandi | Ex-Warehouse at Raipur district in Chhattisgarh | Ex-Warehouse at Chennai district in Tamil Nadu | Ex-Warehouse at Thane district in Maharashtra | Ex-Warehouse at Thane district in Maharashtra | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional Delivery Centre | NIL | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Staggered Delivery Period | The staggered delivery period shall be the last three working days including the last trading day (expiry day) of the contract. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivery Allocation | Delivery intensions of Seller(s) shall be randomly allocated to ensure that all buyers have an equal opportunity irrespective of the size or value of the position. However, preference may be given to buyers who have given an intention of taking delivery. Pay-in will be on T+1 working days i.e., excluding Saturday, Sunday & Public Holiday. The buyer to whom the delivery is allocated will not be allowed to refuse taking delivery. If the seller fails to deliver, the penal provisions as specified for seller default shall be applicable. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Delivery Order Rate | On Staggered Delivery Tender Days: The delivery order rate (the rate at which delivery will be allocated) shall be the closing price (weighted average price of last half an hour) on the respective tender day except on the expiry date. On Expiry: On expiry date, the delivery order rate or final settlement price shall be the Due Date Rate (DDR) and not the closing prices. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Final Settlement Price | For contracts where Final Settlement Price (FSP) is determined by polling, unless specifically approved otherwise, the FSP shall be arrived at by taking the simple average of the last polled spot prices of the last three trading daysviz.,E0 (expiry day), E-1 and E-2.In the event the spot price for any one or both of E-1 and E-2 is not available; the simple average of the last polled spot price of E0, E-1, E-2 and E-3, whichever available, shall be taken as FSP. Thus, the FSP under various scenarios of non-availability of polled spot prices shall be as under
On the day of expiry, the trading shall be allowed up to 5pm. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Quality Specification | Grade 1 electrolytic copper as per B115 specification. It should be Copper Cathodes of LME approved brands or other suppliers / brands as may be approved by the exchange. List of refineries conforming to the quality specification as per the good delivery standard shall be updated on the exchange website. | Primary Aluminium Ingots with minimum purity of 99.70% Only LME approved or any other brands as approved by NSE, will be accepted. For the purpose of quality assessment, reliance shall be placed by the WSP on the Certificate of Analysis (CoA) issued by the producer. | Lead Ingots with minimum purity of 99.97% Only LME approved brands will be accepted. For the purpose of quality assessment, reliance shall be placed by the WSP on the Certificate of Analysis (CoA) issued by the producer | Primary Nickel Cathodes (Uncut / Full Plate) with minimum purity of 99.80%.
Only LME approved brands will be accepted. For the purpose of quality assessment, reliance shall be placed by the WSP on the Certificate of Analysis (CoA) issued by the producer. | Primary Special High-Grade Zinc with minimum purity of 99.995%
Only LME approved brands will be accepted. For the purpose of quality assessment, reliance shall be placed by the WSP on the Certificate of Analysis (CoA) issued by the producer. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Additional deliverable grade Grade |
| 1) Primary Aluminium with minimum purity of 99.70% in the following shapes: a) Sows b) T-Bars Only LME approved brands of these shapes will be accepted. For the purpose of quality assessment, reliance shall be placed by the WSP on the Certificate of Analysis (CoA) issued by the producer. 2) Any other Primary Aluminium producer brand as approved by NSE. | Any other Primary Aluminium producer brand as approved by NSE. |
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Commodity Options | ||
Product Parameters | Copper Options | Zinc Options |
Instrument Type | Options Contract with Futures (OPTFUT) | |
Underlying | Copper | Zinc |
Options Type | The Options Contract shall be European styled which can be exercised only on the expiration day | |
Symbol | COPPER | ZINC |
Settlement on Exercise |
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Settlement of Premium/ Final Settlement | T + 1 day | |
Exercise Mechanism at Expiry | All In the money (ITM)# option contracts shall be exercised automatically, unless ‘contrary instruction’ has been given by long position holders of such contracts for not doing so. The ITM option contract holders, who have not submitted contrary instructions, shall receive the difference between the Settlement Price and Strike Price in Cash as per the settlement schedule. In the event contrary instruction are given by ITM option position holders, the positions shall expire worthless. All Out of the money (OTM) option contracts shall expire worthless. All devolved futures positions shall be considered to be opened at the strike price of the exercised options. All exercised contracts within an option series shall be assigned to short positions in that series in a fair and non-preferential manner. #ITM for call option = Strike Price < Settlement Price ITM for put option = Strike Price > Settlement Price | |
Mode of Settlement | On expiry of options contract, the open position shall devolve into underlying futures position as follows: • Long call position shall devolve into long position in the underlying futures contract. • Long put position shall devolve into short position in the underlying futures contract. • Short call position shall devolve into short position in the underlying futures contract. • Short put position shall devolve into long position in the underlying futures contract. All such devolved futures positions shall be opened at the strike price of the exercised options | |
Due Date Rate (Final Settlement Price) | Daily settlement price of underlying futures contract on the expiry day of options contract. | |
Energy FUTURES |
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Product Parameters | Brent Crude Oil * | WTI Crude Oil | WTI CRUDE OIL MINI | Natural Gas (Henry Hub) | Natural Gas Mini (Henry Hub) |
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Underlying | Brent Crude Oil | WTI Crude Oil | WTI Crude Oil | Natural Gas | Natural Gas |
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Instrument Type | Futures Contract (FUTENR) | Futures Contract (FUTENR) | Futures Contract (FUTENR) | Futures Contract (FUTENR) | Futures Contract (FUTENR) |
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Product | Brent Crude Oil Futures | WTI Crude Oil Futures | WTI Crude Oil Mini Futures | Natural Gas Futures | Natural Gas Mini Futures |
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Symbol | BRCRUDE | CRUDEOIL | CRUDEOILM | NATURALGAS | NATGASMINI |
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Quality Specification | Brent Blend confirming to the following quality:
| Light Sweet Crude Oil confirming to the following quality specification: Sulfur 0.42% by weight or less, API Gravity: Between 37 degree – 42 degree | Natural Gas meeting the specifications set forth in the FERC approved tariff of Sabine Pipe Line Company. | |||
Due Date Rate | Due date rate (FSP) shall be the settlement price, in Indian rupees, as arrived at from the average of the five intra--month cash BFOE (Brent-Forties-Oseberg-Ekofisk) assessments' as made by ICIS on the last trading day of the NSE Brent Crude Oil Contract. | Due date rate (FSP) shall be the settlement price, in Indian rupees, of the New York Mercantile Exchange’s (NYMEX)# Crude Oil (CL) front month contract on the last trading day of the NSE WTI Crude Oil contract. The last available RBI USDINR reference rate will be used for the conversion. The price so arrived will be rounded off to the nearest tick. For example, on the day of expiry, if NYMEX Crude Oil (CL) front month contract settlement price is $75.40 and the last available RBI USDINR reference rate is 82.7150, then DDR for NSE WTI Crude oil contract would be Rs. 6237 per barrel (i.e. $75.40 * 82.7150 and rounded off to the nearest tick).
#A market division of Chicago Mercantile Exchange Inc. (“CME Group”) | For example, on the day of expiry, if NYMEX Natural Gas (NG) front month contract settlement price is $6.935 per mmBtu and the last available RBI USDINR reference rate is 82.7150, then DDR for NSE Natural Gas contract would be Rs. 573.60 per mmBtu (i.e. $6.935 * 82.7150 and rounded off to the nearest tick.) #A market division of Chicago Mercantile Exchange Inc. (“CME Group”). | |||
Settlement Mechanism | The contract would be settled in cash | |||||
*Refer circular no. NSE/COM/60175 dated January 09, 2024 with reference to discontinuation of Brent Crude Oil Futures.
Kindly refer latest circular issued by Exchange / Clearing Corporation for updated Margins, Position Limits and Expiry Dates etc.
Settlement Procedure: Energy Futures
Product Parameters | Energy Futures |
Funds Pay-in | T+1 working day by 09.00 a.m. (“T” stands for Trade day) |
Penal Provision | Penalties as applicable for Fund shortages shall be levied. |
Close Out of Outstanding Positions | All outstanding positions on the expiry of contract, will be settled as per the Final Settlement Price (FSP). |
DISCLAIMER
CME GROUP MARKET DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR CERTAIN NSE PRODUCTS. CME GROUP HAS NO OTHER CONNECTION TO NSE PRODUCTS AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY NSE PRODUCTS OR SERVICES. CME GROUP HAS NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE NSE PRODUCTS AND SERVICES. CME GROUP DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY MARKET DATA LICENSED TO NSE AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN CME GROUP AND NSE.
Energy Options |
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PRODUCT PARAMETERS | WTI CRUDE OIL OPTIONS ON FUTURES | NATURAL GAS OPTIONS ON FUTURES |
UNDERLYING | WTI Crude Oil Futures contract traded on NSE | Natural Gas Futures contract traded on NSE |
INSTRUMENT TYPE | Options on Futures Contract (OPTFUT) | Options on Futures Contract (OPTFUT) |
OPTIONS TYPE | The options contracts shall be European styled which can be exercised only on the expiration date | |
SYMBOL | CRUDEOIL | NATURALGAS |
SETTLEMENT |
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SETTLEMENT OF PREMIUM/FINAL SETTLEMENT | T + 1 day | |
MODE OF SETTLEMENT | On expiry of options contract, the open position shall devolve into underlying futures position as follows:
All such devolved futures positions shall be opened at the strike price of the exercised options | |
EXERCISE MECHANISM AT EXPIRY | All In the money (ITM)# option contracts shall be exercised automatically, unless ‘contrary instruction’ has been given by long position holders of such contracts for not doing so. The ITM option contract holders, who have not submitted contrary instructions, shall receive the difference between the Settlement Price and Strike Price in Cash as per the settlement schedule. In the event contrary instruction are given by ITM option position holders, the positions shall expire worthless. All Out of the money (OTM) option contracts shall expire worthless. All devolved futures positions shall be considered to be opened at the strike price of the exercised options. All exercised contracts within an option series shall be assigned to short positions in that series in a fair and non-preferential manner.
#ITM for call option = Strike Price < Settlement Price ITM for put option = Strike Price > Settlement Price | |
DUE DATE RATE (FINAL SETTLEMENT PRICE) | Daily settlement price of underlying futures contract on the expiry day of options contract. | |
Kindly refer latest circular issued by Exchange / Clearing Corporation for updated Margins, Position Limits and Expiry Dates etc.
DISCLAIMER
CME GROUP MARKET DATA IS USED UNDER LICENSE AS A SOURCE OF INFORMATION FOR CERTAIN NSE PRODUCTS. CME GROUP HAS NO OTHER CONNECTION TO NSE PRODUCTS AND SERVICES AND DOES NOT SPONSOR, ENDORSE, RECOMMEND OR PROMOTE ANY NSE PRODUCTS OR SERVICES. CME GROUP HAS NO OBLIGATION OR LIABILITY IN CONNECTION WITH THE NSE PRODUCTS AND SERVICES. CME GROUP DOES NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF ANY MARKET DATA LICENSED TO NSE AND SHALL NOT HAVE ANY LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS THEREIN. THERE ARE NO THIRD PARTY BENEFICIARIES OF ANY AGREEMENTS OR ARRANGEMENTS BETWEEN CME GROUP AND NSE.
PRODUCT PARAMETERS | Monthly Electricity Futures |
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UNDERLYING | ELECTRICITY |
INSTRUMENT TYPE | Futures contract (FUTENR) |
PRODUCT | Electricity Futures |
SYMBOL | ELECMBL |
SETTLEMENT | |
SETTLEMENT LOGIC | The contract would be settled in Cash |
Quality SPECIFICATIONS | As defined by PXIL (Power Exchange of India Ltd) for Day Ahead Market. |
FINAL SETTLEMENT PRICE (DUE DATE RATE) | DDR based on Average of the DAM-UMCPs (Unconstrained Market Clearing Price) * of PXIL (Power Exchange of India Ltd) of all the calendar days of the expiry month. |